Of course, more than two days passed without getting any update from TTMF regarding this new homestead issue for their loans. The thing is that our application was just in the air until it was confirmed and we didn't want any delay in starting the application process.
I called the representative from the Chaguanas branch that processed our first (failed) application to enquire about this new approval process for homestead plots and she was just as confused as us. However, in the name of proper customer service, she assured us that our application is being reviewed and she is confident the matter will be cleared up soon.
It did not clear up soon. We tried several times to reach the representative for an update until we just started to demand to speak with someone higher and eventually, we got everything cleared up then and the application process began.
Our attempts at an update after that were directly with the legal firm assigned to our application. It was the same firm from the last. A WASA clearance certificate is required with applications but based on information from the seller, he was having a lot of difficulty with his application for water to run to the development. The reason being is that the connection must come from the main further up the main road and because the area was so under populated, WASA did not see it as a priority to provide our connections at the time. The only other option was for the seller to absorb the cost and I guess that wasn't something he was willing to do.
All this time while we waited on the clearance certificate to submit to TTMF our timeframe for the sale agreement was slipping by. I believe there was constant miscommunication to the seller regarding exactly what this certificate entailed and he continued to focus on getting a water connection when in fact all he needed to do was go in and complete a simple form basically indicating a desire for a water connection.
As we got closer and closer to the end date of the sale agreement I saw this property slipping from us again and I refused to let it happen. I demanded an extension from the real-estate agency overseeing the sale on behalf of the seller and they in turn informed his legal team to prepare it.
A few weeks later in the mail we got an invoice from the seller's legal firm billing us for the request to prepare and extension of the sale agreement. I was appalled. It wasn't a matter of the money, it was the fact that we were not at fault for the delay and were being penalised for doing what was right by requesting an extension. I wrote a heated e-mail to the seller and he immediately replied stating he will be paying the cost and apologised for the mix up. I got the impression that the seller, like us, was very disappointed in the service provided by this real estate agency and after speaking to the agent we knew a few times, we found out that the seller decided to switch agencies for the remaining plots on his property. Good move.
We finally got the clearance certificate and with all our documents in order we were informed of the desired date to close the sale. Samurai and I were sooo excited. We took the day off and got to the office of the legal firm early. We sat and waited finding out that the other guy in the waiting room was the seller when the receptionist called our names.
We all sat in the tiniest of conference rooms and the smile on my face was bigger than the building. After we were briefed, we passed all paperwork around the table and signed accordingly. We paid our legal fees as well as the second down payment to the seller and became property owners!!! The feeling was unbelievable. A weight was lifted and all the hassle and headache of our wedding two months away disappeared and to celebrate, we went out for lunch and basked in this great and wonderful achievement.
Tuesday, August 27, 2013
Circa 2010: Going with gut
The two lower-priced plots we viewed in this new development were bordering a very large pond and everything was very basic with no electricity poles or water lines. No paved road or pavements.
Before we confirmed that agreement Samurai and I went to view the land again by ourselves. This time I paid more attention to the drive to get there, the neighbourhood, the amenities and just the vibe of the area. Seven minutes from the highway felt like a lot because the road halfway in got really bad. I stood out and the breeze was strong that day, everything seemed so peaceful and I knew this all happened for a reason.
We called the agent soon after and confirmed our desire to purchase. The first plot had a somewhat steep slope but the bonus was that there were a few young cedar trees that can come in very handy when they mature. The other plot was also undulating but gentler than the first. We decided on the latter.
I wouldn't doubt that I was still nervous about the price. We never confirmed with TTMF that we would be approved for more money but Samurai was confident our savings will guarantee approval. What I was also nervous about was that even if we were approved, our lifestyle would have to change even more drastically to living off crumbs basically with a bigger monthly installment to pay.
We were also too far into our wedding which was a few months away so there was no turning back from all of the suppliers and contracts we signed and instead have a smaller affair. We also considered downgrading our honeymoon but ultimately decided that seeing that we'll be broke for many decades to come that we might as well have a big BANG before committing ourselves to this huge change.
The sale of the agreement was done with the condition that the owner provides water and electricity to the development so we went to another lawyer to go through the legalities of the agreement. This time we just used the same firm that processed our last application and no problems were found.
We made our down payment to the agent as the agency the seller used authorised him to collect on their behalf. We then made our appointment with TTMF for the application for the loan.
This time we went through the Port of Spain branch but sadly, the service was not like what we got before. The representative seemed very scattered in her thoughts and even though all our documents and savings guaranteed a sure approval, she came with an outrageous statement that she needed approval for a homestead lot like this.
