Part Buy-Part Rent Opportunities In West Midlands Region
Homeownership is on the wish list of many people, but there are many who may think that actually getting a foot on the property ladder is beyond their means – but the Home Reach scheme could be the answer, and for those in the West Midlands region, it’s available now on homes with one, two, three and four bedrooms – something to suit a whole array of house-hunters.
Home Reach is a ‘part buy-part rent’ initiative from housing provider heylo, which has partnered with a host of housebuilders to offer brand new homes where people can start with purchasing a share of the home – typically 50% – and paying rent on the remainder. In time, as finances allow, they can buy further shares until they own 100%. It brings many of the benefits of ‘open market’ homeownership but needs a fraction of the deposit and mortgage.
The scheme is only open to first-time buyers, and there are qualifying criteria, but there’s a real range of house-hunters who will be able to use Home Reach, and between them they will be wishing for a variety of property types, from apartments to family houses.
Hansford Park
Home Reach is available for a one-bedroom apartment in Rugby, at Hansford Park. This property, the ‘Hilmorton’ , has an open-plan kitchen/living/dining area, a double bedroom, family bathroom and hallway storage. The specification includes fully fitted Symphony kitchen with integrated oven and hob, vinyl flooring and contemporary white Roca sanitaryware. With Home Reach, a 50% share is priced at £79,500 (full market price £159,000) and the buyer only needs a 5% deposit of that share – £3,975. Monthly costs are estimated at £645 per calendar month. Find out more about Hansford Park.
Woodlands Park
For a two-bedroom apartment through Home Reach, there’s one for sale at the Lotus House block at Woodlands Park in Solihull. It has an open-plan kitchen/living/dining area which opens up onto a generous private balcony the full width of the home. Both bedrooms are doubles and there’s the bonues of an en suite shower room to the master. There’s also a family bathroom and hallway storage complete this home. A 50% share is £120,750, based on a full market value of £241,500. The buyer will require a 5% deposit of £6,038. Find out more about Woodlands Park.
‘The Alena’, Blythe Fields
A two-bedroom house is available at Blythe Fields in Stoke-on-Trent through Home Reach. ‘The‘Alena’ is priced at £93,498 for a 50% (full market value £186,995). Set out over two storeys, there’s a front-facing living room, fitted kitchen/dining with appliances and a door to the rear garden, a cloakroom, under-stair storage, two double bedrooms and a family bathroom. It has gas-fired central heating with a Nest learning thermostat. Blythe Fields also offers some three-bedroom houses. Find out more from Home Reach.
‘The Larch’ at Pear Tree Walk
For someone needing a three-bedroom house, Home Reach has a number of examples, another being ‘The Larch’ at Pear Tree Walk in the village of Drakes Broughton, around seven miles south-east of Worcester. The hub of this detached home is the kitchen/dining room at the rear, which has bi-fold doors to the rear garden. In addition to a downstairs cloack room and handy under-stairs storage, at the front of the ground floor are a sitting room and a dedicated study – an essential for many home-working buyers there days. Upstairs, along with a family bathroom, the lavish master bedroom has an en suite bedroom and a sizeable dressing room with wardrobe. Bedroom two is a double and bedroom three a single, which might also function as another office or a hobby room. This property also comes with allocated parking. It’s priced at £175,000 for a 50% share and would require a deposit of at least £8,750. This is based on a full market value of £350,000. Find out more about Pear Tree Walk.
‘The Monkford’, Fallows Heath
Finally, it is possible to ‘part rent-part buy’ a four-bedroom home thanks to Home Reach. In Burntwood, Staffordshire is Fallows Heath and ‘The Monkford’ is a spacious detached house perfect for a growing family. The entrance hallway leads to a spacious kitchen/diner and there’s a guest cloakroom and a light and airy lounge with French doors to the garden. On the first floor are an en suite master bedroom, two more double bedrooms, a bathroom, and a fourth, single bedroom which could have a multitude of alternative uses. A deposit of £7,599 could secure a 50% share of this home at £151,975, based on a full market value of £303,950. Find out more about Fallows Heath.
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