Flat Room Share or Buy a Shared Property?

For the average person to afford a property these days, it will cost around 15 times your average yearly wage. A 5% deposit can be up to £20,000, which means for the average person it will take years to save the needed amount of money.

So the only options you will have, is to rent, flat share or invest in a shared ownership. A shared flat or house ownership can be a good idea as essentially you share the burden of the mortgage with somebody else and all pay a small percentage of the mortgage. This makes things a lot more manageable.

Shared ownership in a house or flat means you could be eligible if your earnings are over £19k a year. Along with this, you only probably need up to £5000 deposit to be eligible. This makes the shared flat or house ownership and much more manageable proposition.

However, even though share the mortgage is far more manageable than a full mortgage at present, the average person who is on the bottom rung of the wages ladder may still take years to come up with the initial deposit.

So if your aim is to get shared ownership, then room share, flatshare or finding a property that need roommates is a good interim proposition.

It was still mean a few years of you having to rent, but it will mean it will give you some time to save up the initial deposit you need.

Renting a flat sharing does give you the flexibility to move whenever you want to. It is usually seen as dead monitor most, but renting a property can also give you the peace of mind of the building being properly managed and taking care of for you.

You can rent property in luxurious areas with the latest mod cons, but your aim is to save up to get the initial deposit together, so don’t be afraid to be a little modest with the room or flat you may rent. It is only for the short-term.

Ideally, you need a property to rent that is fully managed. This meaning that the building is properly looked after, its surroundings and even furniture provided for you. This works especially well the people who work full-time.

Flat or room sharing can also give you the experience of living with completely different people. A good way to share your resources and if you are both in the same position trying to save up for your own property, you can swap ideas and the best way forward for you both.

Unfortunately, the days have gone where we could do like our parents did buy property out right or all we need to borrow small amounts to get on the property ladder. Nowadays, we need far more deposit and the mortgage that can last decades.

A mortgage is arguably the biggest investment a person will ever make, so it needs to be a well thought out decision.

Renting, room share or flat sharing it is a great way for someone to save up to get on the first rungs of the property ladder. It has many benefits and until you try it, you’ll never find out.