This Is Why I Rent !

[marcel]

Now that I have your attention with that smart title, please take the time to read: This Is Why I Rent: Median Incomes Do Not Support Median Home Prices (http://efinancedirectory.com/articles/This_is_Why_I_Rent%3A_Median_Incomes_Do_Not_Suppor t_Median_Home_Prices.html)

I think some of the same principles might apply to Trinidad and Tobago. The construction boom is partially fueled by
Oil Prices and Government spending.

What's going to happen when the
1. US dollar continues to fall against the Euro
2. Oil prices get lower
3. Government spending slows down

Be ready for it... Prices will be forced to fall. If your in the right place at the right time who knows what can happen.

Just my 0.02 cents.

[sapodila]

So what if prices fall. Buy up the market when it do.......because it go raise again and who knows....yuh might make a profit :roll:

[chuff1026]

i like it
with houses in dego for 800K and necessary income for the mortgage is 18K a month
who buying?

[IN-A-QUANDRY]

Nice article but I think that the private sector homes may go into a tailspin but not GOTT houses which people are only happy to gobble up.

[Somebody007]

it go take a long time before the prices are forced to go down in Trinidad and Tobago.

[KFCSpicy]

^^^agreed. Even if the market stipulates that the natural order of things is make prices go down...greed will play a large part and the prices will stay as is or get higher. Why after all these years my mother cyah get a house from NHA or de Bank? And she have the cash to pay for it? They saying she eh have the monthly income of 6 billion dollars dat is required, even tho me and my sis offered to send letters they still saying is not enuff as we eh living in Trinidad. wdf? :shock:

Trinidad is not a place conducive to having a starter home...unless yuh selling drugs and have a rich daddy/marmee or man.

How I cud afford to come home and nest if I cyah afford to move out meh parents house? Even renting is ridiculous as hell. :( How people surviving dread?

[Solachica]

House is expensive and also land.
A lot of land selling for $80000+ :o
The land tht they building the NHA houses on is not even a lot it's a plot :roll:

[sapodila]

House is expensive and also land.
A lot of land selling for $80000+ :o
The land tht they building the NHA houses on is not even a lot it's a plot :roll:
......and those card board looking structures NHA is putting on those "plots".... what's the worth ?

[KFCSpicy]

must be about 5 weeks ah lotto money nah.

De la Horquetta houses were the worse. My mom lived in one for a year or so and the house was a swet box concrete structure. No air no ventilatio nothing. Small no rass clah.

I was home in October and in my friends jeep on the floor was a Real Estate pull out from some newspapers. The prices of houses in TSTT land sorry ah mean Trincity was ridiculous. $2,000,000.00 :o Wah de ferk necking wrong wid people dread? and yuh cyah even say yuh go cut down on costs and buy land and build. One tile is 9 million. Sigh!

What about like sharing flats with friends? Is that the norm at home? I am not asking cause I am here in the UK but because I never rented at home I jess used to move in wid meh friend in Maraval and never move out :oops: But what is an average price for an apartment at home?

[kayt]

If an NHA plot is all I could afford then that is what I'd start with. I'd try to check out the place as much as possible if I can and find out if there are options for selling in the future. I'd have to know if it's a long lease or freehold. Starting small helps. After 5-10 years of being on the property market I'd trade up for something bigger and better. As I speak my uncle has a plot of land in Belmont (there used to be an old house but it was never mantained so it had to be knocked down). The man now says he's waiting for an NHA place :shock: . I hope someone is squatting on that land at least then it would be put to use. It's not even on any hill. 5-10 minutes walk from the Savannah.

[Solachica]

How feasible is buying a NHA house for $250000 and then wanting to move out in 5-10yrs? With a 30yr mortgage if you take loan from TTMF?
The NHA houses is minimum$250000.

[vaio]

In addition you have to wait a long time before you are allocated a house maybe 5yrs lol..

If you have land you cld check the other programmes the Ministry has..it might be of interest.

[KFCSpicy]

Check the banks as they reclaim properties that are not paid off. Check TTMF as I worked both places I can tell you all they does hook up people but u also have to keep at them. They always have repossessed properties.

[Solachica]

I've heard on radio tht some people have applied for over 10+yrs and no house or land yet.
They said they have 90 000+ applications in and so far they were able to allocate abt 35000 thru the years.
I've applied 5+yrs and no luck since then.
They saying its by lottery system but yea sure :roll:
Then theres the 10% allocated to army etc and some for disabled people and then who knows wht else.

[KFCSpicy]

Sola...take it from me. They give it to whom they know and like and related to.

