h2g2 The Hitchhiker's Guide to the Galaxy: Earth Edition

i hope my own children feel the same... dont fancy being bumped off just yet!

What if I started a company that instead of renting properties out, did a "rent-to-own" type system. So your rent money would really be buying into the total collective owned property.

The properties would be available in multiple cities, and credit/ownership could be accumlated at any of the locations.

This would be an advantage for people with not so good credit. Also, it would be useful for students, as they wouldn't be completely throwing there money away. You could, of course, re-sell your share to another person or back to the company if you have no desire to live at any of the properties.

Presumably you would still be charging more than went into the pot? Otherwise you'd be refunding all the rent that had been paid, which would not be a profitable business.

of course - but that's still a better deal than pure renting.

I think theres several 'groups' already running such schemes; I know of housing associations who do that, where people in the house agree to buy, say £25% of the share of the property, they pay rent on the 75%, and then the money for effectively a low rate morgage on the £25% they've elected to buy.. I think they can elect to then go on and buy furhter 'shares' in the house, and eventually could thereby end up owning it outright... I think some councils/local authorities offer a simular 'shared ownership scheme', I remember seeing something of the kind on offer in some new propertys being built in Norwich, and the government were investigating the idea of increasing the amount of property (I think via putting more money for it the way of the housing associations), towards such schemes Problem is, if its being done by a 'company', I.E., for profet, then at some point the company/firm are going to want to put their 5 or 10 or whatever percent on top of the interst rate they are themselves being charged on the money for hte property, unless of course they're coming in wiht a large collateral in terms of cash to buy propertys/build them; In which case again they'd be looking for more return than they'd get by, investing that money, selling the property, or just rent alone...

the shared ownership schemes I have come across, and there's a few of them cos in my area they mandate that any large development of housing must include n% that are housing scheme.
In our area those houses which are percentage owned also have a clause about ownership and sale so that they aren't bought up for rentals or sold on at a huge profit - i.e. to keep them at a level in the market where others can also benefit.

I suppose I should be fair and say that I accept that we need bona-fide rental agencies - but these should be regulated and legislated companies.