Recently, I have been receiving more and more queries on the “Rent to Own” question in Trinidad and Tobago. This is a popular option in other markets and has become well publicized via life style shows and other HGTV type productions. In Trinidad and Tobago tho, I have not been informed of many , if any of these on the market.
There are options being explored by homeowners to increase the appeal of their properties. Owners are often interested in a “rent or sale”, of properties in an effort to get it off the market and into either an earning or “Income Property” category, or dispose of the asset altogether. My only assumption would be that these properties are mortgaged and are incurring a monthly cost that has to either be maintained by a rental income, or paid off altogether with a sale. Profit included of course…
However, as more and more calls and emails come in for this particular approach to homeownership, the conclusion seems to be that persons that are currently renting, are interested in owning one day, but may not have the savings for a deposit. It’s why we added a mortgage component to our service from the very beginning of this website and television series. Our research showed that there was a demand for information as much as there was a demand for homes and in our conversations with the participating agencies, we learned that quite a number of showings are done with well intentioned browsers, that haven’t actually sat down with a mortgage officer to explore the options for going from renting to owning, utilizing efficient savings and investment options.
So, we continue to encourage the visitors to our site to utilize the function of emailing agents about properties that we feature, as this will put them in touch with mortgage officers of a leading financial institution to assist in this area.
Options for savings toward a short, medium or long term goal maybe info that these potential homeowners may not have considered. So, to find out more, we will be asking each of these emailers and callers to consider submitting their information to be guided in this area by the financial experts.