I was confused because all advertising and documentation from their staff and website said no such thing. In fact, they specifically stated that they offer loans for both residential and homestead properties. I also mentioned to her that our last attempt at purchasing property was also for a homestead lot. When I questioned her about these contradictions, she goes on to state that the company's board is in the process of considering whether or not to change this and would therefore need to approve my application.
I informed her that it is still false advertising because if this is something the company is considering removing, then they need to also remove it from their advertising until a decision is made. I felt like she was just using her personal decision to delay our application and informed us that we will hear from her in two days.
Before we confirmed that agreement Samurai and I went to view the land again by ourselves. This time I paid more attention to the drive to get there, the neighbourhood, the amenities and just the vibe of the area. Seven minutes from the highway felt like a lot because the road halfway in got really bad. I stood out and the breeze was strong that day, everything seemed so peaceful and I knew this all happened for a reason.
We called the agent soon after and confirmed our desire to purchase. The first plot had a somewhat steep slope but the bonus was that there were a few young cedar trees that can come in very handy when they mature. The other plot was also undulating but gentler than the first. We decided on the latter.
I wouldn't doubt that I was still nervous about the price. We never confirmed with TTMF that we would be approved for more money but Samurai was confident our savings will guarantee approval. What I was also nervous about was that even if we were approved, our lifestyle would have to change even more drastically to living off crumbs basically with a bigger monthly installment to pay.
We were also too far into our wedding which was a few months away so there was no turning back from all of the suppliers and contracts we signed and instead have a smaller affair. We also considered downgrading our honeymoon but ultimately decided that seeing that we'll be broke for many decades to come that we might as well have a big BANG before committing ourselves to this huge change.
The sale of the agreement was done with the condition that the owner provides water and electricity to the development so we went to another lawyer to go through the legalities of the agreement. This time we just used the same firm that processed our last application and no problems were found.
We made our down payment to the agent as the agency the seller used authorised him to collect on their behalf. We then made our appointment with TTMF for the application for the loan.
This time we went through the Port of Spain branch but sadly, the service was not like what we got before. The representative seemed very scattered in her thoughts and even though all our documents and savings guaranteed a sure approval, she came with an outrageous statement that she needed approval for a homestead lot like this.
I was confused because all advertising and documentation from their staff and website said no such thing. In fact, they specifically stated that they offer loans for both residential and homestead properties. I also mentioned to her that our last attempt at purchasing property was also for a homestead lot. When I questioned her about these contradictions, she goes on to state that the company's board is in the process of considering whether or not to change this and would therefore need to approve my application.
I informed her that it is still false advertising because if this is something the company is considering removing, then they need to also remove it from their advertising until a decision is made. I felt like she was just using her personal decision to delay our application and informed us that we will hear from her in two days.
Wednesday, August 21, 2013
Circa 2009-2010: Keeping you in mind
We were entering 2010 with pace thanks to all that wedding planning for that July but in all of the craziness, everything came to a standstill when Samurai got a call, out of the blue, from that real estate agent that oversaw our failed sale in Couva.
He said he immediately thought of us regarding a new property in Central Trinidad that he thinks we will be interested in and wanted us to see it. It was a new development comprising twelve one-acre plots and the seller was offering a special price on two of them, I guess as a selling pitch to other potential buyers that there was a demand for the property (if he had two buyers as proof) or because he needed the money to complete more infrastructure on the land. In addition, one condition was that the two plots being offered at a lesser value were non-negotiable with regards to the price. It really didn't matter to me thought as I had already given up basically on finding something so we just agreed to view it not expecting much of a 'wow' effect.
The drive to the property was again a long one bringing up memories of that last purchase that fell though. When we got there, however, Samurai was in love. The interest didn't hit me immediately as it did him though. He went to speak to the agent indicating 'our' interest but as I looked around I just didn't see it. The agent walked over to me, clearly seeing the lack of excitement in my face and asked my what I thought. I told him it was okay and I loved the large plot but the price for me was too much. He then said that he really believes this here is a great investment. He compared it to the other property we viewed together explaining that the location had a lot of potential for a quick increase in property value. He said that even though he couldn't sell me on price, he knows that his years of real estate experience makes him confident in this development even saying that if he had the money, he too would snap up a plot.
Turns out the agent was once again a friend of the seller but the actual sale was being handled by a somewhat reputable real estate firm. The seller, who lived at the beginning of the development, was very popular in the business and social world which convinced me that this property had a lot of potential.
That night Samurai and I sat down looking over the deed and layout of the property and the more we spoke the more I loved it. We decided to take the leap and proceeded with the sale agreement.
