There are several options to choose from when considering where and what to call home. This article will attempt to give you a highlight of some available choices and perhaps a bit of guideline you need in determining where to live and the housing options available to you.
Firstly, you have to decide if you want to live in a rented house or purchase property of your own. If you are considering a rental accommodation, there are a number of options. You could rent from a private landlord or opt for shared ownership schemes which offer assistance to buyers who can’t afford to buy a property straight away. This allows you to buy part of the property and rent the remainder. To find a privately rented home, you can check online as many landlords advertise online, ask your council, use a letting agent, or check your local newspapers and noticeboards. There is also the public or social housing alternative that is provided by councils and housing associations. They let out houses or flats at reduced rents to people who can’t afford the rents at market values.
Different types of apartment options.
Alternatively, you could choose to purchase a house. This can be done in various ways. By either buying a property at the market value or at a discounted price via affordable housing schemes. However, you need to take into account the legal cost (employing the service of a conveyancing solicitor), whether or not to apply for a mortgage, where to take out the loan (a mortgage adviser is recommended for this) and the long-term running cost of owning property.
Buying a Home
After deciding which of the above fits your individual need, the obvious question of affordability presents itself. Can you afford the home of your choice at market value with your current income? if not, are there subsidized houses available? There is social housing for those most in need of housing and whose household incomes are substantially low. (For further in-depth help and advice on this visit http://www.gov.uk/council-housing ). Note that there are eligibility factors before you can qualify for social housing. Proximity to city centres and transport links also affects cost.
Demand and supply of houses in a particular equally affect cost. For instance, the cost buying and renting in London and south-east England is considerably higher than in the rest of the UK. This price gap is due in part because of location and demand for houses exceeding the supply thereof. So you could also decide to live in places away from city centres to cut cost. There are also starter homes, rent to buy (allows buyers own a home over time) and even intermediate rent which was introduced to allow housing associations to let houses at 20% discount. The council may also help you through guarantee schemes, among others, if you have difficulty affording a decent place to live. More on this, visit www.gov.uk/affordable-home-ownership-schemes also check www.which.co.uk/money/mortgages-and-property for more comprehensive information on UK housing.
Lastly, the size of the house to live in will depend on your family size and personal choice. This factor will help you balance your dream house goals with your needs pertaining to housing.
Tags: housing, property
Categorised in: property
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