Buying Government Owned Homes

in Government

When you decide to buy a home for yourself, what are the options that you would consider as part of your prospective properties? Have you ever considered government owned homes to possibly buy? Not many look at these as good options for purchase. There are good enough reasons why these carry a certain reputation that discourages buyers from buying them. There are a lot of myths surrounding government owned homes that have been in circulation for some time and these are responsible for the low turn out of buyers as far as government owned houses are concerned.

There are a lot of advantages as far as purchasing such houses are concerned. Contrary to popular belief, these homes are certainly not sub-standard. While you may certainly find some in certain parts of the city, majority of these are well constructed and goof enough to withstand the natural calamities. Another misconception related to such houses are that they are located away from the city, in suburbs not fit for good living.

Again, this is not true. Being government owned, there are certain guidelines that the government has to follow, as far as equality in dwelling is concerned. Hence, they cannot restrict their properties to certain posh parts of the city. This means that they have to build homes in the not so good localities as well, but this does not mean that they do not build in good areas. The entire portfolio of properties are divided so that the equality is maintained, hence you can certainly find such homes in certain elite areas as well.

One of the biggest advantages of buying government owned homes is the price tag attached to it. The government does not look to make profits out of its sales and hence the houses are sold almost at no profit rates. This makes the entire package very affordable and if you can find out a property in a good area, this certainly comes really cheap, when compared to the private dwellings. Apart from the price, another advantage is the availability of lenders to finance such purchases. Since these are government owned, there is certainly a surety to the property as far as the legal aspect is concerned, and hence lenders have no issues to provide with mortgage loans to finance the purchase.

Also, such homes have a variety of schemes attached to them as part of the purchase plan. In case your income is low, there are grants from the government which help you to buy such homes. There are first time home buyer's assistance plans as well which enable you to purchase the dream home. Since these are sold by the government itself, it is assured that they shall certainly be adhering to safety and security standards as is required by HUD laws and you can live peacefully in them.

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Ravisankar Poduval has 1 articles online

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Buying Government Owned Homes

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This article was published on 2010/03/27