Get more from your home this Step-tember
Shared Ownership is a great way to make your first step onto the property ladder, and can be a better option for renters looking to buy their own home. And, with deposits often being lower than homes on the open market*, there's a lot to love about being a shared owner.
Haven't started your Shared Ownership journey with us yet? Check out our helpful guide.
Need a quick refresher of what Shared Ownership means and how it works? Check out our short video below:
After buying your home with Abri, you might be wondering how to own more of your home. Staircasing can be a great option for you.
But what exactly is staircasing, how does it work, and why should you do it? We've given the full breakdown below.
What is Staircasing?
Staircasing is a process offered to current shared owners, which helps them to increase their share in their home over time.
Staircasing has plenty of benefits to shared owners that will help you make the most from your home.
Lower rent costs
Shared Ownership involves paying a low-cost rent on the percentage of your home that you don't own. So, by buying more shares, you'll spend less money on rent.
Staircasing allows you to buy more shares in your home at a time that suits you. You can staircase as little as 1% or 5% at a time, depending on your lease. Be sure to check your lease beforehand, as there may be specific terms or restrictions that apply to your home.
Buying more shares in your home is simple with our guide.
Becoming the outright owner
Once you staircase to 100% ownership, you won't pay any rent, just the mortgage and any service charges associated with your home.
Not only does this mean that you'll officially own all of your home, you'll also benefit from any increase in the value of your home over time. You might also be eligible for a better range of mortgages.
Eventually, you might want to sell your property and make your next step up the property ladder. Once you own 100% of your home, it could be easier to sell your home.
As part of your lease, we will market your home for up to eight weeks. After this period, you'll be able to sell your home on the open market, so you could have a bigger pool of buyers to choose from.
For more details on selling your Shared Ownership home, read our Seller's Guide.
For a more in-depth look at staircasing, including costs and selling your home, read our Frequently Asked Questions.
Haven't started your Shared Ownership journey yet? Find your new home today.
*Source - Share To Buy.