Real Reasons Why Real Estate is So Expensive in T&T

[1UZFE]

The point of my post is that in Trinidad things don't depreciate and as you said if man want to pay the price then why not capitalism all the way. Thats why the real estate sector bussing up we tail.
And mind you my monthly for my house is 10000tt but I have a pool with 4 bedrooms and gated . I go stay a sufferer

All that to say you have a pool. U got something to prove?

Na maybe that just like the Indian culture I sacrifice all for my family so they could be happy
And for the their commenter this is your logic if someone has something and you have it you must have want what the other person has so everyone is a sufferer by your logic AND the average mortgage is 8000tt so but anyways

The "average" mortgage is 8000tt per mth.
Plz explain....
If u have an educated answer. Plz take into consideration the average house that is purchased or land and construction. The age of the person taking d mortgage and financing.

There is no such thing as "average mortgage payments" since,
Land Value and House Value varies based on area,
Period of mortgage depends on person's Age and Job Status,
Size mortgage payments can also be affected by Initial Downpayment and Debt/Asset Ratio.

New species y u jump out so? Let d man fight up to make sense...

[wickedbreed]

*wonders*...if i take out a mortgage to build a house, am I a sufferer?

[Advent]

The point of my post is that in Trinidad things don't depreciate and as you said if man want to pay the price then why not capitalism all the way. Thats why the real estate sector bussing up we tail.
And mind you my monthly for my house is 10000tt but I have a pool with 4 bedrooms and gated . I go stay a sufferer

All that to say you have a pool. U got something to prove?

Na maybe that just like the Indian culture I sacrifice all for my family so they could be happy
And for the their commenter this is your logic if someone has something and you have it you must have want what the other person has so everyone is a sufferer by your logic AND the average mortgage is 8000tt so but anyways

The "average" mortgage is 8000tt per mth.
Plz explain....
If u have an educated answer. Plz take into consideration the average house that is purchased or land and construction. The age of the person taking d mortgage and financing.

There is no such thing as "average mortgage payments" since,
Land Value and House Value varies based on area,
Period of mortgage depends on person's Age and Job Status,
Size mortgage payments can also be affected by Initial Downpayment and Debt/Asset Ratio.

All that is true but it isn't the only factor there are other things to consider but for a certain type of house in certain areas thats roughly the average ....well thats what I have seen as I work in a real estate company

[DFC]

Come on guys.

anyways, i looking to start my house soon.

I drew this up as a rough sketch for a flat house.

What allyuh think?

Yes plenty things may be wrong. I'm no artist.

[pete]

Higher prices benefit everyone except the purchaser. Seller gets more money, real estate agent gets a bigger commission and the bank makes TONS more money. Then there's other people who benefit, the insurance company takes more, you have to take out a bigger life insurance policy etc etc.

[New_SPECIES]

The point of my post is that in Trinidad things don't depreciate and as you said if man want to pay the price then why not capitalism all the way. Thats why the real estate sector bussing up we tail.
And mind you my monthly for my house is 10000tt but I have a pool with 4 bedrooms and gated . I go stay a sufferer

All that to say you have a pool. U got something to prove?

Na maybe that just like the Indian culture I sacrifice all for my family so they could be happy
And for the their commenter this is your logic if someone has something and you have it you must have want what the other person has so everyone is a sufferer by your logic AND the average mortgage is 8000tt so but anyways

The "average" mortgage is 8000tt per mth.
Plz explain....
If u have an educated answer. Plz take into consideration the average house that is purchased or land and construction. The age of the person taking d mortgage and financing.

There is no such thing as "average mortgage payments" since,
Land Value and House Value varies based on area,
Period of mortgage depends on person's Age and Job Status,
Size mortgage payments can also be affected by Initial Downpayment and Debt/Asset Ratio.

All that is true but it isn't the only factor there are other things to consider but for a certain type of house in certain areas thats roughly the average ....well thats what I have seen as I work in a real estate company

But you used the word "average" before to mean "in general" or "most common"...
Now you saying "certain houses" in "certain areas" then taking an average?
That's what caused the small confusion.
Because the average man.... http://www.reference.com/motif/health/average-person
cannot pay a mortgage of $8000.00

[1UZFE]

The point of my post is that in Trinidad things don't depreciate and as you said if man want to pay the price then why not capitalism all the way. Thats why the real estate sector bussing up we tail.
And mind you my monthly for my house is 10000tt but I have a pool with 4 bedrooms and gated . I go stay a sufferer

All that to say you have a pool. U got something to prove?

Na maybe that just like the Indian culture I sacrifice all for my family so they could be happy
And for the their commenter this is your logic if someone has something and you have it you must have want what the other person has so everyone is a sufferer by your logic AND the average mortgage is 8000tt so but anyways

The "average" mortgage is 8000tt per mth.
Plz explain....
If u have an educated answer. Plz take into consideration the average house that is purchased or land and construction. The age of the person taking d mortgage and financing.

There is no such thing as "average mortgage payments" since,
Land Value and House Value varies based on area,
Period of mortgage depends on person's Age and Job Status,
Size mortgage payments can also be affected by Initial Downpayment and Debt/Asset Ratio.

