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Fedup Of The Real Estate Market In Trinidad

Discussion in 'Society & Culture' started by LadyDeath, Mar 17, 2016.

  1. LadyDeath

    LadyDeath Senior Marketing Officer
    Staff Member

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    I am absolutely fedup of the real estate market and their ridiculous prices in Trinidad. I have been on the search for affordable land or house and land together for quite some time now and this is what i have found out ;

    1. The real estate market prices are rising every month. Land that was 200k in October 2015 has risen to 650k in March 2016.

    2. Properties in West, North West and Central are the most expensive.

    3. Cheaper real estate can be found in the South areas.

    4. Land has gotten so expensive, even in crime hotspots such as Enterprise, Unapproved Land is around 400k TT.

    5. Most of the properties advertising are Unapproved and are rejected by banks if you decide to take out a mortgage.
    You are required to get it approved for residential purposes and a valuation of the land before bringing it to the bank.

    6. Most properties don't have up to date taxes, deed, wasa clearance etc. that is needed to get an approved mortgage.

    7. Some deeds are in family dispute and under more than one names.

    8. Some real estate agents are taking bribes to hold properties for buyers to give them first preference. This has been happening with most caroni lands where they are asking if you give them a downpayment or something extra from the sale price to get the land faster.

    9. A property can be worth example 300k and the price can be raised to 500k due to a 'feeding frenzy' on social media where several people are interested in buying it.

    10. Cheap lands are being brought by rich private sector companies and being turned into gated communities. Land for these are close to $ 1 Million dollars. They are buying up all the available lands, leaving none for an average income person.

    11. Land is so expensive now, if you do buy a piece, there is no money left for an average income person to build a comfortable dwelling.

    12. Land prices are not set and regulated by the government, but by how much the person selling it , "feels" it is worth.

    13. Squatting is causing a major problem in this country as they are residing on other people's land and also building on road reserves and pathways. If you do have to buy a property, one must make sure that your boundaries are set and a surveyor re-checks the land.

    14. Real Estate Agents is a growing occupation in this country. Almost anyone can be a real estate agent. These agents are selling the same properties without letting people know it is sold and it is causing a dispute as there was a case where two people bought the same house.

    15. Some Property sellers are so greedy that they do not keep their word to interested buyers. It's all about who gets through first or who offers them someting extra other than the sale price. Then i wonder why they even put a price to the land in the first place?!

    16. Agriculture land is useless. If you do buy these, you have to get it changed to residential which some cannot . You might not even get a big loan to build a house on it. You might just have to save and build as you get your salary.
     
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  3. nirtime

    nirtime Active Member

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    It goes to show you that you have to be able to spend a lot of money in order to buy into real estate locally. It does not make much sense at the prices that a lot of sellers want for their land or land and building.
     
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