Purchasing a home for many people is a lifetime investment. First time owners should follow certain guidelines to avoid major mistakes. What may appear to be a saving in the beginning may prove to be quite costly in the end.

Here are some guidelines to follow when purchasing a home:

1. Select a mortgage institution to ascertain the mortgage for which you would qualify. This will determine how much you can afford to pay for your new home.
2. Ensure that you have the deposit readily available (10% of the sale price of the property), when you have found your desired property, you will be required to pay the deposit to secure the purchase, usually within 1-4 days of your offer on the property being accepted.
3. Decide on the area you would prefer. Consider the size of the property you desire, neighborhood, services, security and proximity to facilities
4. Contact us at Your Move Real Estate to view available properties. We work in partnership will all other real estate agents and companies in Trinidad & Tobago (we do not charge for advice or viewing properties).
5. Examine the houses that you prefer carefully, the electrical wiring, plumbing, condition of the woodwork, roofing, masonry work, cupboard work.
6. Be aware that the real cost of the house included the cost of required renovation and repairs.
7. Have your real estate broker or your lawyer prepare a Purchase Agreement, which should be signed by both vendor and purchaser on payment of the 10% deposit. Review all clauses in this agreement. Usually the sale will close within 90 days of making the initial down payment
8. On signing the sale and purchase agreement, request from the real estate broker, copies of the Deed, the Land and Building taxes, a WASA receipt and a WASA Clearance certificate up to the expected date of closing, as your lawyer will require these documents.
9. Have a valuation done to determine the correct value of the property
10. Take out an insurance policy to cover the amount of the mortgage.
11. Establish any additional costs which will be payable on closing, stamp duty, lawyers fees, etc. to avoid “surprises” on closing the transaction.
12. On closing, you will be required to sign the Deed in the lawyers office, and all payments will be finalized at this point.
13. To transfer your electricity service from the previous owner to yourself, the electricity commission will require a copy of your new deed together with a payment of $95.00
14. To transfer your telephone landline present an authorization letter from the previous owner together with a request from you.
15. Mortgage payments should always be made on a timely basis to avoid unnecessary interest charges. The mortgage/lending company can foreclose on your home if arrears accumulate.