Buying or selling a house may be confusing, and this is even more true with shared ownership resales. But don’t worry, that’s where I come in. As a Burnley real estate agent who’s lived here all my life, I really know the area and understand this complex process. This guide is designed to give you handy advice to make shared ownership resales easier to manage in Burnley, whether you’re a buyer or a seller.
Shared ownership is a great way for first-time buyers to afford a home, through a part-buy, part-rent model. However, selling a shared ownership property, or ‘resale,’ can seem difficult and needs expert know-how. The first thing to know is that the housing association you share ownership with gets a chance to find a buyer for your property during an 8-week nomination period.
During that time, you should get your home ready for sale. Remove personal items and clutter and make it appealing to as many people as possible. Why not bring in local Burnley companies to clean up, decorate, or tidy your garden?
Recognising the right price to sell your house for is also important. Get a few quotes from local estate agents to get a good idea of how much to sell for. Remember that because of the shared ownership agreement, your house price might be a bit different and make sure to be open about the agreement’s terms and any extra costs.
Getting a solicitor early can also help, ideally one who knows about shared ownership resales. And finally, remember to plan financially for what you’ll do after selling – perhaps buying another property or a shared ownership resale.
If you’re thinking about buying a shared ownership resale, the first step is to understand what you can afford. There’s a mortgage and rent to pay, so you need to know what you can manage in Burnley’s housing market. Make sure to read the lease agreement thoroughly and look for any special terms or conditions. It’s also a good idea to get a survey of the property to find out about any potential problems before you commit.
Wrapping up, shared ownership resales in Burnley can be tricky but knowing what to do is key. Good preparation, expert help, knowing your rights and duties, getting the price right, showing your home well if you’re selling, and understanding what you can afford and the legal side if you’re buying, are the best tips for shared ownership resales in Burnley. Use these tips to make this difficult process easier and achieve a successful property sale or buy. Remember, as a local expert, I’m always here to help, offering advice tailored to you and the Burnley property market.