ACCOMPLISHING YOUR DREAM

Hello Guys

The author need not be a financial analyst, in suggesting that, the average thirty year old professional living in Trinidad and Tobago, wouldn't have three hundred thousand dollars sitting in an account or a couple earning a combined monthly salary of fifty thousand dollars, as is the required downpayment by the financial institutions. 

In this blog, with the assistance from you great bloggers, the author will explore methods in obtaining a dream home in spite of your current financial status. With tried and proven methods, the author himself has accomplished his dream home..

1. Post a conceptual image of the dream house on a calender on the wall of your current home. This will allow your dream to remain top of mind and time bound. 

2.  Analyse the couple's monthly earnings and measure against their monthly expenditure.  The intent of this exercise will be to extract twenty percent of  monthly earnings towards saving for your dream home.

Note:
This is a hard task and will involve enormous sacrifices. 

3. In five years of continuous savings of twenty percent of the couple's earnings, would result in achievement of a sizable amount towards the targeted down payment.

The author and his wife had a combined monthly earning of eighteen thousand dollars, for which he realised, the target of three hundred thousand was still out of his reach, and he needed to have other income to supplement their shortfall. Notwithstanding the time frame for saving, the author never stopped looking at the real-estate market for properties which met his requirements.

The author also consulted an Architect to help crystalize his vision. It also important to note that the couple's financial and other needs changed over the period, but the desire to have a home didn't. And in some cases you may have to scale down the wish list. But there are ways of getting the same dreams for less, by doing it yourself. "DIY"

 4. Engage professionals in solidifying the vision, as design and material play an important part in reducing cost.

5.  Start discussions with Mortgage companies as you will be in a stronger financial position,  the monthly savings will also demostate to the mortgage officer the ability to re - pay a loan.




The author invites Bloggers to comment and post photos, in helping others to realise thier vision of a dream home.

BEGINING TO DREAM

Living in a small expensive apartment in east Trinidad, the author had just gotten married and the couple were expecting a baby in four months time. With a three hour commute into Port of Spain the capital of the island, the couple started the process of acquiring their dream home. 

For most of us, a new home is borne out of necessity rather than a dream. The challenge which most people encounter is conceptualizing and financing a new home. The author decided in 2010 to embark on the biggest adventure he had ever faced in his life.

Firstly built on the advice from the blog before, the author wrote the desires and wish list of  his wife and himself. 

• Four Bedrooms including a Master bedroom.
• Large Kitchen with Breakfast Nook and Pantry.
• Large Living Area or Great Room
• Entertainment and Family Room that accesses a Patio area.
• Large Windows and Doors in living Room which allows natural light.
• High ceiling in Great Room.
• Three Bathrooms and one Powder Room.
• Two Car Garage.
• Laundry Room accessed from the Bedroom area.
• Man Cave and Study area.
• A Pool.
• Hardwood floors finishing throughout the house.
• Most of all, the property must have a Mountain View.

The author wrote the wish list and desires of his wife and himself and consulted online realstate listings in finding houses which met the couple requirements.

The author was pleasantly surprised in finding so many houses which met all their items on their check list. At the time the most popular mortgage financers were Trinidad and Tobago Mortgage Financing Company, (TTMF). 

The author realized that he didn't meet the financial requirements which would afford him his dream home. The list price for these homes ranged from three million to five million dollars. The basic requirements of starting the financing process are:

• Ten percent down payment of asking price. (approximately four hundred thousand dollars)
• Legal fees, closing and Valuation fees. (approximately one hundred thousand dollars)

Please write and tell me if you had a similar experience.

BEGINING TO DREAM

Living in a small expensive apartment in east Trinidad, the author had just gotten married and the couple expecting a baby in four mouths. With a three hour commute into Port of Spain the capital of the island. The couple started the process of acquiring their dream home. 

For most of us, a new home is borne out of necessity rather than a dream. The challenge which most people encounter is conceptualizing and financing a new home. The author decided in 2010 to embark on the biggest adventure he had ever faced in his life.

Firstly built on the advice from the blog before, the author wrote the desires and wish list of  his wife and himself. 

• Four Bedrooms including a Master bedroom.
• Large Kitchen with Breakfast Nook and Pantry.
• Large Living Area or Great Room
• Entertainment and Family Room that accesses a Patio area.
• Large Windows and Doors in living Room which allows natural light.
• High ceiling in Great Room.
• Three Bath Rooms and one Powder Room.
• Two Car Garage.
• Laundry Room accessed from the Bedroom area.
• Man Cave and Study area.
• A Pool.
• Hardwood floors finishing throughout the house.
• Most of all the property must have a Mountain View.

The author wrote the wish list and desires of his wife and himself and consulted online realstate listings in finding houses that met the couple requirements.

The author was pleasantly surprised in finding so many houses that met all their items on their check list. At the time the most popular mortgage financers were Trinidad and Tobago Mortgage Financing Company, (TTMF). 

The author realized that he didn't meet the financial requirements that will afford him his dream home. The list price for these homes ranged from three million to five million dollars. The basic requirements of starting the financing process are:

• Ten percent down payment of asking price. (approximately four hundred thousand dollars)
• Legal fees, closing and Valuation fees. (approximately one hundred thousand dollars)

Please write and tell me if you had a similar experience.

DOING IT YOURSELF

One of the most rewarding experiences in life, will be the acquisition of your own home or realizing your vision in  home renovations.

Most D I Y blogs focus on small decorative projects, transforming small items and outdoor spaces.

This blogs take a critical look at the issues and formulate a road map in transforming your vision of your home into reality.   

The most common or basic desire is a home. 
Where should you start? 
With a dream.
There are some basic steps in achieving your goal of a dream home or perfect home renovation.

By utilizing the experiences of others, the author developed a road map to accomplishing a dream home or a major renovation project. 

By following the steps below the author will solidify the process which you may already know and fill in the gaps that you don't. 

• Write down a wish list. e.g. A view, A stream or pool
• Do not consider financing at this point.
• Consider all future growth and aspirations. e.g. Family expansion and commute to utilities.

• Identify areas on map that embody your desires

• Visit these areas with camera and checklist. 
• Select the locations that best meets your wish list.
• It is important to consult other stakeholders e.g. wife or husband. 

• Review your selection with consideration to major utilities providers, proximity or commute to schools, hospital and place of employment.

• Research design concepts and real estate websites in formulating your vision. Here are a couple of websites you can start with:

• http://www.thebuildingsource.com/

• http://trinidadrealtor.com

Let me Know what you think about these sites and you can look forward for more information in upcoming posts.