He said he immediately thought of us regarding a new property in Central Trinidad that he thinks we will be interested in and wanted us to see it. It was a new development comprising twelve one-acre plots and the seller was offering a special price on two of them, I guess as a selling pitch to other potential buyers that there was a demand for the property (if he had two buyers as proof) or because he needed the money to complete more infrastructure on the land. In addition, one condition was that the two plots being offered at a lesser value were non-negotiable with regards to the price. It really didn't matter to me thought as I had already given up basically on finding something so we just agreed to view it not expecting much of a 'wow' effect.
The drive to the property was again a long one bringing up memories of that last purchase that fell though. When we got there, however, Samurai was in love. The interest didn't hit me immediately as it did him though. He went to speak to the agent indicating 'our' interest but as I looked around I just didn't see it. The agent walked over to me, clearly seeing the lack of excitement in my face and asked my what I thought. I told him it was okay and I loved the large plot but the price for me was too much. He then said that he really believes this here is a great investment. He compared it to the other property we viewed together explaining that the location had a lot of potential for a quick increase in property value. He said that even though he couldn't sell me on price, he knows that his years of real estate experience makes him confident in this development even saying that if he had the money, he too would snap up a plot.
Turns out the agent was once again a friend of the seller but the actual sale was being handled by a somewhat reputable real estate firm. The seller, who lived at the beginning of the development, was very popular in the business and social world which convinced me that this property had a lot of potential.
That night Samurai and I sat down looking over the deed and layout of the property and the more we spoke the more I loved it. We decided to take the leap and proceeded with the sale agreement.
Circa 2009 - 2010: And we start all over
We took a while to recover from that last experience.
One thing we were thankful for was the keen eye for details from TTMF's legal team. I guess avoiding the issues that surfaced with our potential sale were better for the seller but for anyone looking to purchase property, I strongly advise you go through an agency of have a very experience legal team. This is because they need to ensure that they are giving you a loan or offering sound legal advice on a property and would therefore ensure it is any issues which in turn will help you avoid shady real estate transactions or identify serious matters to be resolved such as what happened to us here.
At the same time, Samurai really wanted to set a date for the wedding. He wanted an elaborate affair but I just thought that our savings would be better kept for our property purchase.
We began venturing outside of the areas we usually looked because we practically exhausted all available and affordable listings in Central Trinidad. I started to pay attention to the numerous La Lomas listings online and in the papers and decided to check out a few properties.
If the drive to our last potential purchase was long, the drives within Las Lomas were just a bit too much. We also had no friends in this area so it wasn't as appealing as Central. I wouldn't lie, this area had great real estate potential but without some sort of transport system, it seemed a bit too rural.
I saw one listing in this area for $400K+ but when we got there, the guy told us $1M!!! He was just crazy. Why would I pay one million for land in Las Lomas when I can get lots in more established areas for less. In addition, this type of dishonesty was a new low in the type of real estate behaviour that exists. We decided Las Lomas was not for us.
We then planned that year's (budget) vacation to Tobago and sat down to really think about possibly purchasing land over there. We toyed with ideas of quitting our jobs when the house was close to completion so we made arrangements to see a few properties, just to see how far we could run with this crazy idea.
The agent attached to the real estate company took us for lovely scenic rides to several properties all within the $400-500K+ range. It was a bit of a stretch for our budget but we saw it as an investment that would grow in value quickly because well, it was Tobago after all! One or two of the properties we saw really caught our attention but most of the others were a bit too underdeveloped for us. One significant difference from Trinidad though, was that even in the very far or rural areas, all the roads were well paved and well structured. In Trinidad we needed a 4x4 to get to some of the properties we viewed. In the end though, we ultimately decided, Tobago was not for us.
After this last viewing, we basically put the property search to a halt (not that there were much of anything to see again) and instead decided to focus our time and energy on the wedding. We set a date for 2010 and decided that we would probably wait on HDC and use our preperty-search savings towards having a wedding filled with family, friends and fun because hey, you only live once so why not celebrate such a big event in our lives.
One thing we were thankful for was the keen eye for details from TTMF's legal team. I guess avoiding the issues that surfaced with our potential sale were better for the seller but for anyone looking to purchase property, I strongly advise you go through an agency of have a very experience legal team. This is because they need to ensure that they are giving you a loan or offering sound legal advice on a property and would therefore ensure it is any issues which in turn will help you avoid shady real estate transactions or identify serious matters to be resolved such as what happened to us here.
At the same time, Samurai really wanted to set a date for the wedding. He wanted an elaborate affair but I just thought that our savings would be better kept for our property purchase.
We began venturing outside of the areas we usually looked because we practically exhausted all available and affordable listings in Central Trinidad. I started to pay attention to the numerous La Lomas listings online and in the papers and decided to check out a few properties.
