Category: Buying

Tips For Recession House Hunters

When real estate sales are slow and there is a glut of homes for sale, buyers may have an opportunity to pick up a house on the cheap. The operative word here is “opportunity”. There are times when you should pounce and times when you should show restraint and avoid an impulse buy. Knowing the difference could […]

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The Perfect Spot for a Vacation Home

Buying land can seem intimidating, but it really isn’t difficult at all when you analyze your needs and determine which types of land are most suitable for the home you plan to build. Talk with a mortgage broker or bank loan officer to find out how much you can afford. If you plan to build right away, the loan officer should explain construction loans, including the closing procedures you’ll encounter while the house is being built.

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Obtaining Title & Property Rights

“Title” as it relates to land, refers to the legal right or interest in a piece of property. This interest can be either freehold (an interest in the property with no stated end) or leasehold (an interest with a stated end known as a “term of years”). These interests give an owner the right to hold, occupy and use the land to his or her benefit. Proof of ownership of property takes the form of land title documents that should be registered with the Land Registry, Registrar General’s Department of the Ministry of Legal Affairs.

There are a number of ways one can acquire freehold or leasehold interest in land.

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Closings Costs Explained

Following are examples of some of the typical costs involved in the purchase or mortgage of property in Trinidad & Tobago, including attorney’s fees and stamp duty.

Attorney’s Fees for Conveyance and Mortgages

Exclusive of Value Added Tax and based on Statutory scale – Legal Notice #77 of 1977:

Old Law Deeds

0 – $100,000 1.50%
$100,000 – $500,000 0.75% On amount exceeding $100,000 plus $1,500
Over $500,000 0.50% On amount exceeding $500,000 plus $4,500
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Buying a Vacation Home

Start With Defining The Basics: Why do you want a second house? Is it for vacation or retirement, or is it a financial investment? Determining this will help point you in the right direction for the location, price and type of second home you ultimately purchase. Next, Location, Location, Location: You want a vacation home that’s convenient to your primary residence, but still far enough away to create a sense of escape.

If it’s much more than a four-hour drive, you’ll probably skip a lot of weekends once the novelty wears off. But you don’t want to be so close that you have to run out to make emergency repairs for renters.

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The Buying Process

Let us help you through the important steps in the buying process. We have prepared an overview of the process to help guide you. Please feel free to call us if you have any questions. We are here to help. Deciding to buy a home or property is one of the most important decisions you may ever make. Before you start looking seriously at property it helps to sit down and think about what features are important to you.

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Points To Consider When Viewing

In addition to comparing the home to your minimum requirement and wish lists, you may want to consider the following: Is there enough room for both the present and the future? Are there enough bedrooms and bathrooms? Is the house structurally sound? Do the mechanical systems and appliances work? Is the yard big enough? Do you like the layout?

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Location. Location. Location.

It’s like the real estate agents’ mantra: location, location, location. You’ve certainly heard the phrase enough and may wonder what possesses agents to say it three times. Or you might think it pertains to three different types of locations — perhaps an excellent location, a mediocre location and a lousy location. We’ll put your mind at ease. It means identical homes can increase or decrease in value due to location.

It’s repeated three times for emphasis, and so you will remember the phrase. It’s the number one rule in real estate, and it’s often the most overlooked rule.

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How To Evaluate A Neighborhood

It’s important to choose the highest quality neighborhood when buying a house. Why? It’s not only good for you and your family, but you will realize the highest increase of appreciation. In other words, your property value will rise faster in a better neighborhood. Why does appreciation matter? Because when you later sell or rent out your house, you’ll command the highest prices. By attracting buyers and renters who are willing to pay more, you’ll realize more profitability.

When you sell or rent your house, you want to receive the highest possible value. If your house is not competitive, it can sit on the market without activity. Now, how to find that perfect house in an unfamiliar neighborhood.

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Home Types Comparison

Generally, the available types of Homes are: Apartment, Condominium, Townhouse and (Detached) Home. The major differences between these types of Homes are Ownership and Responsibility. For Rentals, the Owner has the Ownership and Responsibility of the Rental property (rather than Renter). Following are some Advantages and Disadvantages of these Home Types and their comparisons…

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