[Huma]

They give it to families first. Mother/Father units with multiple young children at the top of the list, then one child, then single parent.

A single person or childless couple waiting for an NHA house will wait.

[Solachica]

:? They discriminating against single people.
A lecturer told us tht many young single women who are clerks in banks etc are buying houses. He said a good business to start is landscaping becos those women wud need tht.

[vaio]

They give it to families first. Mother/Father units with multiple young children at the top of the list, then one child, then single parent.

A single person or childless couple waiting for an NHA house will wait.

Really? I think part 10% is given to defence, 10% emergency cases and 80% random selection..it does not matter what your family status is.

[oecarb]

Now that I have your attention with that smart title, please take the time to read: This Is Why I Rent: Median Incomes Do Not Support Median Home Prices (http://efinancedirectory.com/articles/This_is_Why_I_Rent%3A_Median_Incomes_Do_Not_Suppor t_Median_Home_Prices.html)

I think some of the same principles might apply to Trinidad and Tobago. The construction boom is partially fueled by
Oil Prices and Government spending.

What's going to happen when the
1. US dollar continues to fall against the Euro
2. Oil prices get lower
3. Government spending slows down

Be ready for it... Prices will be forced to fall. If your in the right place at the right time who knows what can happen.

Just my 0.02 cents.

Too late for many people in the USA, I am afraid. It has already started and things will get really bad over the next few months, according to Bernanke.

http://news.bbc.co.uk/1/hi/business/7085398.stm

When we had a discussion on this forum a couple of years ago, many people laughed at us.

[Solachica]

I read the business guardian today.
So as some people saying it wud happen in T&T in yrs to come also. :?

[oecarb]

I read the business guardian today.
So as some people saying it wud happen in T&T in yrs to come also. :?

Somehow I doubt it. The price of oil is rising partly because the US dolar is falling and because China is trying to get rid of their 1.4 Trillion dollars. Most of the oil producing countries do a lot of business with the EU. At some point they are bound to price their oil in euros. I have a feeling that this will push up the TT dollar - but don't quote me. 8-)

[Solachica]

Intresting :)

[miktay]

I read the business guardian today.
So as some people saying it wud happen in T&T in yrs to come also. :?

Somehow I doubt it. The price of oil is rising partly because the US dolar is falling and because China is trying to get rid of their 1.4 Trillion dollars. Most of the oil producing countries do a lot of business with the EU. At some point they are bound to price their oil in euros. I have a feeling that this will push up the TT dollar - but don't quote me. 8-)

no...it will happen...maybe not tomorrow...maybe as long as 5-10 yrs...

the rate of asset price inflation is unsustainable...

[oecarb]

I read the business guardian today.
So as some people saying it wud happen in T&T in yrs to come also. :?

Somehow I doubt it. The price of oil is rising partly because the US dolar is falling and because China is trying to get rid of their 1.4 Trillion dollars. Most of the oil producing countries do a lot of business with the EU. At some point they are bound to price their oil in euros. I have a feeling that this will push up the TT dollar - but don't quote me. 8-)

Well, not quite euros but.......



Wealthy Nations In Gulf Rethink Peg to Dollar
By Joanna Slater and Chip Cummins

For many years, oil-rich Persian Gulf states have pegged their currencies to the dollar. Now that link is stoking a bad bout of inflation in their red-hot economies and putting policy makers in a dilemma: Break the dollar peg and risk undermining the U.S. currency, or keep it and face growing local discontent.

The dollar peg has "served the economy...very well in the past," said Sultan Nasser al-Suweidi, the governor of the United Arab Emirates' central bank, last week. "However, we have reached a crossroads."

http://online.wsj.com/article/SB1195525 ... lenews_wsj (http://online.wsj.com/article/SB119552599363898773.html?mod=googlenews_wsj)

Maybe it's time to buy some TT dollars?


.

[Solachica]

But I have some trini dollars :)

[oecarb]

Also......


OPEC Considers Move Off U.S. Dollar Peg, Will Russia Be First?

By Andrew K. Burger
19 Nov 2007 at 11:12 AM GMT-05:00


RIYADH (ResourceInvestor.com) -- Though no mention was made of it in its final communiqué, OPEC member finance ministers will be considering the possibility of moving the organization’s crude oil trade, which accounts for around 40% of global supply, off the U.S. dollar peg following a proposal put forth by the Iranian, Venezuelan and Ecuadorian delegates at the OPEC 3 Summit in Riyadh to base it on a stronger currency.

The financial merits of such a move are clear with the dollar continuing its descent: the declining dollar makes oil prices rise faster than they would if this were not the case. Moreover, OPEC’s dollar-based revenues and accumulated surplus income is declining along with the value of the U.S. currency.

