PROSPECTIVE HOMEOWNERS have been encouraged to be more realistic in budgeting for their home ownership.
The advice came from Adrian Forde, architect with Archis Design Group, one of six panellists at the Real Estate Marketplace seminar hosted recently by FirstCaribbean International Bank.
“What people want versus what they can afford often has disparities. Therefore they need to be more realistic with what they can afford,” Forde noted.
This was echoed by another panellist, contractor Ellsworth Howell of Alshandre Architectural Drafting & Property Development Inc., who charged that Barbadians were trying to keep up with the Joneses.
Members of the audience were advised by attorney-at-law Kay Williams to begin their homeownership journey with a visit to their banker.
Various costs
“Find out how much you qualify for. Also understand that there are a number of associated costs attached to the transaction, including legal fees, bank fees, land tax, property insurance, and real estate commission if you source property through a real estate agent.”
Williams also advised prospective homeowners to take ownership of the mortgage process – a step that could take a considerable length of time.
“Keep calling, enquiring and sending emails. Don’t feel you’re bothering anyone, because you have to ensure that the process is moving along.”
Johnathan Johannes of FirstCaribbean noted that if prospective homeowners took the process seriously and approached it responsibly, they would have “an easy process from tenant to homeowner”.
He also reminded them that mortgage payments should not exceed 40 per cent of their monthly income. (PR)
