A route to affordable housing...
The goal of home ownership is held as an almost unquestioned cultural ideal – the idea that everyone, ultimately, would like to own their own home is seen as a self-evident truth. A different approach however would suggest that owning a home is not the true ideal, but simply having a home to call your own is… A place to live rather than just reside – spacious, beautiful, healthy, and in a good location – with secure tenure at an affordable price.
The goal of H4cd is to provide affordable homes in perpetuity and to enable lower living costs, whilst maintaining a higher quality of life. To do this a middle point between owning and renting is proposed, with anticipated monthly costs about 85% of market rates in the area for renting similarly sized properties.
H4cd will maintain ownership of the site and buildings and operate a management service as well. The group which tenants the site will have representation on the Board of H4cd to ensure appropriate governance. Prices for each unit will be set on a square metre basis, established by the total site purchase and setup costs.
The purpose of finding a middle point between owning and renting is to combat the difficulties and shortcomings of each. Payments will be monthly, but with the intention that residents will be able to get money back when they move on, although pinned to a sliding scale to minimise turnover. The thinking at the moment is based on 10% repaid during Year One, 20% the next, and so on up to Year 10, after which money paid in would be linked to interest rates for repayment purposes.
This means that monthly payments are not 'dead money' from the perspective of tenants, and it means that with each passing year the rate at which newly vacated properties can be offered becomes cheaper and cheaper relative to the surrounding open market.
It also means that someone who has been a tenant for even two or three years would leave with a significant amount towards the deposit of buying a house elsewhere if that was their next move.
The goal of H4cd is to provide affordable homes in perpetuity and to enable lower living costs, whilst maintaining a higher quality of life. To do this a middle point between owning and renting is proposed, with anticipated monthly costs about 85% of market rates in the area for renting similarly sized properties.
H4cd will maintain ownership of the site and buildings and operate a management service as well. The group which tenants the site will have representation on the Board of H4cd to ensure appropriate governance. Prices for each unit will be set on a square metre basis, established by the total site purchase and setup costs.
The purpose of finding a middle point between owning and renting is to combat the difficulties and shortcomings of each. Payments will be monthly, but with the intention that residents will be able to get money back when they move on, although pinned to a sliding scale to minimise turnover. The thinking at the moment is based on 10% repaid during Year One, 20% the next, and so on up to Year 10, after which money paid in would be linked to interest rates for repayment purposes.
This means that monthly payments are not 'dead money' from the perspective of tenants, and it means that with each passing year the rate at which newly vacated properties can be offered becomes cheaper and cheaper relative to the surrounding open market.
It also means that someone who has been a tenant for even two or three years would leave with a significant amount towards the deposit of buying a house elsewhere if that was their next move.
Please note, an indicative pricing structure will be added to this page soon.
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