If the drive to our last potential purchase was long, the drives within Las Lomas were just a bit too much. We also had no friends in this area so it wasn't as appealing as Central. I wouldn't lie, this area had great real estate potential but without some sort of transport system, it seemed a bit too rural.
I saw one listing in this area for $400K+ but when we got there, the guy told us $1M!!! He was just crazy. Why would I pay one million for land in Las Lomas when I can get lots in more established areas for less. In addition, this type of dishonesty was a new low in the type of real estate behaviour that exists. We decided Las Lomas was not for us.
We then planned that year's (budget) vacation to Tobago and sat down to really think about possibly purchasing land over there. We toyed with ideas of quitting our jobs when the house was close to completion so we made arrangements to see a few properties, just to see how far we could run with this crazy idea.
The agent attached to the real estate company took us for lovely scenic rides to several properties all within the $400-500K+ range. It was a bit of a stretch for our budget but we saw it as an investment that would grow in value quickly because well, it was Tobago after all! One or two of the properties we saw really caught our attention but most of the others were a bit too underdeveloped for us. One significant difference from Trinidad though, was that even in the very far or rural areas, all the roads were well paved and well structured. In Trinidad we needed a 4x4 to get to some of the properties we viewed. In the end though, we ultimately decided, Tobago was not for us.
After this last viewing, we basically put the property search to a halt (not that there were much of anything to see again) and instead decided to focus our time and energy on the wedding. We set a date for 2010 and decided that we would probably wait on HDC and use our preperty-search savings towards having a wedding filled with family, friends and fun because hey, you only live once so why not celebrate such a big event in our lives.
Circa 2008-2009: Emotional real estate (cont'd)
While we waited on TTMF to process our application for the land in Couva, I began doodling house plans like crazy. I found a free program online that converted your 2D plans to 3D so I was hooked. I was seriously addicted sometimes up all night in the dark like a weirdo, on my laptop adding furniture and landscaping and slowly turning into an obsessed zombie... but a happy zombie nonetheless :)
Just when we thought everything was going smoothly, we got a call back from TTMF stating that the lawyer assigned to our application found one problem that had to be addressed. We went in and our representative explained that the deed for the land doesn't show any road access. This means that if anyone owns the property where the track to the land runs, they can cut us off at anytime leaving us with no access to our land. She explained that the seller either had to 1) visit a legal firm to modify the deed indicating 'right-of-way access' or 2) the seller constructs an actual road to establish access to the property.
We went back and forth with the seller on this matter via the real estate agent and eventually, she agreed to construct the road as she lived abroad. We kept getting updates that the construction will be started soon by her brother. The construction never started however and instead, we were informed by the agent that the seller wanted to pull out of the sale. I was heartbroken. I asked and pleaded with the agent to convince her to change her mind and I believe he really try but he said she(the seller) just couldn't handle all these extra matters and was just expecting a smooth sale of this property. He said she wanted to hold out for a cash sale instead to avoid all of these issues.
I was MAD at first. We both were. We already paid legal fees amounting to over $5K, we paid for that evaluation and other minor expenses relating to the sale. We were informed by our TTMF rep that we had the option of 1) just bowing out of the sale or 2) take legal actions to force them to proceed and the contract was binding and really could not be broken without agreement from both parties. The rep gave us her own personal advice that option two may not be the best choice because why force someone to do something they didn't want to. She explained to us that what was meant to be will be.
So instead, I sat down an wrote a long letter to the seller indicating our desire to continue but if she still refused I quoted all the expenses, including our down payment, that we were subjected to thus far regarding the sale and that we were requesting that she fully reimburse us as she is responsible for ending the agreement. I thought this will deter her, but it didn't. Instead, the agent just called and told us that the seller's brother would be preparing the check and would have it ready for us in a week. When he spoke to me on the phone while walking around Port of Spain, I couldn't hold back my emotions... I cried, I told him how hurt and disappointed we were, I told him we were too far in to stop now. I was mad angry and sad but he couldn't much more than what he did. All he could have done was apologise and bid us luck as we start the property hunt all over again.
Just when we thought everything was going smoothly, we got a call back from TTMF stating that the lawyer assigned to our application found one problem that had to be addressed. We went in and our representative explained that the deed for the land doesn't show any road access. This means that if anyone owns the property where the track to the land runs, they can cut us off at anytime leaving us with no access to our land. She explained that the seller either had to 1) visit a legal firm to modify the deed indicating 'right-of-way access' or 2) the seller constructs an actual road to establish access to the property.
