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Being able to have their own home is a dream for a lot of people. But sometimes this dream seems difficult to obtain due to high initial deposits of required, high prices and economic crisis of the world. Sometimes falling prices of property and low interest of building loans may give some hope but the procedure is still difficult for first time buyer and many people think it's not easy to obtain and own property. But SHARED OWNERSHIP PROPERTIES buying scheme can make this dream come true for new buyers. This means jointly entering into an agreement with another person to share the costs of purchasing and running a house. So in all things related to the house both the owners will have to take responsibility and share equally. This includes things such as the land tax, bills, building tax etc. They both have to take care of their owned property. Nowadays different developers are providing this kind of service to the new buyers with a reasonable price and flexible agreement. Under this program the buyer may take share according to is capacity like 25%, 50% or 75%. According to the amount of percentage the buyers will pay more or less and this will be determined by how much a person can afford. One advantage of this scheme is the buyer can also rent the house for additional income and even take the option to own the property completely after some time. This scheme is offered by private associations and the government who will deal with applications. They have many agents to deal with the buyers and the agents do the whole agreement thing and handle all property related matters. So a person will need to contact the agents first to register an interest in buying the property under this scheme. Restrictions and rules will apply under this offer. This includes the types of buildings you will be able to buy. This is largely for first time buyers who want to buy their first residential home. There will be different schemes available for commercial purchases. Nongovernmental associations generally provide some additional features to the government associations under the same scheme. But the rules are tougher in nongovernmental schemes and their payment system isn't so flexible like government property buying systems. The FRACTIONAL OWNERSHIP PROPERTIES scheme is a very good way for first time buyers to get a foot on the property ladder and get a chance to own their own home. It is clear that many will benefit from this scheme.
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