Want to buy more shares in your property?
Staircasing is the way to do it. Once you have bought the initial share of your Shared Ownership home, you can buy further shares until you gain 100% ownership of the home. The more shares you buy, the less rent you pay. Sounds great right? Find out more about this staircase to heaven below.
How does staircasing work?
If you are looking to staircase, you first need to inform your housing provider. A housing association can you give you a valuation of your home, and show you how much a share will cost.
Shares are based on the current market value of your home. So, if your house is valued at £250,000, you can buy a 10% share at £25,000.
How much does staircasing cost?
Before you start asking around about staircasing, be sure that you can afford to! It might be a clever idea to contact your current lender, who can advise you about whether you can take on the additional cost of buying shares.
Once you have your valuation, you need to decide how you want to proceed. Most valuations last around 3 months, so if you can afford a share, don't waste any time!
Saving enough money to buy a share will take up a lot of your time, so make sure you have saved enough funds before you take out a valuation.