Time to buy a house and start your family. Here is what you need to know about buying a house in Trinidad and Tobago. Find a house or get pre-qualified first?
Buying a House in Trinidad
Trinidad and Tobago residents are looking for affordable homes for sale in Trinidad. Some register with Housing Development Cooperation while other try on their own. Buying a home in Trinidad for their family without government help is a challenge.
Potential buyer’s need to consider these simple steps to avoid frustration for themselves and the real estate agent.
Many potential home buyers love to window house shop. What that means is they start looking for homes for they are quite ready. Resulting in disappointment and wasted time.
- How much can you afford
- Down payment for buying a house in Trinidad and Tobago
- Find a house with or without an agent
- Mortgage shopping
- Prepare to make an offer
Steps To Buying a House in Trinidad and Tobago
How much can you afford?
Before looking at real estate classified ads, google homes for sale in Trinidad and Tobago or viewings do this first. Know what you can afford your budget.
If you earn $56,516, the average household income, you can afford $1,695 in total monthly payments, according to the 36% rule. The rule, which measures your debt relative to your income, is used by lenders to evaluate how much you can afford.
Buying a house without knowing your budget is like fishing without a rod. Pre-qualification is important to the home buying process. Simply visit a commercial bank and ask for an appointment for home ownership qualifications. Get mortgage help by clicking the link.
Down Payment – The Facts
Trinidad and Tobago Mortgage Finance (TTMF) is offering a no down payment campaign to first time home owners. Will you need to pay a down payment?
Good faith deposit made by a buyer to underline his or her commitment to complete the deal. In mortgage agreements, down payment is the difference between the purchase price of a property and the mortgage loan amount. Between 5%-10% is the normal practice.
Home owners believe that mortgage companies can pay this amount. Yes they can but it takes time and you may lose the home. Down payment held in escrow with a sales agreement binds seller and buyer.
Find a House With or Without an Agent
House hunting is a tiring task if you have a tight budget. Browsing Facebook ads, Trinidad Express Classifieds, Real Estate websites or watching properties for sale videos take time. Most home buyers work and can only browse after normal working hours.
Tight budget and limited time to search results in great opportunities lost. Home buyers using agents get the best deals. Early bird catches the home.
Trinidadians and Tobagonians do not like to pay for service and always want a deal. So they try and try and fail to get a home. Fortunately, Trinidad and Tobago real estate agents do not charge potential home buyers.
Contacting several real estate agents to find a home causes duplication of effort and time-wasting. Agents co-list properties and co-broke properties for sale.
Mortgage Shopping In Trinidad and Tobago
There are several mortgage companies and commercial banks that provide mortgages in Trinidad and Tobago.
- RBC Royal Bank
- Trinidad and Tobago Mortgage Finance (TTMF)
- Home Mortgage Bank
- First Citzen Bank
- Scotia bank Ltd
- Repiblic Bank Ltd
- Venture Credit Union
Shopping around for the best mortgage rate ensures you monthly payment is less. However making the calls or visiting a bank takes time. TNTHomesForSale.com will have someone call to provide assistance. Mortgage Help Trinidad and Tobago – click link.
Prepare to Make an Offer
Agents do viewings with the aim of getting an offer to present to the seller. Buyers believe that making an offer will result in losing money. Making an offer is simply making an offer.
Once you view and discuss the key points with yourself or an agent make an offer. At times the seller may want a quick sale and accept a reasonable offer. Again Trinidadians want a deal and either do not may an offer or offer a low ball offer.
At times the listed price is not the selling price. For example, a house listed within your budget but you want to pay less. Here is how it works.
Make the offer and the seller must accept. Sales agreement and down payment made. Down payment held in escrow. Terms and conditions specified in the contract.
A valuation will be done to determine the present market value of the property. If the asking price is less than the valuation the seller can accept the valuation price or provide a refund. Sellers do not incur the cost for the valuation.
Properties For Sale In Trinidad and Tobago
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