First time buyer Dawn bought her forever home with shared ownership at the popular Renaissance development in Reading, Berkshire.
My shared ownership journey
Hi, I’m Dawn! I’m 35 years old and work in the care industry in Reading. I first heard about shared ownership through my cousin who bought a shared ownership home a couple of years ago. It was really useful to be able to speak to them about their experience and I decided it would be the best option for me to get onto the property ladder.
I saw an advert online for the homes in spring 2020 and expressed my interest. The application process was very smooth from start to finish and I felt supported at every step along the way by Sovereign. My home was due to be completed in summer 2020 however, building work was delayed due to Covid-19 and the UK being in lockdown. I had been renting for the past 8 years so a few months longer was not going to cause an issue - I was kept up to date on the build progress by my sales consultant Andrew and moved into my new home in early 2021! Now that I’m settled into my new home, I couldn’t be happier and feel much more relaxed. This is my forever home – I currently own a 40% share and the plan is to staircase to 100% ownership in the future.
Saving for my home
Due to my father passing in 2018 I was given a start with my deposit. From 2018 I then started properly saving and within 18 months I had saved enough for my deposit, legal fees and to buy all new furniture throughout my apartment.
To save for my deposit I shopped around for the best and cheapest suppliers for bills, and the day before pay day I’d move any remaining money from the previous month into my savings account.
Top tip: keep your goals in focus, know your budgets and do not get tempted to exceed them.
My new home
My home is a 2 bed apartment on the Renaissance development in Reading. I’ve lived in Reading for the past 8 years so know the area very well and this is the perfect location - centrally located close to all amenities, just a short bus ride to my work and I now live much closer to my friends. As we’re still under restrictions, I haven’t been able to have any visitors yet but I can’t wait to show my friends and family around my new home so they can share the excitement with me!
There were a number of apartments available with different layouts and I chose an apartment with separate living / kitchen as this suited me best. Moving into a new build property, I was thrilled with the finish and I don’t want to change a thing. I love that my home is warm and natural in colour. I was lucky enough to buy all of my furniture brand new, so my colour scheme matched throughout. I like a modern style for the day but to be cosy in the evenings with a blanket and some candles. I’ve also hung up wall art and decorative pieces to make my apartment more homely and to my style.
A special thanks
My Sales Consultant Andrew helped me every step of the way and answered any question I had – no matter how silly! I can’t thank Sovereign enough for helping me buy my dream home.
Interested in shared ownership at Renaissance? View the available homes here.
FAQs
We partner with you to share the cost of buying your own home – you pay for the part you can afford and we’ll pay for the part that’s left. It’s an opportunity to buy the home that’s right for you without needing the large deposit or the mortgage that goes with it.
You buy a share in your home that’s right for you. That could be from 25% up to 75% initially. You’ll pay a reduced rent to us on the share we own and a monthly service charge.
As your finances allow, you can buy further shares in your home as and when you choose, meaning you’ll own more and pay less rent.
Typically, you’ll only need a deposit that is 5% of the value of your share, rather than of the total property value, meaning you could get moving sooner than you thought.