We went back and forth with the seller on this matter via the real estate agent and eventually, she agreed to construct the road as she lived abroad. We kept getting updates that the construction will be started soon by her brother. The construction never started however and instead, we were informed by the agent that the seller wanted to pull out of the sale. I was heartbroken. I asked and pleaded with the agent to convince her to change her mind and I believe he really try but he said she(the seller) just couldn't handle all these extra matters and was just expecting a smooth sale of this property. He said she wanted to hold out for a cash sale instead to avoid all of these issues.
I was MAD at first. We both were. We already paid legal fees amounting to over $5K, we paid for that evaluation and other minor expenses relating to the sale. We were informed by our TTMF rep that we had the option of 1) just bowing out of the sale or 2) take legal actions to force them to proceed and the contract was binding and really could not be broken without agreement from both parties. The rep gave us her own personal advice that option two may not be the best choice because why force someone to do something they didn't want to. She explained to us that what was meant to be will be.
So instead, I sat down an wrote a long letter to the seller indicating our desire to continue but if she still refused I quoted all the expenses, including our down payment, that we were subjected to thus far regarding the sale and that we were requesting that she fully reimburse us as she is responsible for ending the agreement. I thought this will deter her, but it didn't. Instead, the agent just called and told us that the seller's brother would be preparing the check and would have it ready for us in a week. When he spoke to me on the phone while walking around Port of Spain, I couldn't hold back my emotions... I cried, I told him how hurt and disappointed we were, I told him we were too far in to stop now. I was mad angry and sad but he couldn't much more than what he did. All he could have done was apologise and bid us luck as we start the property hunt all over again.
Circa 2008-2009: Emotional real estate
I. am. engaged.
So weird. Never saw myself married but I love Samurai and we are great together.
I resorted to local real estate websites and reduced the amount of newspapers I buy. I am just getting fed up of the quality and/or type of property that people are attaching these hefty price tags to. Why are people so greedy? Is it that they only want a certain class of people to own property in this country?
We are now looking at property that we know is worth much less or we know is very undesirable just because we have basically accepted that the real estate industry in this country seems to be some kind of mafia-like/controlled operation. Our weekends plans by now are usually road trips to the many properties we want to view. We have seen and called about so many properties that sometimes I'm calling the same people or making new arrangements to see the same property we saw months before.
Just when things were getting really down, I saw an ad in the classifieds for a half-acre plot in Couva for only $300+. I mentioned it to my mother and what was rare was that the person listing the sale also printed his name with the contact number. You know in Trinidad everybody leaves out as much detail as possible like they don't realise how small the country is and people find out anyway... When I called the guy's name, my mother immediately told me that she knew of him. He was a real estate agent for years and she was shocked he was still in the game. I felt confident then that the sale was legit so I called to arrange a meeting.
I thought the road to this property would never end and when the houses lining the street started to become further and further apart till there were no more houses and only bush at the side of the road, I already started to get disappointed. We finally pulled up to a track which the agent led us into and not too far in, we saw a really nice piece of flat land. Yes, the surrounding properties were vacant except for one or two very basic structures but it was one of the few properties that we believed were really worth it's price so we jumped on it almost immediately. Any plans for our wedding was immediately pushed to the back burner.
The very first thing we found out we should do was get an evaluation of the property done. We went in to a firm close to my work and applied. We had to present the deed and details of the location. This was about 1% or less of the sale price to get this done. It took a few weeks and was valued a little less than what the seller was calling so she brought it down by about $60K which made us even more excited to proceed.
The owner of the land, apparently a friend of the agent, lived overseas so all correspondence was done through him. We visited his home for a copy of the sale agreement and with no agent of our own and very uneducated regarding real estate and the processes involved, we took the contract to one of TTMF's approved legal officers to vet the agreement.
Except for a new minor corrections to the wording, the contract was valid so we signed on the dotted line and wrote a check for 10% down payment of the purchase price. As the agent explained, this down payment is kept in an account until the sale is completed which should usually be around three months after. If either party is unable to uphold their end of the contract it is terminated. If the fault was on the seller to not close before the three month period, the down payment is returned or if the fault is on the potential buyer, the seller keeps the down payment.
We then visited TTMF for our loan application. As we had only three months, we couldn't waste a day. We already knew what we had to present which was pretty much standard such as identification, bank statements, job letters, payslips, etc.
We got the most pleasant and well-informed representative who really broke down the whole process for us. She told us we were more than qualified and saw no reason for any problem or delay with our application, so, we left to wait on TTMF to complete all their paperwork and verify our documentation and their legal advisers to go through all documentation and conditions of the sale.
So weird. Never saw myself married but I love Samurai and we are great together.
I resorted to local real estate websites and reduced the amount of newspapers I buy. I am just getting fed up of the quality and/or type of property that people are attaching these hefty price tags to. Why are people so greedy? Is it that they only want a certain class of people to own property in this country?
