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How Affordable Ownership Works: Options for Homes
Since 1992 this non-profit condominium developer has provided the high quality homes one would expect when buying new. The difference is in the price, normally $30,000-$50,000 less than other condos found in similar neighbourhoods. Options also offers homebuyers help towards their down payments in the form of a payment-free loan, called the Alternative Mortgage.
How it works
In addition to not adding a profit margin, Options is able to offer low prices by reducing marketing, administrative, and any other costs that do not affect the quality of construction. For example, instead of full page colour ads in the Toronto Star, they will send out simple postcards to a neighbourhood. To ensure quality, they hire the same architectural and construction team as Tridel.
Available to anyone, the optional Alternative Mortgage boosts a buyer’s downpayment by 13% of the total suite price. This loan is payment free and it is only required to be paid back when the homebuyer sells or rents out their suite. When it’s paid back, if for example the home has increased in value by 5%, the homebuyer would owe the loan plus 5% of the loan. The funds are then added back to a pool of funds held by Options’ sister organization Home Ownership Alternatives to help the next group of homebuyers.
How to get involved
With no restrictions on who can buy, Options homeowners range from couples and families just starting out, to those able to buy their suite outright. For more information, visit Options online at www.optionsforhomes.ca
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Options for Homes is an official partner of TheRedPin.com; see their complete profile on their dedicated partner page:
About the Author
Jessica Speziale is the Marketing Co-ordinator for Options for Homes Non-Profit Corporation. She write regularly for TheRedPin on cost-effective home ownership and is passionate about community and living green.-
http://wallarmstrong.wordpress.com/2011/09/16/434/ the real/estate blog
