As we know, affordable housing refers to housing properties that are not too expensive. They are within the reasonable range and can be purchased by people on the borderline of the median household income. Affordable housing also incorporates the section of society that falls a bit below the median household income.
While every country has its version of “affordable housing,” the essence of this is the same. The people who belong to a lower or medium-income household should be able to afford the houses. It is an issue that must be highlighted as it becomes a problem if a large part of the country’s population can not afford housing units of their own.
Introduction to Types Of Affordable Housing:
There are many ways to describe it when it comes to affordable housing. It can be through social rents, intermediate housing, homeownership, affordable rents, open discount rates, and first homes.
Affordable housing is linked with the eligibility criteria set by the link between the local house prices and the local incomes.
The affordable housing plans bear restrictions on the affordability value for future generations and should be looked into thoroughly.
Types Of Affordable Housing
Social Rent
Some registered providers and some local providers own the social rented housing spaces. The national rent regime is involved in this, and it dictates the decided rent of the specific properties. Social rent is considered the most affordable and offers reasonable rates too.
Affordable Rent
The owners of these providers are local authorities and registered providers. In affordable rent, the owners can decide the rent, but it has to be less than 80% of the market rent of the local area.
Shared Ownership
Housing Associations provide the shared ownership units. In shared ownership, you are eligible to pay 25-75% of the house price. For the rest of the equity, you are bound to pay a decreased amount of rent.
First Homes
When you buy your very first house, you can opt for discounted homes. They are capped at $250,000. The first homes will be a part of new developments that will be going on from 2023.
The restriction and discount levels would stay with the property whenever it is sold again.
Build To Rent and Rent To Buy
The properties for these schemes are generally built as blocks of flats.
A specific duration of time is set for the renting tenant. During the time of rental, the person is supposed to save a sufficient amount that would enable them to pay the deposit, which would allow them to buy the property.
Affordable Home Ownership
In affordable homeownership, you can purchase low-cost homes and own them; This also comes under the umbrella of intermediate housing.
Takeaway
If you require affordable housing, choose wisely. See the best choice for you, your family, and the future. These decisions are essential, and you need to think clearly before making a choice.
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