Moving Off a U.S. Peg

Saudi Arabia’s foreign minister Prince Saud Al-Faisal noted at the OPEC 3 Summit that non-OPEC oil exporters would have to participate in the establishment of any oil trade currency basket as they account for the majority of world crude oil supply.

He also voiced concern over the potential that word leaking out that OPEC would consider such a move would further exacerbate the US dollar’s decline. The US currency continued to strengthen against other majors early Monday as traders are looking to South Africa and news of developments at the G20 conference as well as global stock markets action for direction.

Kuwait in May moved its national currency off a US dollar peg to a currency basket, and it is looking increasingly likely that its fellow Gulf State and OPEC member the United Arab Emirates (UAE) will do the same.

The dollar’s ongoing fall effectively imports inflation to nations whose currency is pegged to the US dollar. The dollar’s sustained decline has triggered a monetary policy review, UAE central bank governor Sultan Bin Nasser Al-Suweidi told a Bloomberg News reporter in South Korea on Friday. He added that any such plan is “not to drop the dollar peg but maybe to reduce it to a basket which will consist of more dollars, but not totally 100 percent.”

The possibility of OPEC doing so should require some time for further study in order to formulate a currency basket, as well as come up with a workable plan to launch a new system without disrupting oil trade, however.

Trading Russian Oil in Euros

“Smoother oil price movements are the main benefit. People do not realize that a lot of movements in the oil price, quoted in US dollars, are caused by fluctuations of the dollar versus the major currencies,” Pavel Erochkine of the Centre for Global Studies in London told Resource Investor.

“As the U.S. dollar is likely to continue to fall, oil prices will be automatically pushed up by this trend. So, if dollar falls further, as is widely expected, $100 per barrel oil could become a permanent reality. $100 per barrel oil makes headlines and creates political pressure on OPEC to pump more oil. So, another key benefit of moving to a basket of currencies is to avoid this extra political pressure.”

On the other hand, the costs of moving trade to a currency basket would primarily be the technical costs to OPEC and oil traders associated with doing so.

“It is perfectly practical. I have been studying the oil market for many years and see no unsolvable problems. There are technical issues, of course, but it is possible,” he added.

Russia, which in 2006 overtook Saudi Arabia as the world’s largest oil producer, may be the first to move its oil trade off the US dollar and begin trading in euros, Erochkine continued.

“I actually touched upon this topic myself in my recent book "Russia's Oil Industry", where I argued that Russia is likely to be the first country to start trading oil in euros, especially if the price differential to Urals [crude oil production] were to grow.”

The possibility of Russia applying for OPEC membership made the rounds at the OPEC 3 Summit, as was the likelihood that Brazil would do so. Brazil’s Petrobras announced the discovery of the Tupi oilfield in ultra-deep water off Brazil’s Atlantic coast.

The “super-field” is reported to contain as much as 8 billion barrels of light crude oil, which would launch Petrobras into the ranks of the world’s top oil producing companies and Brazil into the rank’s of the world’s top oil exporters though additional work needs to be done to fully define its potential.

http://www.resourceinvestor.com/pebble.asp?relid=37983

[Scorpio]

I still don't know why I renting, but all I know is I paying more in rent than most professionals in Trinidad make per month :shock:

[Solachica]

Scorpio you have a mansion?

[Scorpio]

Scorpio you have a mansion?


Nope, just an ordinary flat, but when I do he conversion to TT dollars, it doh look nice at all (I live in a high rent district bec I lazy and don't like to drive too far to work)

[Solachica]

Ohho. So then you paying for yuh laziness then.

[Scorpio]

something liek that

[oecarb]

Now that I have your attention with that smart title, please take the time to read: This Is Why I Rent: Median Incomes Do Not Support Median Home Prices (http://efinancedirectory.com/articles/This_is_Why_I_Rent%3A_Median_Incomes_Do_Not_Suppor t_Median_Home_Prices.html)

I think some of the same principles might apply to Trinidad and Tobago. The construction boom is partially fueled by
Oil Prices and Government spending.

What's going to happen when the
1. US dollar continues to fall against the Euro
2. Oil prices get lower
3. Government spending slows down


Mind you, I don't give a damn. I live in the UK and the British pound is riding with the euro.

If oil prices get lower, gas prices will go down from about US $9 a gallon.

If government spending slows down, I don't care. I can retire anytime now - civil service job with a good pension.

And my mortgage and most of my credit cards paid off.