All that is true but it isn't the only factor there are other things to consider but for a certain type of house in certain areas thats roughly the average ....well thats what I have seen as I work in a real estate company

But you used the word "average" before to mean "in general" or "most common"...
Now you saying "certain houses" in "certain areas" then taking an average?
That's what caused the small confusion.
Because the average man.... http://www.reference.com/motif/health/average-person
cannot pay a mortgage of $8000.00

Leave d man New species.
As i said an educated response. There is absolutely no basis to an "average 8000tt per mth mortgage. What is d average lenght of a mortgage in TnT , find that out (u cud be surprised)then start talkin bout 8000tt per mth payments.

[New_SPECIES]

The point of my post is that in Trinidad things don't depreciate and as you said if man want to pay the price then why not capitalism all the way. Thats why the real estate sector bussing up we tail.
And mind you my monthly for my house is 10000tt but I have a pool with 4 bedrooms and gated . I go stay a sufferer

All that to say you have a pool. U got something to prove?

Na maybe that just like the Indian culture I sacrifice all for my family so they could be happy
And for the their commenter this is your logic if someone has something and you have it you must have want what the other person has so everyone is a sufferer by your logic AND the average mortgage is 8000tt so but anyways

The "average" mortgage is 8000tt per mth.
Plz explain....
If u have an educated answer. Plz take into consideration the average house that is purchased or land and construction. The age of the person taking d mortgage and financing.

There is no such thing as "average mortgage payments" since,
Land Value and House Value varies based on area,
Period of mortgage depends on person's Age and Job Status,
Size mortgage payments can also be affected by Initial Downpayment and Debt/Asset Ratio.

All that is true but it isn't the only factor there are other things to consider but for a certain type of house in certain areas thats roughly the average ....well thats what I have seen as I work in a real estate company

But you used the word "average" before to mean "in general" or "most common"...
Now you saying "certain houses" in "certain areas" then taking an average?
That's what caused the small confusion.
Because the average man.... http://www.reference.com/motif/health/average-person
cannot pay a mortgage of $8000.00

Leave d man New species.
As i said an educated response. There is absolutely no basis to an "average 8000tt per mth mortgage. What is d average lenght of a mortgage in TnT , find that out (u cud be surprised)then start talkin bout 8000tt per mth payments.

Yup... I hear yuh fadda..

[5onDfloor]

i think he meant the average middle class married professionals (stand corrected)....we are the ones that spends the most. I got friends who are middle class professionals and their mortgages are between 7700-9500/mth.

[Advent]

i think he meant the average middle class married professionals (stand corrected)....we are the ones that spends the most. I got friends who are middle class professionals and their mortgages are between 7700-9500/mth.

Thank you bro !

[TriniAutoMart]

Trinbagoviews...some people have no choice.
Everyone doesn't make in excess of $20,000 per month.
How do you expect this majority of the young population to get housing unless they get inherited land or build a shack in the bush?
HDC is their only option.

Hey not saying its not tough but........don't sit around waiting on HDC bro you can save and sacrifice on your own. By starting off small, being frugal and industrious you can still secure homeownership.

Buy a good used car,
Don't fete out your money
Don't smoke
Minimize the drinking
Avoid taking out consumer loans
Avoid blowing money on electronics / over shopping online
Avoid playing carnival every year
Avoid chasing women / men who milk your funds
Get married .... settle down.....
Carry your own lunch to work ...Stop eating out....
Avoid spending excessively on cell phones and phone calls ....
Avoiding spending money on a new outfit to go to party every weekend....
Buy in the market instead of the supermarket......
Avoid spending thousands on rims and car accessories....

Buy land .... save again and build bit by bit .... slowly but surely.....

This list can go on an on...... don't reserve yourself to victim status..... yea its tough out there but not its impossible.

Sounds like a good plan.
I have one question.
Do you save to buy the land all cash?
Or are you saving for the down payment?
Approved lots are around $400,000.

[5onDfloor]

I am still trying to wrap my head behind why would some folks actually sign away their life to these lending institutions. when someone enters into a 25-30yr mortgage between 7700-9500/mth how are they suppose to maintain other aspects of their lives?

In the world we live today economies are falling, people are being retrenched, Govt's are practicing austerity but in Trini we are purchasing with impunity with no end in sight. How long can this go on for?

[New_SPECIES]

Trinbagoviews...some people have no choice.
Everyone doesn't make in excess of $20,000 per month.
How do you expect this majority of the young population to get housing unless they get inherited land or build a shack in the bush?
HDC is their only option.

Hey not saying its not tough but........don't sit around waiting on HDC bro you can save and sacrifice on your own. By starting off small, being frugal and industrious you can still secure homeownership.

Buy a good used car,
Don't fete out your money
Don't smoke
Minimize the drinking
Avoid taking out consumer loans
Avoid blowing money on electronics / over shopping online
Avoid playing carnival every year
Avoid chasing women / men who milk your funds
Get married .... settle down.....
Carry your own lunch to work ...Stop eating out....
Avoid spending excessively on cell phones and phone calls ....
Avoiding spending money on a new outfit to go to party every weekend....
Buy in the market instead of the supermarket......
Avoid spending thousands on rims and car accessories....

