How to manage the maintenance of your Shared Ownership home
If you’re a budding buyer considering Shared Ownership, you’ll want to know exactly what you’d be responsible for as a shared owner. From decorating and DIY projects to general cleaning and repairs, here’s what to expect in terms of home maintenance.
General upkeep
Maintaining your home is a smart way to protect your investment. Keeping the property in good condition not only contributes to your enjoyment of the space but also makes it more attractive to prospective buyers, if or when you decide to sell.
Cleaning: Whether done daily or weekly, cleaning each room will ensure your home feels comfortable and fresh. Wipe surfaces, hoover carpets and mop floors to prevent dust and dirt build-up. And remember to use suitable products for cleaning the kitchen and bathroom to keep fixtures looking their best.
Ventilation: Maintaining airflow and an adequate temperature throughout your home can prevent damp and mould. Ventilation is particularly important when you move into a new-build, as condensation can occur while the building dries out.
Seasonal checks: Some aspects of your home will require less maintenance, like your boiler, which needs servicing annually, and your outdoor space, which might only need some TLC during spring and summer.
Budgeting for repairs
Homeownership can bring with it unexpected costs, so financial planning is crucial. It’s wise to set aside some money each month for an emergency fund. This can help you manage the cost of unforeseen circumstances like a plumbing leak or broken kitchen appliance, preventing an inconvenience from becoming a personal financial crisis.
If you buy a new-build Shared Ownership home, some repairs will be covered by the warranty period. These vary between housing providers, so make sure to ask about the warranties available on the home you want to buy.
Additionally, the new Shared Ownership model introduced a 10-year repair warranty, whereby housing providers must contribute to certain repairs. This warranty applies to new-build homes available through the government’s Affordable Homes Programme.
DIY vs professional help
It’s a common misconception that because you’re paying rent, you can’t decorate a Shared Ownership property. But as a shared owner, you can decorate your home however you wish. Put your DIY skills to use by painting the walls, hanging pictures and putting up shelves as you please. However, if you want to make major alterations or structural changes, you’ll need to get permission from your housing provider.
For complex or high-risk jobs like electrical, gas or plumbing works, it’s best to leave it to professionals with the skills and expertise to do the job safely. This also ensures the work complies with regulations.
Your housing provider’s role
Home maintenance is your responsibility, regardless of the share you own. However, some housing providers require you to pay a service charge, which covers the maintenance costs of communal areas and shared facilities like grounds, lifts and door entry systems.
Visit our Shared Ownership hub to continue learning about the scheme.
At Share to Buy, we make your choice easier with a selection of new-build homes across England, available through alternative homeownership schemes such as Shared Ownership. Get your home-buying journey underway using our property portal.