So I just a observer in all this. :lol: :lol: :lol:

[KFCSpicy]

oooo scorps have money...umm pookie ignore meh other posts eh :D

[Scorpio]

^^^yep, I have money for a few hours every month, then I pay the rent and other bills.... :(

[KFCSpicy]

steupse...yuh back on ignore.

[Scorpio]

:roll:

[Solachica]

:roll: wonder when I can say the day reach whem I can retire.
women can retire at 55 ent? I go make my 33.3 yrs before I 55. 8-)

[vaio]

i want to retire by 40 or 45.....i shld have enough money by then.....if not - then that's why i got a hubby..... ;)

[KFCSpicy]

You eh pass dat age yet? :o ok i thot from dat outfit in de avatar u was older. :lol: :D :) ;) :?

But this is why I does rent too. Lack of potential to save. Waiting for a rich relative to kick de bucket.

[vaio]

^^renting is very expensive...i think of it as money which can be paid to a mortgage.....and i will reach 25 soon... :twisted:

[Solachica]

Vaio you young. !
Yea I look at rent money as money tht cud have been a morgage installment.
Doh think I wud be rich enuff to retire at 40.

[vaio]

ppl shld consider the expense when they rent....and yes sola i am young..

[KFCSpicy]

she like green mango. I think it's according to your life style. I am single (kinda) and no kids or credit card bills or nothing to stess meh out but de price of things so I don't mind renting for a long while cause even if I was not renting I would still have to live some way before I found a house that I cud afford.

Renting is underrated there is nothing written in the grand scheme of things that says I must buy or my life would not be complete. so what if I rent till I die? I cyah take it with meh when ah dead and I eh have no descendants to pass it on to.

Small thing man. But ideally I do understand the need of having your own home. :|

[vaio]

i agree K...having your own is something you can pass one...rent on the other hand....well, you can't.... and green mango???

[Solachica]

:lol: I think she mean yuh young like green mango :mrgreen:

[KFCSpicy]

she slow like a civil servant or a bank line. steupse :D

[vaio]

:twisted:

[KFCSpicy]

wah? :o

[vaio]

i may be slow....but i ent renting....its to *&^% expensive..... :twisted:

[KFCSpicy]

go wash yuh hand wid some blue soap for typing dem thing right now missy :x

[vaio]

^^gosh what i wld love to do is acquire a property in Florida....i just worried abt the amt of storms they does get every year...so when i go there i don't have to pay rent.....i'll have my own house... i ent type anything bad....

[KFCSpicy]

nice place Florida but not for the world I am going anywhere that constantly being battered by hurricanes and storms and floods. Sorry!

My screen showing me the £%£^£$^ thingees. so I assume u cuss :?

[vaio]

yea Florida is a really nice place....but too bad abt the hurricanes... :( and them thingees are just bleeps...

[KFCSpicy]

oh ok :?

[vaio]

8-)

[Solachica]

:mrgreen: any1 in timeshare?
my relatives got and it does work out well when they wanna go travel all over.

[vaio]

^ sola i forgot abt that...that is a good idea.. :idea:

[peanut]

:mrgreen: any1 in timeshare?
my relatives got and it does work out well when they wanna go travel all over.


I have timeshares in a Cabin on the Mountains in Asheville which gives me access to Biltmore Estate. I works perfectly for me and scheduling of time I can use it is never a problem for me.

[vaio]

Note to self: check with Pnut when going to vacation in Asheville....... :ugeek:

[peanut]

I got back from there last Sunday. Left on the Thursday and got back the Sunday. I will be going back in March from the 21st to the 28th when School goes on Spring break [I will be spending my Birthday the 27th there] Organize nah ;)

Let me twist yuh arm, I am sure I will be alone there, so the company will be greatly appreciated :P

[vaio]

is it our 27th birthday or your birthday on the 27th....i can't vacation Until July 13 nxt yr....lucky you... :(

[peanut]

my birthday is March 27th :D

[Huma]

I would really have liked to start a thread on gated communities.

This crime problem is making me consider one very seriously.

[Scorpio]

I would really have liked to start a thread on gated communities.



So why don't you ? yuh worried yuh thread might buss or what :D

Don't worry Huma, I will post on yuh thread about gated communites :D

[Solachica]

I seeing varying purchace price for same type of house in same area.
a flat 3 bedroom/2bathroom costing from $725000-$850000.
wonder why the price difference. one I saw had a fence so thts added vale right?

[vaio]

Even in gated communities you are not safe from the crime....i have some friends living in Flagstaff and they were robbed in their flat.... :shock:

[KFCSpicy]

Please I lived in Maraval in Sirjoo Apartments on the hill and we were robbed. It good for we cause we even used to sleep with the doors wide open and never lock up cause we thought we were safe behind those heavy remote controlled gates. Also what de rass de nuns and dem living next door doing dread? :shock: No help there :mrgreen:

[vaio]

^^ :? ...

it goes to show that you are not safe where ever you go...i wonder how NY reduced their crime??

