In this blog, I will like to direct my attention to the category of first time residential buyers. It is necessary for all parties that will be involved in the buying transaction to work it through together, whether you are living with, soon to be wed, or already married. There must be no surprises in this decision. It is not an engagement ring. It is an investment, with mortgage repayments that can last for as long as 20/30 years. In many instances, a partner will retire or even die before the term is finished.
Let us get down to some important suggestions.
1. Let your partner in on your interest in acquiring a property. Begin to check out Realtors’ websites and get acquainted with areas and prices. Do this before getting together to make the decision to go ahead.
2. Get together with your partner in an atmosphere that is conducive to a financial transformational experience, and discuss what is very likely to be the largest single investment you will make in your life time. Decide upon how much you are willing to invest in property and what type of property you wish to acquire (single family or income). Ask yourselves hard questions. Project your thoughts where you are likely to be financially, 3 years, 5 years, 10 years, 15 years, 20 years, 30 years from the moment you make the decision to go ahead with the investment and sign the legal documents. It will definitely take planning on your part. Engage your Excel work sheet to plot your path.
3. Make a decision whether it will be a cash purchase, or part cash and part mortgage, or 100% mortgage. Never spend all of your available cash to buy real estate, always keep a reserve for emergencies.
4. In the event a decision is made to access a mortgage, go to your banker and get prequalified, using the income of both parties if necessary.
5. Now that you are clear in your mind about how much you are prepared to invest in property, go ahead and discuss with family members, friends and colleagues who have travelled this course before, and get their experiences. In today’s fast paced world, it will be beneficial for anyone to seek the experiences of others, especially when it comes to making a substantial financial investment.
6. When it comes to financial investment you have to be frugal. Seek out the best Mortgage Interest Rate in the market and try to negotiate even a lower rate.
7. Talk with your Attorney and alert him about your intention to acquire property. Seek his advice.
8. Discuss your interest with at least 3 Real Estate Agents/Brokers and begin to view properties in the area you wish to acquire a property. Be specific about the type of property you are seeking.
9. You are nearing decision making time, go over the figures again and sign off on your commitment. Make sure that all aspects of finances are considered and you are ready to undertake the decision that can be a pillar for building Generational Wealth.
10. Do not rush into investing in property if you are not confident that you can live up to the commitments that are associated with property ownership. There are annual expenses such as Property Taxes, Insurances (Personal & Property), Maintenance, and Repairs.
Recommended reading – Introduction to Investing in Real Estate in Saint Lucia
Get your Free Copy at https://stluciagreatpropertydeals.com/shop/
Here’s wishing you every success in your real estate investing in Saint Lucia.
Edward A. Harris, Real Estate Agent/Broker
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