#stluciagreatpropertydeals
In spite of the health challenges posed by the COVID 19 Pandemic, the world moves on, and making MONEY continues to be the number 1 priority for the vast majority of persons. Building Wealth, by utilising Real Estate Investment for self and family is of paramount importance, and that is my primary focus as I present this month’s Blog.
From my vantage point here on the beautiful island of St. Lucia in the Caribbean, professionals in the real estate industry are not as fortunate as their counterparts in the United States of America, where the performance of the industry continues to over perform previous years, to the point where there is a situation of low inventory of properties.
Property sales in the Caribbean continue to be in decline and will continue on this path until the pandemic is brought under control. The situation, as it affects the travel and tourism industries has impacted the ability of Foreign Direct Investors, persons seeking to acquire 2nd homes, and returning residents to travel. It is not unusual for tourists to visit our island and fall in love its beauty and culture, and decide to purchase vacation property. It is evident that the performance of the Real estate Industry is highly dependent on freedom of movement. Having to quarantine for 14 days is not something that busy Executives are willing to experience.
However, the Saint Lucia market is fuelled by local for rental properties and land. Apart from the saturation of Agents, the economic situation on the island, like almost everywhere else in the CARICOM region, except for Guyana, the real estate business in general is in decline.
St. Lucia, is currently gearing up for Election by June of this year, and as a result, we can expect citizens to exercise caution in making long term financial commitments.
Regardless of the current challenges, I am convinced that the time to acquire property in St. Lucia is now. Stop thinking about owning a piece of the rock – Just do it! There are quite a few great deals on island at this time.
My recommendations for this month are as follows.
1. When you are thinking about investing in property, the first consideration should be – how much do you wish to invest in a property? Will it be CASH or borrowed funds?
2. When seeking to borrow money to acquire a property, your first move should be to discuss with your Banker, how much will you be allowed to borrow to acquire a mortgage, and the terms – how many years, and what will be the repayment per month.
3. When the source of financing the transaction is ascertained (whether self or a financial institution), then make your decision on the type of property and the location, before discussing your interest with a reliable Agent/Broker.
4. Only begin to view properties when you are assured of your source of finance. Too many persons engage in viewing properties without knowing if they have the ability to purchase.
Do not expose yourself unnecessary. COVID 19 is still very much with us. Stay Safe.