Buy land .... save again and build bit by bit .... slowly but surely.....

This list can go on an on...... don't reserve yourself to victim status..... yea its tough out there but not its impossible.

Sounds like a good plan.
I have one question.
Do you save to buy the land all cash?
Or are you saving for the down payment?
Approved lots are around $400,000.

Once the land has access to "regular" transport and close to conveniences (aka not in d bush)..
Then that's a "steal of a deal"!

[pete]

I find it hard to believe that people take a 8k/month+ loan for 25-30 years.

I'd hope it's 10-15 years.

[5onDfloor]

I find it hard to believe that people take a 8k/month+ loan for 25-30 years.

I'd hope it's 10-15 years.

Nope its between 25 - 30 years.

[1UZFE]

I find it hard to believe that people take a 8k/month+ loan for 25-30 years.

I'd hope it's 10-15 years.

Well an Average mortgage is 25-30 yrs.
According to tuner logic man takin out 8k -9k per mth and thats d average mortgage.

[5onDfloor]

I find it hard to believe that people take a 8k/month+ loan for 25-30 years.

I'd hope it's 10-15 years.

Well an Average mortgage is 25-30 yrs.
According to tuner logic man takin out 8k -9k per mth and thats d average mortgage.

average property in "gated" communities whether townhouse or 3 bedroom flats is anywhere between 1.2 - 2mil. calculate at even the best interest rates 6%? tell me what you get.

[New_SPECIES]

I am still trying to wrap my head behind why would some folks actually sign away their life to these lending institutions. when someone enters into a 25-30yr mortgage between 7700-9500/mth how are they suppose to maintain other aspects of their lives?

In the world we live today economies are falling, people are being retrenched, Govt's are practicing austerity but in Trini we are purchasing with impunity with no end in sight. How long can this go on for?

I find it hard to believe that people take a 8k/month+ loan for 25-30 years.

I'd hope it's 10-15 years.

Nope its between 25 - 30 years.

Advent say is “average middle class married professionals” who could comfortably pay a monthly mortgage of $8000.00 and up..

Wonder what type of “profession”..... in the “middle class”..... that could pay that?

[pluggie]

I find it hard to believe that people take a 8k/month+ loan for 25-30 years.

I'd hope it's 10-15 years.

Well an Average mortgage is 25-30 yrs.
According to tuner logic man takin out 8k -9k per mth and thats d average mortgage.

average property in "gated" communities whether townhouse or 3 bedroom flats is anywhere between 1.2 - 2mil. calculate at even the best interest rates 6%? tell me what you get.

10 years ago people thought that a SALARY of $10k TTD is a 'big shot' salary ... 10 years later ( i.e today) $10k TTD is just about an average mortgage... 10 years from today , you will have an additional 10 years experience on your profession (senior position or management or maybe your own business) , 10 years of inflation soooo $8-9k TTD might be pocket change by then...

[5onDfloor]

IT professionals, mid and upper management professionals, engineers etc?

[teems1]

I find it hard to believe that people take a 8k/month+ loan for 25-30 years.

I'd hope it's 10-15 years.

You can use any online loan calculator to see how much you would pay.

There's on at http://www.bankrate.com/calculators/mortgages/loan-calculator.aspx

But here's a typical scenario. 3br 2bath, flat house, approx 1750 sq ft on 5000 sq ft of land for 1.5m

You've saved up 150k and paid that as a down payment, so 1.35m to borrow.

You shop around for the best loan. You have good credit history, permanent jobs with dual income of 25k, no kids, maybe a car loan. Bank decides to give you an interest rate of 5.5%

30 years or 360 payments will get you a loan payment of 7665 per month.

[rfari]

wht's the range of income for the middle class now?

[New_SPECIES]

IT professionals, mid and upper management professionals, engineers etc?

Yeah but these professions doesn't carry a standard salary..
For example, a civil engineer in SIS not getting the same pay as the same civil engineer in Petrotrin..

So you'll still be looking at a very small minority group who could comfortable pay $8000.00 and up.. aside from car loans, furniture and appliance upgrades/purchases/loans, etc etc..

[New_SPECIES]

wht's the range of income for the middle class now?

I think it's $8000.00 to $15000.00
Allyuh cud correct...

[Dizzy28]

wht's the range of income for the middle class now?

>$10k<25k monthly??

[New_SPECIES]

wht's the range of income for the middle class now?

>$10k<25k monthly??

$20,000.00 and up is still in "middle class"?

[teems1]

wht's the range of income for the middle class now?

I'd go with these values, combined household monthly incomes, before taxes.

These are obviously subject to change but imo represents the population.

> 100k : wealthy
60 - 100k : upper class
30-60k : upper middle class
20-30k : middle class
10-20k : lower middle class
< 10k : lower class

[rfari]

i think more between 20-50 gross/mth/household and within this range the upper and lower middle class. i could be off

[solar_ice]

So true

[wickedbreed]

so where do i fit in with my cepep salary lol but i wanna buy ah range rover. Anybody know how much cepep ppl does work for by chance?