[KFCSpicy]

by lying about it? :? who knows? you think all of a sudden people decide that they tired being junkies and eh want to rob yuh for 2.00? :shock: I guess it's all on how they census the figures and the types of crimes that get reported too. Me eh know but I think it is highly unorthodox that they just have a reduction. Could also be reallly good policing and the fear of the law too? :?

[Solachica]

I think it's the unreported crime.
My dad friend been robbed so many times heading home at night after niteclasses tht he stopped walking with watch etc. all them times he never reported it.

[KFCSpicy]

see... it could also be that american politicians put pressure on the precinct chiefs when crime is running rampant because the people are angry or up in arms about the rise of crime. But with all that it still a big dirty crime ridden place.

[vaio]

^^well whatever they did..*clap* clap*...there murder rate is down...may be we shld follow suit....

[KFCSpicy]

if only the people will give the government a chance to do their jobs and if the people will make it publicly known that they desire the resignation of officials that they voted in for not doing said jobs or doing it well. There has to be some solution to the escalating crime.

But is what and is who go have de belly to implement it.

[vaio]

^yea....*sigh*

[dancerboy]

I don't care how you look at it, it does not make sense to rent.First of all you must live somewhere, so you may as well own your house rather than rent. I can't talk for TRINIDAD AND TOBAGO, but in new york when you rent you usually get a lease maybe for one year or two years. Once your lease expires, your rent automatically increases. If you own your home, even if the initial price is inflated, or even if the market is bad, your house will still be a better option than renting. Usually this housing crisis is cyclical. It is worse this time around because of the unethical practices of the mortgage bankers,but it will bounce back. U C DE DIFFERENCE BETWEEN RENTING AND BUYING A HOME, IS LIKE A WOMAN LIVING WITH A MAN FOR DONKEY YEARS, AND WHEN HE DEAD, HE EX-WIFE AND "WATLISS" CHILDREN COME AND GET EVERYTHING; IF HE DID MARRY THE WOMAN SHE WOULD AH GET EVERYTHING WHEN HE DEAD, unless he made a will stating otherwise. DANCERBOY

[KFCSpicy]

^^^ I still don't see the problem with renting. Or should I say...I still don't see the opinions expressed as life threatening and worthy of someone panicking that they renting and feeling as if they have failed in life because they renting and not paying a mortgage. John's life is not Seepaul's so why should one feel the pressure that society puts on people to own things? Whether I was married and meh husband did dead what stopping the same wutless family from before to come and contest the will or what he leave for me?

There is no surety. I say do what you want. What they don't tell you is that when u own your own home is land tax, constant upkeep and responsibilities you would never have had if you were renting are now yours. Unless u have a constant flow of high income the maintenance of said home and land will never hurt as much but what about retirement? Half yuh pension going into taking care of a house. Sigh.

If, and when, I do buy a home it will be so that I can simply use it as a place for other family members to crash and for making money on it. Until I win the lotto me eh stressing about owning nothing.

[Solachica]

I don't know any1 personally who is renting in Trinidad. In foreign its another story.
Well I did rent for 2yrs near UWI. Paid $1000 and then $1200 when rent raise for a small room with lil kitchen counter with cupboards and sink,microwave,fridge,plastic table, 2 plastic chairs, a single bed, small cupboard and toilet, bath.

[KFCSpicy]

The thing about here Sola is, when I rent a flat, I get a fully furnished flat. Bed, carpets or not, washing machine, stove, fridge, some have microwaves (you can tell the landlord what u want to have in the flat but some things are standard. Plus if they have storage for the stuff u doh want they will gladly take them out or put een. Is de law) I get a bed, wardrobes and dressers and a shower and bath, I get living room furniture and cupboard spaces like a normal home. Some landlords are evil as hell but you still get stuff as standard. Rent can be from £60.00 a week if u are flat sharing to 400.00 if you want a posh postcode and a realllly nice place.

I am half way in between, I have a great flat that furnished bit by bit with my own things and I live in a place that have great bits and rubbish bits. Is like saying I live upstairs Colsort Mall on Fredrick Street. I have the convenience of the city at my doorstep and I have the luxury of a damn big flat for little ole me.

I pay my bills and dependant on how I use them some times I get a letter of rebate. This includes telephone company down to electric and water eh! I doh be on my house phone at all so I does be in credit to the tune of all kinda hundreds of dollars at the end of the year sometimes.