We are now looking at property that we know is worth much less or we know is very undesirable just because we have basically accepted that the real estate industry in this country seems to be some kind of mafia-like/controlled operation. Our weekends plans by now are usually road trips to the many properties we want to view. We have seen and called about so many properties that sometimes I'm calling the same people or making new arrangements to see the same property we saw months before.
Just when things were getting really down, I saw an ad in the classifieds for a half-acre plot in Couva for only $300+. I mentioned it to my mother and what was rare was that the person listing the sale also printed his name with the contact number. You know in Trinidad everybody leaves out as much detail as possible like they don't realise how small the country is and people find out anyway... When I called the guy's name, my mother immediately told me that she knew of him. He was a real estate agent for years and she was shocked he was still in the game. I felt confident then that the sale was legit so I called to arrange a meeting.
I thought the road to this property would never end and when the houses lining the street started to become further and further apart till there were no more houses and only bush at the side of the road, I already started to get disappointed. We finally pulled up to a track which the agent led us into and not too far in, we saw a really nice piece of flat land. Yes, the surrounding properties were vacant except for one or two very basic structures but it was one of the few properties that we believed were really worth it's price so we jumped on it almost immediately. Any plans for our wedding was immediately pushed to the back burner.
The very first thing we found out we should do was get an evaluation of the property done. We went in to a firm close to my work and applied. We had to present the deed and details of the location. This was about 1% or less of the sale price to get this done. It took a few weeks and was valued a little less than what the seller was calling so she brought it down by about $60K which made us even more excited to proceed.
The owner of the land, apparently a friend of the agent, lived overseas so all correspondence was done through him. We visited his home for a copy of the sale agreement and with no agent of our own and very uneducated regarding real estate and the processes involved, we took the contract to one of TTMF's approved legal officers to vet the agreement.
Except for a new minor corrections to the wording, the contract was valid so we signed on the dotted line and wrote a check for 10% down payment of the purchase price. As the agent explained, this down payment is kept in an account until the sale is completed which should usually be around three months after. If either party is unable to uphold their end of the contract it is terminated. If the fault was on the seller to not close before the three month period, the down payment is returned or if the fault is on the potential buyer, the seller keeps the down payment.
We then visited TTMF for our loan application. As we had only three months, we couldn't waste a day. We already knew what we had to present which was pretty much standard such as identification, bank statements, job letters, payslips, etc.
We got the most pleasant and well-informed representative who really broke down the whole process for us. She told us we were more than qualified and saw no reason for any problem or delay with our application, so, we left to wait on TTMF to complete all their paperwork and verify our documentation and their legal advisers to go through all documentation and conditions of the sale.
Circa 2006-2008: The (property) hunt is on
So I don't have the child and I definitely don't have a house.
I'm now literally hunting for property. My boyfriend (I will refer to him as Samurai) has now realised how great it will be to own our own home and has joined me in this passionate goal for home ownership but with our very basic salaries, we wondered how realistic these goals could really be.
When Samurai first started to show interest in owning property we went into TTMF to find out how much we'll qualify for separately. It was like a meagre $200K each or a little more. Depressing eh! We were a bit despondent and weren't really giving much of an effort to find property and then yay! I get a call from HDC for land allocations! About a year ago we updated our application from seeking housing assistance to land and clearly it worked. Well we thought it did. I went in for my appointment, selected my three preferred areas in Central Trinidad, submitted all my financial documents and then... silence. Nothing for about two years.
As the first year passed, we started to think maybe this HDC thing was all a gimmick for political PR so we decided to resume looking for property but we were more serious about it this time, so, I'm buying the Guardian, Express and Newsday every single day just for their classifieds. I saved every single local real estate website as a bookmark. I was literally desperate to find something affordable... but everything was so damn expensive. We really realised why so many people just live with their families because owning property in Trinidad and Tobago seemed so realistic for the middle and low class.
When the search began to intensify, we went in again to TTMF but this time to see how much we would be pre-approved for as a couple and I think it grew to about $500K+. I've also been reading a lot of articles to help with our property search. They say to let friends and family know you're looking, sign up with real estate companies and look and consider anything and anywhere.
I honestly don't have much friends or family so that part didn't help much. I e-mailed a few real estate companies, but most of them clearly just ignored me but we did follow with the advice to consider anything and anywhere. One thing we did decide on is that we will only consider purchasing land and build our own home. I didn't like the idea of living in a house where someone lived, farted, ate, showered or even possibly died. Morbid, yeah I know. We also were appalled by the quality of houses on the market that were so small or rundown or ridiculously overpriced or just not a style and size of house suitable for us. We wanted to make our own home and not settle for someone else's.
