But knowing what to look for when buying a home can be tricky – especially if you’re a first-time buyer. What are some essentials that are easy to overlook if you’re unprepared? What kind of affordability should you be working with during your search? 

To help, we’ve brought together the key things that you should keep in mind when deciding on a location to buy your Shared Ownership home. While a lot of this decision will be subjective and based on your personal circumstances, these are some fundamentals that will steer you in the right direction. 

What to look for when buying a new home

The main factors that will go into your decision when buying a Shared Ownership home can include: 

• Your affordability
• The kind of home you want
• The local community
• Hands-on impressions
• Future prospects

1. Measure your affordability beforehand

There’s nothing worse than falling in love with a particular property or neighbourhood, only to realise that it’s out of your current budget. 

This is why it’s so important to get an idea of your financial situation before embarking on your Shared Ownership house hunt. Not only will this allow you to gauge roughly what kind of home you can afford, but compiling information about your finances is essential for obtaining a Shared Ownership mortgage in principle. 

Working with a mortgage broker will help to clarify what kind of purchasing power you have, but you can also make use of our adjustable affordability calculator, tailored specifically around Shared Ownership homes. By inputting figures like your available deposit and the share you’d like to purchase, you’ll receive estimates for monthly rent and mortgage costs. 

2. Research what kind of Shared Ownership home you’d like

After you’ve ascertained roughly how much you can spend on your new Shared Ownership home, it’s time to decide what kind of property you’d like to move into. 

This is because Shared Ownership homes come in all shapes and sizes, including: 

• One-bedroom flats in the city
• Two-bedroom apartments in rural neighbourhoods
• Three- and four-bedroom family homes

By taking a look through our expansive selection of Shared Ownership properties, you’ll be able to get an idea of what would work best for you. 

If you’re an older buyer who is choosing the Shared Ownership route due to a lifestyle change, then a smaller apartment on the outskirts of town might work best. For a growing family, a three-bedroom family home in a quiet neighbourhood may be preferred. 

Contrary to myths that you may hear about Shared Ownership homes, they aren’t all small flats located in big cities. Take the time to explore the many options available and find a property that suits your specific needs.

3. Explore the local community

When thinking about what you’re looking for when buying a home, don’t forget that your life extends far beyond the walls of your house. 

It’s important to get an idea of the local community that you’ll be living within, and whether it offers the kind of life that you’re looking for. This is a hugely personal decision, but it could mean factoring in surrounding amenities like: 

• Schools: Check out the catchment area of your Shared Ownership home-to-be, and see whether you like the look of the schools that your children could be attending once you move in 
• Shopping facilities: Do you want to be able to walk to an expansive retail village with designer outlets, or is a simple corner shop enough for you? Research what’s nearby to avoid lengthy travel if this is a priority
• Transport links: Are you happy to drive wherever you need to go, or would you prefer a convenient bus stop or train station? Take a look at services like Google Maps to learn what’s located close to your new home

One of the best ways to get a feel for your new Shared Ownership community is to visit in-person. This doesn’t just mean viewing a specific property; walk around the surrounding area and try to imagine yourself living there 24/7. Do you like the laid-back vibe, or could you see yourself getting bored?

4. Attend viewings for your prospective home

Deciding on where to live means getting as much hands-on information as possible. You want to ideally see the property with your own eyes, as promotional photography is no substitute for a first-hand appraisal. 

On our properties page, you’ll be able to see when the next events and viewings are taking place for specific Shared Ownership homes. These are great opportunities to see the property in-person and speak to our experts about what life in your new home could look like. 

In certain cases, viewings may not be possible for some developments. When this happens, we’ll be able to provide you with help and information to guide your  decision as much as possible. This could include: 

• Extensive photography of important features
• CGI renders or virtual tours 
• A detailed explanation of floorplans

5. Consider your new home for the long term

When deciding where to buy your new house, remember that this will be where you live for a number of years. The estimates on how long first-time buyers live in their first home before moving on vary from three to seven years on average, and this will depend on your personal circumstances and property goals. 

When you’ve settled into a Shared Ownership home, you have a few options when it comes time to move on. If you’ve decided that you like the property and want to stay put, you have the option of staircasing your share.

If you want to move elsewhere, the process for selling your Shared Ownership home is as straightforward as a regular property. Our expert team can guide you through any questions that you may have, too.