London can be ****ty but it makes up for it. What really is renting in Trinidad doing for one? Landlords are not under a code that is monitored or taken seriously so they can do what the hell they like to renters.

Sirjoo Apartments in Maravel where I lived with friends were £2,300.00 per month and he was banned by Town and Country Planning from further adding on apts on the ground floor level. Well it didn't stop him from doing it dread and as a result earning much more from it. Then he raised the rent without warning and no laws to protect us the tenants. The flat was beautiful but bare like mother hubbards cupboard as nothing was giving to u in de way of appliances or furnishings.

I go rent in the uk thank u but in Trinidad...hell no!

[Solachica]

True we have no renting codes here.
Especially up uwi the rent does be high for lil holes. I paid tht price becos I didn't want to share and it was a new 3 story building converted to an apartment building so everything was new and tiled etc. I had a single room apt but there were also apts with 2 rooms and they got all I had and a stove. Rent for tht was $1500 when mine was $1000 so worked out okish if u had a friend to rent with. Dhal stayed in same building as me I found out after. :lol:
These people near uwi raise rent every year and if you see how run down some or the places are. A feller I know was renting on Camody St for $750 and was 3 of them in 1apt and place looked so old and run down. Another girl was paying $650 for a shared apt with 5 others but it was more like 7-8 people becos someone friend or gf etc always come staying over.

[KFCSpicy]

:shock: :shock: :shock:

That's what kills me. There is a Rent Control Board in the Government so why aren't they out there protecting the people against slum landlords? :evil:

[sapodila]

^^ :? ...

it goes to show that you are not safe where ever you go...i wonder how NY reduced their crime??
dey deporting left right and center..........no media needed for pappy show tho. .... an dey locking up like crazy everywhere too.

to many people live in basements.... it's against the law......they reeling dem out!

[BW]

Not sure if this is relevant, but I'll post it anyway:

http://news.yahoo.com/s/nm/20071206/bs_ ... hDDNUDW7oF (http://news.yahoo.com/s/nm/20071206/bs_nm/usa_economy_housing_dc;_ylt=Atk2zvIsbdkmzCChyMhDDN UDW7oF)

[oecarb]

Maybe I could have saved more if I had rented. After all, the amount of interest I paid over the years was probably about three times the original loan I took to buy my house. And I did have to pay for maintenance and improvements. When something went wrong, I couldn't call a landlord. I had to get someone in to do it and then pay them whatever exhorbitant amount they charged. I did learn to do more and more myself, though.

Now, twenty years later, my house is currently worth over six times what it cost back when I bought it. If I am stuck for cash, I can sell it and buy something smaller. And I don't have to find money each month to pay rent.

But then again, I do live in a welfare state so, if I couldn't afford the rent, I could apply for housing benefit and have the British taxpayer subsidise my rent.

However, all things considered, I am glad I didn't rent because I now own my home outright.

[littleone]

i wish i could afford to own and not have to rent. it's ridiculous paying $1230.00 a month for a 2 bedrm apartment. but with the price of houses in this area, it will be a long time before i could afford it. :(

[KFCSpicy]

See??

Unless you can automatically go from school to your own home yuh have to rent. End of!

[Satya]

I read somebody talk about TTMF. I am looking to buy a home in Trinidad. I eh moving back indefinitely so me eh want nothing fancy, just a place to be comfortable when I go home over the summers etc. Talk more bout dat...very interesting.....dey have a list for this too? Which department in charge of taking these houses back and reselling them? I applied at NHA but we all know how that story goes :roll:

[KFCSpicy]

I worked at TTMF all I can tell you is to call them or go to their website as they have had many new systems since I was last there.

I got my parents to send me a NHA application but I fraid to apply sigh. :(

[Satya]

why yuh fraid to apply? by now you know what to expect...tell me about the systems in place when you were there, I just called and lo and behold nobody picked up the phone (i want to insert a surprised face but it is won't be convincing).....i hear yuh have to bid on the property is that true? And is TTMF dealing exclusively with government assisted homes or do they hold mortgages for people who built their own homes? Are they the only ones in the mortgage business? who else have homes that have been foreclosed upon and looking to sell?

[KFCSpicy]

Me cyah recall much and if I do tell yuh what i do recall yuh might cuss meh after. call 623-9212 and ask to speak to a mortgage officer and they should be able to help you.

I am skeptical to apply cause I live abroad and they might disregard and burn meh application just because of that. :? :(

me eh know i jess being a coward i guess. Also there are the banks they have a division that reposses homes most banks in tnt do. There is HCL I think and what about that place in umm ST. Joseph the credit union place on the main road? Ah think them too.