We looked at a lot of property in Central Trinidad becuase it was cheaper, mainly Gran Couva. There was a lot of property for sale in this area but a lot of these lots were not Town and Country approved which explained their affordability. This meant we were basically taking a risk buying this property because Town and Country may not approved it for residential construction so we'll just be stuck with a piece of land with no house ever to be built on it. The lots that were approved were usually much more expensive or in locations that were very hilly, with poor road access or would require very in-depth structural engineering so that means the costs would add up for us some way or another.
We did stumble upon a $500K+ acre plot opposite the popular La Vega estate that Samurai was very excited about. I wasn't that excited though. All I could think about is the long and winding drive people would have to take just to get to our house. There was also no public transportation other than PH drivers (a somewhat illegal trend of citizens using their personal vehicles to provide public transportation, which I am honestly very wary of) but looking back now, I kind of regret this decision because it would have been a great location for a business like a Bed & Breakfast, Diner or something similar as La Vega had a high number of visitors. I might have had an opportunity to resign and work from home. Apparently someone did purchase the property, however, and we then saw it listed again in the daily newspapers a few months later for over $800K! That turnover in real estate could have also been a consideration because that profit would have helped us out sooo much.
I'm now literally hunting for property. My boyfriend (I will refer to him as Samurai) has now realised how great it will be to own our own home and has joined me in this passionate goal for home ownership but with our very basic salaries, we wondered how realistic these goals could really be.
When Samurai first started to show interest in owning property we went into TTMF to find out how much we'll qualify for separately. It was like a meagre $200K each or a little more. Depressing eh! We were a bit despondent and weren't really giving much of an effort to find property and then yay! I get a call from HDC for land allocations! About a year ago we updated our application from seeking housing assistance to land and clearly it worked. Well we thought it did. I went in for my appointment, selected my three preferred areas in Central Trinidad, submitted all my financial documents and then... silence. Nothing for about two years.
As the first year passed, we started to think maybe this HDC thing was all a gimmick for political PR so we decided to resume looking for property but we were more serious about it this time, so, I'm buying the Guardian, Express and Newsday every single day just for their classifieds. I saved every single local real estate website as a bookmark. I was literally desperate to find something affordable... but everything was so damn expensive. We really realised why so many people just live with their families because owning property in Trinidad and Tobago seemed so realistic for the middle and low class.
When the search began to intensify, we went in again to TTMF but this time to see how much we would be pre-approved for as a couple and I think it grew to about $500K+. I've also been reading a lot of articles to help with our property search. They say to let friends and family know you're looking, sign up with real estate companies and look and consider anything and anywhere.
I honestly don't have much friends or family so that part didn't help much. I e-mailed a few real estate companies, but most of them clearly just ignored me but we did follow with the advice to consider anything and anywhere. One thing we did decide on is that we will only consider purchasing land and build our own home. I didn't like the idea of living in a house where someone lived, farted, ate, showered or even possibly died. Morbid, yeah I know. We also were appalled by the quality of houses on the market that were so small or rundown or ridiculously overpriced or just not a style and size of house suitable for us. We wanted to make our own home and not settle for someone else's.
We looked at a lot of property in Central Trinidad becuase it was cheaper, mainly Gran Couva. There was a lot of property for sale in this area but a lot of these lots were not Town and Country approved which explained their affordability. This meant we were basically taking a risk buying this property because Town and Country may not approved it for residential construction so we'll just be stuck with a piece of land with no house ever to be built on it. The lots that were approved were usually much more expensive or in locations that were very hilly, with poor road access or would require very in-depth structural engineering so that means the costs would add up for us some way or another.
We did stumble upon a $500K+ acre plot opposite the popular La Vega estate that Samurai was very excited about. I wasn't that excited though. All I could think about is the long and winding drive people would have to take just to get to our house. There was also no public transportation other than PH drivers (a somewhat illegal trend of citizens using their personal vehicles to provide public transportation, which I am honestly very wary of) but looking back now, I kind of regret this decision because it would have been a great location for a business like a Bed & Breakfast, Diner or something similar as La Vega had a high number of visitors. I might have had an opportunity to resign and work from home. Apparently someone did purchase the property, however, and we then saw it listed again in the daily newspapers a few months later for over $800K! That turnover in real estate could have also been a consideration because that profit would have helped us out sooo much.
Monday, August 19, 2013
Circa 1995-1996: Welcome to the real world
Circa 1995-1996:
I grew up in a relatively quiet neighbourhood in Diego Martin in a house tucked very neatly from the sight of passers-by.
I went through a phase where I was embarrassed about where I lived because our house didn't sit on the main road with a front gate, mailbox or even house number. I didn't like saying that ours was the third house, in the yard, by the shop. I just wanted to be part of the cookie-cutter crew.
