ok you want to buy a house,but the interest rates are high and you end up paying double by the end of the term.i have this idea that could potentialy work.what would you say if a pound you give could buy a house for someone or vice versa .for example if 1000 gave 10 pounds each they could buy a house for someone.even better they can create a organisation and buy houses for each other over the years without the need to borrow.what do you think?
2006-12-05 13:04:35 · 10 answers · asked by redipsspider 1 in Business & Finance ➔ Other - Business & Finance
u think like john Lennon
its a brilliant idea
but u will be hard pressed to find many generous people like that
but i would be willing to give to help someone and hope that someone does the same for me
2006-12-05 13:09:25 · answer #1 · answered by me 5 · 1⤊ 0⤋
Such a scheme would require hundreds of thousands if not millions of contributors to provide the capital required - have you noted the average cost of a house nowadays? Further, each contributor would need to contribute to the 'fund' without a break for a number of years equivalent to a standard mortgage. The 'fund' would need to be managed thus involving overheads deductible from the fund, offset perhaps by interest gained on investment. It all seems too good an idea to be workable - and therefore not a good idea at all in truth. With the high level of scams and fraud rampant in modern days financial circles, it would provide a grand opportunity for temptation!
2006-12-05 21:11:49 · answer #2 · answered by Intellygent 3 · 2⤊ 0⤋
A lot of people will be paying £10 for a long long time without getting a house, don't think the idea would work.
2006-12-06 00:08:42 · answer #3 · answered by Avon 7 · 0⤊ 0⤋
This idea, is based in the old pyramid scams, it would not work, because the end person would lose, or everyone involved would always be paying, with a mortgage, you will have paid off your house in 15 to 30 years.
2006-12-05 21:15:30 · answer #4 · answered by Kimberly H 4 · 1⤊ 0⤋
Sounds like a pyramid. I doubt you were the first to think of it.
Forget it.
2006-12-05 21:27:06 · answer #5 · answered by Smurfetta 7 · 0⤊ 0⤋
Great idea in principle, but unnfortunaly could never work because of greed.
2006-12-05 21:19:59 · answer #6 · answered by pintofbitterta 1 · 1⤊ 0⤋
It's a standard pyramid savings plan...you pay but don't get back.
2006-12-05 21:14:24 · answer #7 · answered by flignar 2 · 1⤊ 0⤋
i am a visiting user from the U.S...thats how our welfare system is setup and does it work.......no not really (poor starving elderly)
2006-12-05 21:14:29 · answer #8 · answered by ineedacar 5 · 0⤊ 0⤋
try it and let us know how it worked!
2006-12-05 21:44:12 · answer #9 · answered by sixtynine_coppertop 1 · 0⤊ 0⤋
shut up !!!
2006-12-05 21:06:22 · answer #10 · answered by The Git! 3 · 1⤊ 2⤋