Stepping onto the property ladder is a huge milestone, and if you’re doing so with someone else, it can signal the next step in your relationship too. Whether you’re buying a home as a couple or with a friend, going on the journey together can make buying a home more achievable, especially in London.
It’s an exciting prospect and one that can make a lot of financial sense, but it comes with lots of discussions to have and decisions to make. So, here are some tips to help you navigate buying and living in a Shared Ownership home together.
Talking to each other about money
Discussing finances
Buying a home together often means sharing the financial responsibilities and pooling funds to put down a bigger deposit and potentially borrow more for a mortgage. For this reason, it’s important to have open and honest conversations about money, particularly regarding the financial factors mortgage lenders consider, such as:
- Income and employment status
- Savings
- Credit history
- Existing debt
- Regular outgoings
Costs and contributions
Discuss how much you’ll each contribute to the deposit and monthly costs. On a Shared Ownership home, these include the mortgage on your share, subsidised rent on the remaining portion and the service charge – not forgetting, utility bills and council tax – so you should factor this into any conversations about budgeting. You might decide to split everything evenly or make contributions in proportion to your income. Either way, the key is to establish clarity and agree on the outcome.
Shared Ownership eligibility
Additionally, to qualify for our Shared Ownership homes in London, you must both meet the scheme’s eligibility criteria, including a combined household income of under £90,000. Learn more about the requirements in our guide to Shared Ownership.
Blending belongings
Decide what to bring
Moving in together often means combining belongings. But the reality is that you won’t need two of everything for your new home. Review what each of you already owns and decide what looks best in the space – you could donate or recycle any items that won’t be moving in with you. Then, you can assess whether you need to source additional pieces of furniture or household items and budget for these accordingly.
Consider the home’s specification
It’s worth noting that our new-build Shared Ownership homes feature a high specification, including integrated kitchen appliances and flooring throughout, so you can rest assured you’d be moving into a stylish space where everything is brand new.
Deciding how to decorate
A question of taste
Making the space yours is one of the most exciting parts of homeownership. But the two of you might have different tastes, in which case, agreeing on a style may involve compromise. Sharing inspiration of colour schemes, interior design themes and furniture styles can be a good place to start, as it can open up the conversation and help you find common ground.
Enjoy the process
Decide on a budget and collaborate on decorating each room. Going furniture shopping and picking out paint swatches are part of the fun of becoming homeowners together. And making these decisions as a duo will help you create a shared space that reflects both of you.
Dividing chores
Decide who does what
As well as sharing financial responsibilities, buying a home with someone else means sharing responsibilities for household tasks. You could arrange this by dividing chores based on preferences – for instance, one person does the cooking and the other the cleaning – or by agreeing to take turns.
Communicate and adapt
When you’re figuring out how to live together as a couple or moving in with a friend, it can take some time to settle into new routines and find your flow. Keeping communication open and adapting your arrangements can help you stay on top of chores and household admin fairly.
Maintaining independence
Hobbies and interests
When you live with someone else, you naturally spend a lot of time together. While that’s no doubt one of the reasons you want to live together in the first place, it can also leave you craving some personal space. Making that time for yourself and pursuing your individual interests while respecting each other’s independence and need for space can help you create a healthy living environment.
Financial independence
Aside from time and hobbies, you may wish to retain some financial independence. In this case, it might make sense to keep your personal bank accounts and open a joint account to manage household expenses. This way, you can find that balance between building a life together and maintaining autonomy.
Buy a Shared Ownership home together with Newlon Living
If you’re ready to take the first step onto the property ladder together, Shared Ownership could help you achieve it. Explore our new-build homes in North London, including one-bedroom apartments in Enfield and two-bedroom apartments in Haringey, ideal for friends or couples buying a home together.
We also offer a selection of resale Shared Ownership homes of various sizes in locations across North and East London. Visit our resales page to find out more.
