Owning your own home is a goal many will be setting for 2021. Do you believe rent to own home is an option? How can you make your dream home a reality?
Rent To Own Houses in Trinidad and Tobago
The real estate market in Trinidad and Tobago has moved away from a single parent or lower income family owning a property through a mortgage. To live in a “safe neighborhood” you must have a budget of around two million dollars.
The lower to middle income families face renting as a primary option. Many young people or professionals cannot afford a place of their own so they opt to pay rent for years. The average 2 bedroom apartment along the East/West corridor in a safe area costs approximately $3500 per month. That quickly turns into $42,000 a year and in five years, you would have spent close to $210,000.00
But is that wasted money? Some may say yes others will say no. Somewhere safe to live is just as important as food. However home ownership is better than being a tenant.
How do you break the cycle of rent dependence and move to home ownership? Can you rent to own? Yes you can rent and then own your own home using a plan.
Mortgage Requirements
All financial institutions require you pay a percentage of the cost to own a property. The down payment is usually at least 10% of the cost of the property you are interested in buying. If you currently have a savings account and you are gainfully employed, I would recommend visiting your bank of choice to do a pre-qualification for mortgage. Your bankers would let you know how much you qualify for right now based on your savings and income. It is recommended you speak with a mortgage specialist so they can work the best deal for you and your family.
House Hunting
In Trinidad and Tobago there are many options to find a house for sale. TnT Homes For Sale is a website that provide new listings of homes for sale in Trinidad and Tobago. The opt-in form allows you to fill in your information and the looking will be done for you.
Looking at properties in the Trinidad Express, Trinidad Guardian, Newsday classifieds section of the newspaper is a great way to find properties for sale by the owner but finding the time to do viewings repeatedly can be tedious and time consuming. When we locate a home within your budget we do the preliminary investigation and provide honest feedback free of charge. It is not about making a commission but rather ensuring that our valued customer receives the best service.
We use our experience and negotiate on you behalf to get the best price on the house for sale. No one wants to pay full price on an over priced home. Realtors and Brokers can save you money in the end of the home ownership process.
Buy Land to Build Your Own Home
Would you prefer to move in to a brand new home rather than a newly refurbished? Buying land can be an option. TnT Homes For Sale can find you land at a reasonable price. The next step will be to build in parts. Although you may have your dream home ideas you should get your house plans drawn to ensuring they are to town and country specifications. To build you will need to know your budget and most likely a mortgage will be required.
Buying and building will cost less but there are risks that are involved. Finding a reliable and trustworthy contractor is the key to successfully building your own home. TnT Homes For Sale can recommend general contractor that can build from foundation to finish. Building allows you flexibility and you have more input in what your dream home looks like. It’s a wonderful personal project to get involved in for the benefit of your family.
Applying for Rent to Own Government Houses
The Trinidad and Tobago Housing Development Corporation (HDC) provides affordable rental units to eligible low and middle income citizens. This service targets citizens who do not own land or housing and do not qualify for a mortgage. If you find it difficult to obtain affordable rental accommodation, you may be able to benefit from the HDC rental housing program.
Rental units are made available to the public either through the construction of new housing or through the recovery of housing units due to arrears in payments, abandonment or relinquishment. Click Here
Home ownership is closer than you think. For more guidance tips and information, call TnT Homes For Sale now (868) 759-1712 and let us take you from renter to owner this year.
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