To get a house without a mortgage
16 September 2008 @ 08:51
Different solutions exposed by "El Economista" yesterday:
1.- Right of building/ Right of use of the land ( for those houses in need of refurbishments)
2.- Dwelling communities: Number of houses owned by a group of people under similar circumnstances: disabled, retired...
3.- Rentals with an option to buy
4.- Guaranteed rentals
We need to change the static and rigid concept of access to ownership. We also need adaptation to the times in that sense. The old formula of a mortgage loan on and for full ownership rights can be retouched and modernised by, for example:
1.- Acquiring building rights ( and having a mortgage for that). Then, completing full ownership in some years´s time by part of the sales price.
2.- Acquiring shares of a dwelling community... can be transfered to people within same collective. Ownership on the whole community can be shared by actual users and a company... which means lower acquisition prices. Financing formulas are possible here too.
3.- Rentals with an option to buy: To agree on special clauses on mortgages loans with the lender for cases such as pre-planned acquisition of full ownership when renting with an option to buy. A canon needs to be paid to the lender in exchange.
4.- Rentals submitted to arbitration ( to avoid slow, costful eviction judicial procedures) and with an Insurance for unpaid rents. Justin is offering something special on this soon!
Imagination and a good legal advisor can adapt the formulas to the personal and current legal and financial situation of potential house buyers. Let´s get updated!
By Maria L. de Castro