There are various approaches to buying property depending on what suits you. You can buy property as a lone ranger, some choose to use the peer approach in acquiring properties while others opt for the cooperative approach. In this piece and in the audio that comes after, you will get to learn how to buy a property using cooperative approach.
Cooperative approach to property buying property simply means a large group of people coming together as a society, a cooperative or in any other related form for a common goal, which is to buy property/properties in the same place.
This is advantageous to a large extent because it gives great economy of scale. There’s a saying that we have strength in numbers, and this comes to play in the cooperative approach to property acquisition. However, the issue of the location, size of the land and budget are also important, neither can an inspection of the property be thrown out the window.
But in terms of acquiring property, it is safer only if the people at the helm of affairs are sincere and know how to go about it, especially with the engagement of professionals. It is more cost effective because of the economy of scale that come to play.
A cooperative can negotiate better due to bulk-purchase. As a cooperative you have the listening ears of agents, vendors, government and other major players in the property market.
In actual sense, there are some key things that must be factored if you are to acquire property via the cooperative approach
- You must know the site the cooperative is buying before you decide on joining.
- Is it the kind of site you will love to live in?
- What development plans are in place?
- What are the rules in existence in relation to the project?
- What rules will be enforced collectively on members of that body?
- Will the title documents be sourced collectively or will it be done individually?
- Will the group be providing any financial assistance to people, directly or indirectly?
These are some of the questions that should come on the front burner and also some of the things that makes cooperative approach very interesting and expedient.
To learn more on this topic, listen to the audio below:
Have you ever heard of Prime Asset Housing Multipurpose Cooperative Society? It’s one cooperative that will ensure that you sack your landlord in the shortest possible time.
For more information you can contact us at; Realty Place: 3, Olaide Benson Street (beside Primary Health Centre), Onigbongbo, Maryland.
You can also call 08093930651 or visit us at www.primecooperative.org