Every time I got a ride home, I will tell the person to drop me off by the corner of the street instead of in the front of our yard because I didn't want anyone to see where I lived so I walked the rest. The strange thing is that I had friends who lived in houses and areas even less structured than mine and I never even paid attention to that or saw a problem with it. Somehow, I just saw our house as too hidden and looking back now, it seems so stupid. Oh well, teenagers, go figure.
In standard four as I started Technical Drawing for CXC, I began to pay attention to architecture and began to envision myself as a homeowner one day. I began to doodle floor plans, a lot. I probably can still find some old book or sketch pad with what I wanted in my dream house. I would draw that same floor plan over and over and over and began making some goals for myself.
1. Have a child by the age of 25 (husband, optional)
2. Have my dream house by the age of 30 on no less that two lots of land (10,000 sq ft)
Turns out these goals were not as realistic as I thought for a girl who (some may disagree with limiting my possibilities here) didn't come from a wealthy family or had money of my own. I also lacked the social skills needed for effective networking that may have propelled me into a more glamourous and well-paid field of work from a young age.
I wish now though that I could go back in time and buy property then. I remember looking through the classifieds for property and seeing prices of land at $15.00 per square foot, sometimes less, in some really desirable and well-established areas. Now, a lot of land in many areas can start at around $100.00 per sq ft. I actually used to think that buying that house or land was a simple process. My 15 year-old self seriously thought I could just find a property I liked, divide the price by say thirty years and pay the owner whatever figure I got as monthly installments. I was so, so wrong. Why did I even think someone selling their home would take $2,000.00, not even including interest, from a complete stranger for thirty years! lol. Most of the general adult population in the Caribbean live at home until... forever in many cases or build overtime with cash. I guess that pretty much made me oblivious to the world of finance and real estate at the time but it made me believe that buying property would never be possible unless I ventured into some very rural and underdeveloped areas... or won the lottery.
I grew up in a relatively quiet neighbourhood in Diego Martin in a house tucked very neatly from the sight of passers-by.
I went through a phase where I was embarrassed about where I lived because our house didn't sit on the main road with a front gate, mailbox or even house number. I didn't like saying that ours was the third house, in the yard, by the shop. I just wanted to be part of the cookie-cutter crew.
Every time I got a ride home, I will tell the person to drop me off by the corner of the street instead of in the front of our yard because I didn't want anyone to see where I lived so I walked the rest. The strange thing is that I had friends who lived in houses and areas even less structured than mine and I never even paid attention to that or saw a problem with it. Somehow, I just saw our house as too hidden and looking back now, it seems so stupid. Oh well, teenagers, go figure.
In standard four as I started Technical Drawing for CXC, I began to pay attention to architecture and began to envision myself as a homeowner one day. I began to doodle floor plans, a lot. I probably can still find some old book or sketch pad with what I wanted in my dream house. I would draw that same floor plan over and over and over and began making some goals for myself.
1. Have a child by the age of 25 (husband, optional)
2. Have my dream house by the age of 30 on no less that two lots of land (10,000 sq ft)
Turns out these goals were not as realistic as I thought for a girl who (some may disagree with limiting my possibilities here) didn't come from a wealthy family or had money of my own. I also lacked the social skills needed for effective networking that may have propelled me into a more glamourous and well-paid field of work from a young age.
I wish now though that I could go back in time and buy property then. I remember looking through the classifieds for property and seeing prices of land at $15.00 per square foot, sometimes less, in some really desirable and well-established areas. Now, a lot of land in many areas can start at around $100.00 per sq ft. I actually used to think that buying that house or land was a simple process. My 15 year-old self seriously thought I could just find a property I liked, divide the price by say thirty years and pay the owner whatever figure I got as monthly installments. I was so, so wrong. Why did I even think someone selling their home would take $2,000.00, not even including interest, from a complete stranger for thirty years! lol. Most of the general adult population in the Caribbean live at home until... forever in many cases or build overtime with cash. I guess that pretty much made me oblivious to the world of finance and real estate at the time but it made me believe that buying property would never be possible unless I ventured into some very rural and underdeveloped areas... or won the lottery.
Monday, August 12, 2013
Introduction
To really understand how I got to where I am, it is only expected that I give you some insight into my history. So before my posts reach to present day, I will write a few key stories that introduces you to my goal of building my dream house here in Trinidad and Tobago.
I will post pictures where I could and provide dates where I could but without that, I hope my (amateur) writing style paints a fair enough picture of this entire timeline.
I will post pictures where I could and provide dates where I could but without that, I hope my (amateur) writing style paints a fair enough picture of this entire timeline.
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