subject: And The Family Lived Together In The Big Family House! [print this page] And The Family Lived Together In The Big Family House!
The Conroys were known in the neighbourhood as a perfect family. They had bought the Syddenham Groove twenty seven years ago. Their sons Michael and Adam grew up to be fine men at the "groove". Recently Michael go married and move out into a new neighbourhood as the house really did not have enough space for five people. Michael was a dedicated son and wanted to take care of his parents. So, he and his brother Adam wanted to buy a bigger family home where they could all stay together. They wanted it to be their surprise gift to their parents.
With this plan they started contacting real estate agents. There were a few apartments that caught their eye, but their prices were sky high. Michael and Sheila (his wife) were working only for the past two years and Adam was still an intern. None of them could gather enough money to make the necessary down payments. Again, it was obvious that working only for 2 years neither Michael nor Sheila would have an excellent credit history for the banks to lend them money.So; did that mean that Michael would have to stay in a separate apartment throughout his life?
Well!! God helps good children. Hearing this problem one of Sheila's friends suggested the "Rent to Buy" Scheme. A very very lucrative scheme made totally for people with poor credit history and not enough cash to make down payments. It allows to take possession of your house from the very first day because you stay in that house as tenants till you acquire enough financial resources to pay the full price.
There are numerous estate agents throughout UK that offer this scheme. When you get in touch with these agencies, their first role will be to show you apartments/houses of your choice and in your preferred location. Once you select the house of your choice, a locked-in deal is drawn. The following specifications are the highlights of the deal-
- The minimum down payment you need to make.
- The tenancy period
- The rent which is often much less than the market rate.
Once the price of the apartment is fixed, you do not need to worry even if the market price for the real estate rises. The deal mentions the period for which you stay as tenants in the house. is tenancy period can be extended further if your resources do not allow you to pay the full price at the end of the tenancy period. The rent that you pay throughout the period till possession gets deducted from the final price. If the price of your house rises at the time of possession, you can keep the difference in the prices for your kids.
So, to cut a long story short-
Let the price for the apartment fixed be equal to 120,000.
The minimum downp ayment you make is equal to 2,000
The monthly rent fixed is 500.
Suppose the tenancy period is of 5 years,
So, the total rent paid in these 5 years = 30,000
So, after 5 years, when you go in for possession, you pay 78,000.(30,000 as rent and 2000 as down payment gets deducted from the price)
Now, within these 5 years, even if the price for the apartment rises to 150,000, you do not have to pay the extra 30,000. You pay the price agreed in the locked-in deal.
Avail the scheme with patience and build your dream home.
