With recession gripping the world economy and inflation rising tremendously, it has become quite difficult to buy a house in big cities like London and Paris. Rising real estate prices has made it impossible for people migrating from countryside or abroad to have affordable housing. People are increasingly feeling that it is unable to achieve the dream of having own home in such posh locations.
To counter this feeling, the governments in many countries have introduced a scheme that has been quite beneficial for both public and private workers. The shared ownership is one such scheme that will not only allow dreaming for a house but also provide sources that can help in achieve that dream. Such properties are usually provided by authorised housing associations or societies who have enough experience and knowledge of the area. London Hiu Engineers
The new home build buy is a popular scheme followed under shared ownership properties. It works on the concept of part buy part rent basis. Under the concept, any individual or family is allowed to buy a house in the area of his preference on part basis. He is allowed to buy a part of the house which is roughly 25 to 75 percent of the entire property. The rest of the property is used by buyer on rental basis. The rent is usually a subsidised amount that needs to be paid to landlord i.e. housing association. It is possible for buyers to buy the remaining portion fully in cash or raise a mortgage.
These houses are provided by housing associations or societies which are basically non-profit organisations are working along with government to provide affordable housing to common man. The associations not only provide the required services free of cost but also forward the list of areas or apartments that have been covered under part buy part rent scheme. It is important for potential buyers to enter into contract with any of these associations before signing papers for purchase. It is necessary to become a member of the housing association to make the purchase. for instance, UK government has agreed with NHS to provide accommodation on shared ownership. This helps public workers buy their own house at locations that are near to their work place.
Affordable housing is no more a dream that is unachievable in big cities. Seeking help and advice from housing associations is a great boost for individuals and families who always aspire for staying in big cities like London and Paris. With limited means and money, it is possible and feasible to have one’s own affordable housing property.