subject: Affordable Housing, What Are Your Options [print this page] It's quite ironic really when you think about just how little most people earn when they start their very first job. After all, if you're just starting out in life, you have so many more needs than most elderly people do.
You'll need to buy your own transport, you'll need a roof over your head, and if you're in a serious relationship, you'll more than likely need to support a family quite soon as well. On the other hand, most people already own their own cars and their own home by the time they turn fifty, and yet it is these people who earn the highest salaries.
If only everyone could simply walk into a bank and get a mortgage, but unfortunately, it just doesn't work that way. In fact, for many people, there's no such thing as affordable housing, unless they're lucky enough to get a council house with a very low monthly rent. Even so, renting a property is by no means an ideal solution, particularly if you end up renting for several years. With each passing year, the price of property goes up even more, so the sooner you get a place of your own, the better.
Whilst purchasing a home of your own may not be easy, things could certainly be a lot worse than they are. In fact, purchasing a home has probably never been as affordable as it is now. This is essentially because people simply have more options nowadays. For example, an increasing number of people are taking advantage of what's known as 'Shared Ownership' or 'Part-Buy'.
With this type of arrangement, a person can buy a share of a particular property, and they can then rent the remaining shares. In most cases, you'll also have the option to purchase further shares as and when you can afford it. In fact, as your finances improve, you can purchase all the remaining shares so that you then have full ownership of the property.
The only thing to bear in mind is that this particular affordable housing plan is usually only available to you if you don't yet already own a property. Furthermore, your household income needs to be less than 60,000 per annum. In order to purchase your share of the property, you would usually apply for a mortgage. A Home-Buy agent or a housing association would then purchase the remaining shares, which you could then in turn rent from them.
Alternatively, you could find friends or family members who are also interested in this sort of housing arrangement. You could then share the premises until the property has been paid for in full, at which point you could decide to sell. If your circumstances change, you could still sell the property even if it hasn't been fully paid for, and of course, unless you're very unlucky, you would have made a nice profit.
With a little bit of perseverance and determination, it is possible to find affordable housing, but as with so many other things in life, don't expect it to be handed to you on a plate, it's still up to you to make the first move.
