By Rhea-Simone Auguste
© Moon Light Rental Ltd.
Inflation and the high price of properties in popular areas have led to a mass dependence on rent. Many young people think they cannot afford a place of their own so they opt to pay rent for years. The average 2 bedroom apartment along the East/West corridor costs approximately $3000 per month. That quickly turns into $36,000 a year and in five years, you would have spent close to $180,000 on SOMEONE ELSE’S PROPERTY.
So, here’s the big question – how do you break the cycle of rent dependence and move to home ownership? It’s simple if you take things in small steps.
- Your down payment. To own a property, you must have the down payment and that means having at least 10% of the cost of the property you are interested in having. If you currently have a savings account and you are gainfully employed, I would recommend visiting your bank of choice to do a pre-qualification for mortgage. Your bankers would let you know how much you qualify for right now based on your savings and income.
- Start looking or let Moon Light Rental Ltd. do the looking for you. Looking at information in the classifed’s section of a newspaper is a great way to find properties but finding the time to do viewings repeatedly can be tedious. What we do is, we take your information and we scour the market – networking with other agents and collecting photographs to give you online viewings and our personal, honest opinion on properties. Trust me, if we see a house with termites in the roof or is in a flood-prone area – We will tell you because that’s just the Moon Light way of doing business. We love it when the right buyer finds the perfect space to call home.
- Consider building instead of buying pre-built. Here’s the thing, you can get land at a reasonable price and build in parts. Start with what your immediate needs are – a bedroom, kitchen, bathroom and living room and then add bedrooms as you go along. This allows you to be flexible and you have more say in what your final product should look like. Plus – the added benefit to building your home is the value of your property will likely increase when you’ve finished building. Don’t be intimidated by building – embrace it and have fun picking your tiles, your fixtures and your paints. It’s a wonderful personal project to get involved in.
Home ownership is closer than you think. For more guidance tips and information, call Moon Light Rental Ltd now 221-8550 and let us take you from renter to owner this year.
By Rhea-Simone Auguste
(c) Moon Light Rental Ltd.
If you have decided to sell or rent your home, one of the first things you should do is walk the perimeter of your premises and critique your property. Imagine you are a prospective buyer/renter looking at the place for the first time. Is your property clean, well-maintained and free from defects? Is the yard clear of “junk” and debris and inviting to buyers who may have children and want the yard clutter-free?
Sometimes it may be difficult to see your home as anything but your home. It has been your sanctuary and all of the quirks and eccentricities that you added gave it the personal touches. However, prospective buyers/renters are less interested in personal touches and more interested in getting the best property for their money. They are looking for a perfect solution to their housing problem or an investment in a property that will yield a profit in years to come. The less problems they see with the property upfront – the better.
Most sellers are not interested in spending pre-sale of a house because they think it would cost too much to do so. But there are untold benefits of sprucing up your property before prospective buyers see it and topping the list of benefits is – your property can be soldfaster with minor improvements.
Here are some quick and inexpensive tips to improve the look of your home for prospective buyers/renters courtesy Moon Light Rental Ltd:
- De-clutter your yard! The first thing prospective customers see is your yard. If you have a lawn, have it trimmed before showings and ensure all walkways, drains and concrete areas are free of mould and dirt by power-washing or scrubbing with a solution of bleach and water. A clean yard is an inviting yard.
- Front porches/galleries should also be cleaned and made to look inviting to people who enjoy entertaining. If you have a nice patio set or simple chairs and an outside mat – arrange them as though you were expecting company. If the house is being sold/rented unfurnished – consider touch-painting so all surfaces look fresh and new.
- Inside the house: Two areas of a house can make/break a potential sale/rental – the kitchen and the bathroom(s). These areas MUST be cleaned thoroughly and the kitchen cupboards should be inspected pre-showing to ensure no insects have made your cupboards their home. The last thing a prospective customer wants is to open a cupboard and have a cockroach jump out and greet them. If your home has had problems with ants, invest in a simple TERRO liquid ant bait solution and place baits a few days before showings. Remember to remove all baits and dead insects before you show your place.
- Check your bathrooms and toilets thoroughly before you let prospective customers see your place. Make sure toilets are scrubbed clean and bathroom surfaces look clean to touch. Essentially your prospective customers should feel like the house is in move-in condition immediately.
You would be surprised to know the value of your property could go up by simply painting, power-washing and preparing it prior to a valuation or a sale.
Thinking about selling/renting your property? Give us a call at 221-8550 or 773-5468. Looking for a place to buy/rent, give us a call and let’s see if we could match you to your dream home.
If you or someone you know is interested in contributing to our blog, send us a message! We’d love to hear from you. Real Spaces is fast becoming a Real Estate Marketing Brand in Trinidad and Tobago that speaks to the needs of both the Real Estate Market as well as the home owners that are renovating, refurbishing and reinventing their Real Spaces!
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