Shared Ownership a Beneficial way to buy a Property This articles tells about Benefits of Shared Ownership (Part buy part rent)of the Property which a more convenient way to purchase a Property when 60% of families have very few cash savings on their b
BigNews.Biz - Aug 31,2011 - When you purchase a property in to a shared ownership (or condominium or cooperative), you actually exchange some of your privacy in exchange for other benefits such as guaranteed maintenance, control architecture, and services such as a swimming pool, spa, room games, tennis courts, clubhouse, and parties that go with the casual living in condominiums.
Shared ownership property vs. private property, if you purchase in a condominium / co-op, expect to spend some time on the homeowner association (or board of directors), only in self-defense. If you do, you'll notice that the HOA board, or always do something that you consider the ridiculous, and you do not like. If you are the owner, you'll want to be part of decisions regarding the house and its value. On the other hand, be aware of burnout HOA.
This comes after you have been a member of the board of a year or two, and found that you cannot do what you want to get done. Often, owners are discouraged and then sell the units. If you are at least aware of this possibility, may be reluctant to take such a severe move when a stalemate does occur. As an additional resource on this topic, check-in Tips and traps when buying a condominium, co-op, or Townhouse, McGraw-Hill, Irwin, 2000.
Nothing down financing is it really exist? Or is it just a buzzword used by real estate gurus to sell you a place in a seminar or a tape on late-night TV? Today, it really exist, for some first time buyers.
And it's a good thing, too. Most people who want to buy a home often find that the biggest hurdle is to come up with cash down payment . (So if you're feeling a pinch, you are not alone!) Actually, we live in a society of credit. Family $ 100, 000 annual income can easily buy a new auto loan with little 'down and $ 500 per month car payments. But the same family may not have $ 5,000 in savings bank accounts. In fact, over 70 percent of all households have little or no cash savings. (On the other hand, the other 30 percent or so is a huge savings account!)
That includes your shared ownership mortgage payment
Interest on loan return on shared equity (capital) hazard insurance (if you put down less than 20 percent), taxes (if you put down less than 20 per cent), I am reminded of that old saw about two investors who want to part rent to buy london the State Building in London. The first investor, just returned from a meeting with the sellers, says another, I have good news and bad. The good news is that they take our $ 100 million offer. great, says another investor. What bad news? They want $ 500 cash down!
Apply for Shared Ownership at :- http://www.humphreys.co.uk/private_solicitors/shared-ownership.htm