[Harry Williamn]

Rent ? What in the world is that ? A dirty word ? RENT :mrgreen: :mrgreen: :mrgreen:

Yikes! Run fast from that natsy word!

If you are serious about buying a house or ( better to buy land and build the hosue you want on it ) why in the world will you have a problem doing so ?

Call a real Estate agent !

If you have the money and you wish to own property in TNT why should there be a problem ?

Not directed at you personally but the Government of TNT have a duty to protect housing programs in TNT (which are funded by TNT dollars) from being used and abused by anyone and most definitely by anyone who lives in a foreign country and have this dream of coming down here and getting this vacation house on the beach in their Island in the Sun thing.....you could have it but pay for it with your very own foreign money not with TNT dollars from housing programs set up to house TNT Republicans.

I donot need the program because ever since was a child I was taught to " get your own by hard ,honest and intellgent work."

Renting ? It is like throwing money down the toilet...owning a home is an investment and one of the best one could make but then that is the thinking of TNT Republicans. We love to own land and house not pay rent!

[littleone]

but HW, some of us do not have the means to purchase a home or land. i for one sure don't at this point in my life. so what we should do, not rent and live in a cardboard box?

[Harry Williamn]

Invest your rent money in Clico and enjoy a fabulous rate of return.

(1) Join the UNCA or teh COP or the PNM or the ONR or the EX Patriate " hate TNT and the put down TNT " band and then you will be up close and personal with these movers and shakers of the Universe and ask them the same question you just ask!

You have money for a Computer and to pay your ISP fees and you could always go to Government and get a lease on Land for Argriculture and a loan for planting food and plant garden and raise chickens and sell the food to them lazy and hugry big mouth people who doh want to plant food but want to eat....so yuh just get solid finacial advice for free...well its Christmas so ah in the " giving spirit!"

The bottom line is there are gobs of opportunity in an economy which is one of the fastes growing and the best in the world for those who wish to WORK HARD and invest the little or plenty which they have wisely.
Go up to Hilton and try and get a room and see the high cost of a room per day !

Then put two and two together and ask yourself why is it always full of foreigners ?

Is it because TNT eh have no money and it is a poor country ?

[Satya]

but HW I fail to see your point? What are you suggesting that Trinidad nationals not have the right to own property in Trinidad?

[Satya]

could have it but pay for it with your very own foreign money not with TNT dollars from housing programs set up to house TNT Republicans.

and who talking bout government money? yuh loss meh.... :?

[aichiban]

Owning a house for own stay is never an investment
Owning a house and renting it out with profit is an investment

Between owning a house and renting a house, do a little homework,
see the cashflow, see if renting will provide a better cashflow to generate more income than actually owning one.

Owning is not always better than renting. Thats so 20 years ago.

[oecarb]

Owning a house for own stay is never an investment


Not strictly true.

If you buy a house you intend to stay in the rest of your life, then I agree with your statement.

However, many people tend to buy bigger houses as they go along and their families get bigger or they extend and improve. When they get to retirement age and the kids have left, they can quite happily sell up and buy a small apartment, releasing loads of cash.

Then, of course, for Trinis living abroad, there is always the option of selling up when on retirement and buying a house in T&T. A modest three bedroomed house in the UK thirty miles from London would sell for about £250,000 which is over TT$3 million.

[dancerboy]

Owning a house for own stay is never an investment


Not strictly true.

If you buy a house you intend to stay in the rest of your life, then I agree with your statement.

However, many people tend to buy bigger houses as they go along and their families get bigger or they extend and improve. When they get to retirement age and the kids have left, they can quite happily sell up and buy a small apartment, releasing loads of cash.

Then, of course, for Trinis living abroad, there is always the option of selling up when on retirement and buying a house in T&T. A modest three bedroomed house in the UK thirty miles from London would sell for about £250,000 which is over TT$3 million.

A decent house in TRINIDAD in a fairly safe neighbourhood( if there is any such thing in TRINIDAD)would cost more than three million dollars. In OCALA,FLORIDA, you can get a four beedroom house with 2,000 SQ FT IN A GOOD NEIGHBOURHOOD FOR LESS THAN $200,000 U.S. This includes dish washer, stove, side by side fridge, washing machine and dryer. Had i retired to TRINIDAD it would have cost me too much, even with the dollar 6 to 1. DANCERBOY

[oecarb]

A decent house in TRINIDAD in a fairly safe neighbourhood( if there is any such thing in TRINIDAD)would cost more than three million dollars. In OCALA,FLORIDA, you can get a four beedroom house with 2,000 SQ FT IN A GOOD NEIGHBOURHOOD FOR LESS THAN $200,000 U.S. This includes dish washer, stove, side by side fridge, washing machine and dryer. Had i retired to TRINIDAD it would have cost me too much, even with the dollar 6 to 1. DANCERBOY

OK, so we can't sell up and move to T&T.

