To many, homeownership may sound like an academic exercise. My experience has shown me that these are probably the 7 most important factors that would impact an individual’s decision to purchase a particular home. When we consider that homeownership might be one of the greatest decisions we make in our lifetime, it is worthwhile to review them and see how we measure up.

1. Location: In general, people would often choose a community or neighbourhood based on its location relative to their daily activities, lifestyle and convenience. Location often speaks to access to amenities or can also refer to denial of access from those considered to be undesirable. No matter where you stand, desirable locations are perceived to be safe and come with automatic barriers to entry. Some barriers might be physical in the form of gates and security guards while others might simply be the price of the properties themselves.
2. Price: For most individuals, price and budget are things they cannot control when considering purchasing a home. However, prices directly impact mortgage affordability and would also restrict choice when considering what can be purchased. Over the last 20 years, house prices have increased by 800% and more in some instances. On average, house prices in Trinidad and Tobago now range from $1.2 million to $2.4 million, which might require a two-income household to comfortably afford the average 30-year mortgage.
3. Security: Security now stands as a critical consideration when buying a house in Trinidad and Tobago. The safety of your home and your neighbourhood can significantly impact your quality of life and the overall value of your investment. Rising crime in Trinidad and Tobago has also given rise to more and more gated communities, rigorous screening of visitors while introducing active neighbourhood watch programs. People now spend significantly more on home security than 10 years ago. Rising inflation and increased desperation are but two factors that have contributed to this spiral in crime over the years.
4. Flooding: Some areas in Trinidad and Tobago are susceptible to heavy rainfall and occasional flooding, particularly during the rainy season. Simple tell-tale signs would be the elevation of the property and surrounding areas, proximity to rivers and historical flooding in the area. Other important factors to consider would be the existence of proper drainage systems and flood mitigation mechanisms. I always recommend talking to persons who have lived in the area for a long time to hear the voice of experience. Another simple test would be to ask about flood insurance for the area you are considering. If the insurance company seems apprehensive, it just might be that the risk of flooding is extremely high, which can impact your safety and the value of your home.
5. Resale Value: Good resale value helps to protect your investment and may even offer potential returns when deciding to sell in the future. A reasonable gauge would be to consider historical data and market trends in the area to project potential appreciation. Properties in desirable communities, access to popular amenities, low crime, and great infrastructure tend to maintain their value and see consistent increases over time. Consistent maintenance and upgrades help to give a greater chance of positively impacting a property’s worth.
6. Community: When buying a house, it is important to not only assess the desired property but the surrounding community to ensure a well-rounded and satisfying living experience. Many communities are close-knit with an existing set of values, norms, and cultural experiences. The reputation and desirability of a community can impact a property’s value over time. Some communities are very active and aid in maintaining the recreational facilities, add value to the nearby schools, and support each other to ensure the community is well-managed and remains a desirable place to live.
7. