Should I put off buying real estate because of current economic conditions?

[blacklight]

Based on the current economic doom and gloom that everyone seems to be preaching....should I put off purchasing real estate for personal use?

[The_Honourable]

I believe you should atm unless a very good opportunity comes by. If the economy does take a hit, lots of properties will go up for sale, some at fire-sale prices. If the property tax does come thru, some property owners will feel it and put their property on the market for sale.

Due to foreclosures, lenders such as banks will want properties off their hands so opportunities happen there also.

[hydroep]

The problem is timing yes. Next thing you wait and miss the boat. I would set a target range and pull the trigger once the price hits it...even if it's in the high end.

And yes, yuh go feel it if prices drop below the floor you've set...

[Gladiator]

OP this is the best time to buy real estate....your cash would be worth much less in a couple months due to the cost of everything going up. You have to invest in non-depreciable assets now so that you have something of value after the crisis is over and the dust clears.

Many investors foreseeing a global crash buy gold, silver, real estate etc. If you wait a little and time it right real estate prices will drop.

[Cantmis]

Real estate prices drop in trinidad?

[paid_influencer]

If the real estate keeps you away from other people, buy it. Coronavirus is real.

If it is purely economic, wait it out and hopefully not die. The pool of buyers will be smaller once the pandemic is over.

[paid_influencer]

Real estate prices drop in trinidad?

if Trinidad becomes like Venezuela, everything (even the land) will be worthless.

2020 will be a serious test whether we going to live or die as a country

[shake d livin wake d dead]

Real estate prices drop in trinidad?

This

[Chimera]

We have too much drug money floating around for real estate to ever drop.

[shake d livin wake d dead]

If wasnt for our underworld economy, we crash longggggggg time

[nervewrecker]

We have too much drug money floating around for real estate to ever drop.

qft

[ProtonPowder]

Land still going up with no signs of slowing

The state of the working or even middle class has nothing to do with the real estate market.

[The_Honourable]

2022 Emerging Trends in Residential Real Estate

3 hour webinar for those interested. Recording is below.

[VexXx Dogg]

3hours? that is not a webinar that's a half-day course

[sMASH]

On fb, ur seeing prime properties going up for sale, like pslmiste and maraval. Saw the building with the KFC in the heart of Gasparillo for sale a while back.

Places that big shot people hold through the generations for the value, getting cashed out.


If ur staying in Trinidad, or fur business, then buy.. Prices wouldn't really come down much.

But if ur migrating, cut the umbilical chord. Unless u good with collecting a rent long distance.

[timelapse]

I is ah injun.
Buy all the land you can.
Defend with cutlass.

[De Dragon]

I is ah injun.
Buy all the land you can.
Defend with cutlass.

Make sure to put it in at least 10 people name, dead, and watch the Squid Games

[Dizzy28]

Real estate prices drop in trinidad?

Yes at the higher price points.

The sub 1.8m market hasn't really moved much but houses that were in the 2.5m to 5m has moved down.

[Chimera]

People who have been perfectly happy here and could never see themselves leaving trinidad now realizing things getting very hopeless here. And would only get worse.

Properties they might have wanted to keep in the family to hand down through the generations...smarter to sell and make a start in Florida or NY or canada.....
Things really terrible here

[Dizzy28]

People who have been perfectly happy here and could never see themselves leaving trinidad now realizing things getting very hopeless here. And would only get worse.

Properties they might have wanted to keep in the family to hand down through the generations...smarter to sell and make a start in Florida or NY or canada.....
Things really terrible here

Escaping is fine but how do you get out money though as an average Joe?

Most of my wife's family lives in Canada and a few years ago one of them wanted to sell their house in Trincity. No bank could guarantee C$ in the amount needed (selling price converted) so they just put it up for rent instead. Easier to try and get a few thousand dollars in forex a month.

[Chimera]

If you really want to get the usd out you can pay the 8 and 8.5 conversion rate. There are many persons who will sell you usd for that and wire it abroad.

[Dizzy28]

If you really want to get the usd out you can pay the 8 and 8.5 conversion rate. There are many persons who will sell you usd for that and wire it abroad.

This is akin to selling your house at a 25% discount though but I guess it depends on the individual circumstances one may take that route.

In my wife's family's case they have been living Canada a long time so its not like they needed seed money to get started across there.

[daring dragoon]

A lot of people cashing out an flying out. I would wait a couple months an whaen things get much worst the land price might fall.

[zoom rader]

A lot of people cashing out an flying out. I would wait a couple months an whaen things get much worst the land price might fall.

That's mostly injuns flying out.

[Redman]

The answer is depends.

If your own home is important enough to ignore the valuation changes -then what youre buying is a home and the things that it brings.
And-if you are intending to pass it down to your kids etc then the value of the property over the next few years is irrelevant-those are not your prices.
So if you find the perfect spot and you can make it happen -you paying for the emotional satisfaction it will bring 24/7.
Hard to put a price on that.
Andtobesides-if you take a mortgage,(I would strongly suggest that you do)and the bank accepts the property as security-and youre paying your installments -then valuation is their problem.


If however the personal/emotional side is not more important than the numbers- then its a much tougher call.

IMHO Land is a proxy for cash in TnT
It hides it,it stores it and it cant move.
We have a high degree of grey market cash floating around and with the liquidity in the system I doubt we will see a wholesale sell off anytime soon..Money supply has been moving up but not drastically, and that will keep a bid under land-not much else you can do with bulk cash.

That said I think we see pockets of weakness based on location and usage.
I think commercial buildings in for a tough few years-as maybe residential rentals in POS mainly.
So be selective, and look at areas where buildings on market since last year-Sando proper,you might get enough of a deal to ride out the storm
Currently some Real Estate agents are refusing commercial rental listings-that tells you something.

[daring dragoon]

yes land is a good investment but when more an more people lost their jobs and cant pay rent you will see more apartments empty and you going to find more squatting going on an them squatters boldface. things looking like it will get hard for about 3-5 years. if you get a real good deal take it depending on how much you need it and if you living on the property or not otherwise secure yourself for a 5 years food wise and buy land after. look at the great depression and you can see how to invest your money.

[death365]

land , house, property is the best assets to purchase. there still are people selling out to cover losses from covid

[Chimera]

If you really want to get the usd out you can pay the 8 and 8.5 conversion rate. There are many persons who will sell you usd for that and wire it abroad.

This is akin to selling your house at a 25% discount though but I guess it depends on the individual circumstances one may take that route.

In my wife's family's case they have been living Canada a long time so its not like they needed seed money to get started across there.

You could do alot more with 100k usd than 850k TT.

[Rovin]

I is ah injun.
Buy all the land you can.
Defend with cutlass.

Make sure to put it in at least 10 people name, dead, and watch the Squid Games

make sure to promise some of them it but u really signing it for another ...

[The_Honourable]

I is ah injun.
Buy all the land you can.
Defend with cutlass.

Make sure to put it in at least 10 people name, dead, and watch the Squid Games

make sure to promise some of them it but u really signing it for another ...

Seeta get the upstairs, tina get the downstairs and ravi get the back