Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1910-07-23
Paying Rent to Ones Self.


ployees of big Boston store has in
stituted a plan of cooperative house
owning. Every man is a landlord, and
the rent he collects of himself pays
for the property. The disadvantages
of paternalism are avoided and the
scheme defies the high cost of living.
The association has purchased six
acres of land; certain appointed mem
bers have designed houses to cover it,
and are borrowing money from
wealthy men to build these houses,
while waiting for applicants to occupy
them when finished, the first of April,
1911.
ANY employee of the store is quail
fed for householder. whether it be
counter girl or chief European buyer
The association is independent of the
store management. neither sustained
by its patronage nor devoted to its
| service. The purpose is to enhance
operative planning, wholly aside from
the necessary concurrence of bust
ness.
| The scheme of organization, the
| type of houses to be built. what they
owned and paid for, are not only deep
| ly interesting to every family which is
paving rent, but contain in example
the germ of home owning hope.
Six types of houses are called for:
| Apartment houses with three and six
room suites; double houses. with six
or eight rooms in each half: and single
houses of seven or eight rooms. The
single and double houses will be of
wood construction, with outside walls
shingled. The apartment houses will
be frame buildings. three stories in
height, the exterior walls to be of ce-
ment plaster on metal lathes. In
terror decorations will be in accord
ance with the individuals own prefer
| ences. On each lot will be ample
room for lawn and garden.
| The savings effected by cooperation
are imposing in kind and amount. The
| land was secured at bargain, and,
taking into account all improvements
will cost less than one-half of it's as
sessed value. The material for the
houses will be purchased at wholesale
rates and on a competitive basis. And
| the houses have all been planned by
one architect and will be built by one
contractor, of established reputation,
thereby insuring better buildings at
lower cost than could be had under
| the speculative system.
Each monthly payment of rent is a
| full value inStalment on the purchase
price Of the house. A person may Sc
cure a house for occupancy upon the
payment of per cent. of the purchase
price. On to this, he adds monthly a
sum no larger than he would Ordi-
narily pay for rent-twenty eight to
thirty-one dollars for the half of a
double house, and thirty-three to
thirty-six dollars for a single house
II At the end of twenty years he will
II gain absolute ownership of his prop
ii erty And, the profits of middlemen
being eliminated he gets it at cost.
Taxes and fire insurance are includ-
ed in the monthly payments, while the
! prospective owner stands the costs OF
light, heat, water and repairs, like a
Irregular renter. After the occupant
has by monthly instalment paid in
one third of his total investment, he
may, if he desires, secure deed to the
property and give back mortgage for
the balance unpaid. Or, he may ac-
lquire the ownership in shorter
Iperiod than twenty years by increasing
the amount of his periodical pay
lments or, in fact, he may buy the
property outright at the beginning, il
he so desires, or at any other time
during his occupancy. In the apart
lment houses, however, the monthly
charge will be straight rental, and
will not apply to the purchase. In
twenty years time the rent payer is
possessor of home, valued at from
three to four thousand dollars, and has
that to show for his financial outlay
instead of 240 landlords receipts
And, no less than he, the man who
purchases at one transaction, becomes
proprietor of real estate that would
cost him one third to onehalf more
were he not advantaged hv the CO.
Operative buying and building.
In 1880, if all goes well, the organiza
ton will disappear; only leaving be-
hind it some dozens OF property own
| ers who would otherwise still be pay
ling rent. 4 ~
That is all for the rosy side of the
plans and it ought to work, but it is
changing of property holders and more
or less complications in the way OF
conveyance and perfecting of titles