Co-living and Shared Ownership: Alternative Housing Options in the UK

Understand the Concept of Co-living and Shared Ownership

Co-living is a term in real estate used for a housing arrangement wherein two or more individuals share a common living space ranging from single-family homes to apartments to live an affordable life. Short-term or flexible leases are prevalent in co-living along with different benefits like cleaning services, furnished common areas, access to all basic amenities, etc.

Shared ownership is an affordable homeownership scheme that enables a person to buy a portion of a home and pay rent for the rest to own and live in a desired house. Under this housing scheme, a person can buy a share of up to 10% and 75% and pay rent to the landlord on the rest portion. Let’s explore different co-living arrangements that offer alternative housing options in the UK.

1. Informal Shared Housing

Informal or traditional shared housing is an affordable residential arrangement wherein more than two people share a leased property and furnish a home together. Persons sharing a common residence can be young adults working at the same place, adult students, etc.

2. Adult Dorms

This is another type of co-living housing arrangement similar to a hotel or college dorm. This form of housing features small, mostly private bedrooms. These properties also have long halls leading to communal spaces for a large group of people. Ideal for college or university students as hundreds of people can live together in this type of dwelling.

3. Cooperative Housing

Cooperative housing is another type of co-living arrangement that offers affordable housing options in the UK. Under this type, one or more houses owned by a corporation are dedicated to providing co-living spaces. This type of housing arrangement works under a legal framework and all members are committed to managing the property. All shareholders are liable to pay maintenance fees, taxes, repair costs and property management fees.

4.Co-Housing

The next co-living residential arrangement is co-housing which empowers people to live in private houses that are frequently grouped around common areas. In this type of residence, families can live in attached or single-family homes with shared common areas such as large kitchens and dining areas, laundry, and recreational spaces. Sharing common areas helps to live an affordable life in a community setting.

5.Bungalow

Bungalows owned by real estate companies or investors offer co-living housing arrangements. Under this pattern of housing, a huge condo or existing single-family home is turned into shared residences. A bungalow provides shared co-living amenities including wifi and monthly cleaning. A bungalow can be shared by 4 or 5 people, with each having a separate bedroom.