Part Buy-Part Rent Opportunity In Southall
London’s average house prices are notably larger than those in other parts of the country, so first-time buyers on a modest may not be able to afford one without some sort of financial help – which is where the Home Reach scheme comes in.
Home Reach is run by housing provider heylo in partnership with a number of housebuilders across England. It is open to first-time buyers who meet the eligibility criteria and is a way of purchasing a share of a new build home (usually starting at 50%) and paying a subsidised rent on the remainder. There are all the benefits of homeownership but it requires a much smaller deposit and mortgage than purchasing outright. If they wish to, owners can buy further shares in their home as their budget allows, until they own 100% of it.
One of the current Home Reach opportunities is in Southall, west London, at a development called Dover Court. Strictly speaking there are two opportunities as there’s both a one-bedroom apartment and a two-bedroom apartment for sale with Home Reach.
The one-bedroom property is a great example of the standard specification of homes here. With underfloor heating throughout, there’s a fully fitted, contemporary-style kitchen with a range of integrated Hotpoint appliances, including a dishwasher and washer/dryer, and an attractive bathroom with high-quality tiling and fittings. This home has an open-plan kitchen/dining/living room with doors to a generous private balcony, and there’s also some very handy storage too. This apartment is for sale at £150,000 for a 50% share, based on a full market value of £300,000. It requires a deposit of £7,500, with an estimated monthly rent of £1,133..
The two-bedroom apartment benefits from a similar open-plan layout, private space and the same specification, but has the bones of a second, single bedroom that might be perfect for a young family or buyers who need a home office. This property can be purchased for £182,500 for a 50% share, based on a full market value of £365,000. This would require a deposit of £9,125 and the estimated rent is £1,369 per month.
All residents at Dover Court benefit from the plentiful glazing of the architecture for natural light indoors, and also from the private landscaped garden. The local area is served by an array of shops, cafés, bars and shops. Nearby Southall station offers a journey time of 18 minutes into London Paddington.
Find out more about Dover Court from Home Reach.
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