But we have a choice of 26 other countries within the EU to choose from. We have the choice of a decent villa in the south of Spain a couple of miles from a decent beach for about £150,000 (TT $1.8 million) or even something in France or Greece for much less.

The point I am making, though, is that having a property in your retirement is not necessarily a bad thing. You can sell up and buy something smaller or even sell up and rent. A fella I know rents a little flat on one of the Greek islands and lives there quite comfortably on his UK state pension.

[KFCSpicy]

^^^yes but he renting it:D

Whether u agree or not, unless u are minted or born filthy rich u can afford to go from the family home straight into your own home. If you have a job that pays u some good dinero then u are blessed also to get out of renting after the first year on the job.

Not everyone has those opportunities and not everyone wants to be lumbered with some one else's ideal of what is a good idea for them. Renting has it's pros and cons just like owning. The power of choice is what makes it worthwhile tho.

[oecarb]

KF, I have nothing against renting.

In fact there are many advantages to renting - especially if you live in a welfare state like Britain. For a start, if you don't like your neighbours, you can up sticks and move. If you lose your job, become incapacitated or reach retirement age and have a small pension, you can get housing benefit to help ypu pay your rent.
It all depends on the life you want to lead.

Owning a home in the UK is difficult if you earn an average income or less and you want to live close to your job. It involves some sacrifice.

For instance, it helps if you work in London and earn a London salary and you live thirty or forty miles outside of London where property is much cheaper. In South Bedfordshire, for instance. you can buy a two bedroomed flat for about £125,000. And you can get a train that will take you to St Pancras in forty five minutes.

It helps if you have an earning long-term partner. I am lucky in that I have been married to the same woman for 39 years and we both have been able to get good jobs. If we had to face divorce or separation, we could not be in the same position we are in today.

It also meant that we couldn't go to all the concerts or shows in London, but we can do so now and, when I retire in eighteen months or so, we would be able to do so even more often.

[Harry Williamn]

great oecarb...retire and come on down to TNT and buy a poece of Land in Grand Chemin and nuild a house over looking the sea and keep out of politics and buy a four wheel drive and you shall live nicely on fresh fish and fresh veggies and a friendsly people who sleep with teir windows open and doors unlocked!

Call the Mrouga Police Station and ask them...then if you do not believe them call the Catholic or and Anglican Church and Hindhu Temple and ask them...I promise you that you will get the same answer ...crime ??? Please!

[marcel]

wow, I didn't realize this thread got so BIG

I'm so proud of myself :)

[oecarb]

wow, I didn't realize this thread got so BIG

I'm so proud of myself :)

There was a lot to discuss. As you can see there are many arguments for and against. :lol:

[miktay]

Dont have time to ready through the entire thread...but it looks like a buy or lease argument w/some qualitative factors imho

Some view buying as a forced savings plan that builds equity in a property and may be further encouraged by a tax benefit from the govt. Many others see ownership through the rose colored lenses of having their 'dream home'.

Have lived in a lot of rentals that afforded the opportunity to get familiar with the neighbourhood, zoning, local govt, millage rates etc.

There's different strokes for different folks. It may help to dissect the argument a bit. For eg. the mathematics of a purchase vs a rental can shed some light on the 'investment' aspect and the opportunity cost of renting vs owning.

Then there is the state of current home prices. In many place incl. sweet sweet t&t the cost of owning a home may be prohibitive. Its cheaper to rent/lease. So ppl rent and save for the day (hopefully) when theyll be able to afford a place of their own.

[greall]

Hmmm...I own a house on the outskirts of San Fernando which I'm thinking of converting into apartments.I've been advised that the petro workers would jump on it if I put it up on the market because of the area.

I'm looking at both sides and owning a home is too much for me at this stage.Ideally,I'd want a nice townhouse close to the city ammenities like the villas at Gulf View,Palmiste or any similar type of area as I work in SouthTrinidad.

The decision to own or rent is a personal one but I'm looking at the present market and owning one's own (non-HDC) home would require the sale of premium body parts.My mom used to say that renting was like throwing away money but this was until she saw what her sister (my aunt) had to experience when she was building her home at Golconda:the scampish contractors,their sub-standard work,the shifting land,the TTMF run around,etc.

Personally,I'd stay at home as long as I could but have my city rental for the convenience (and the nice address)... :lol:

Greg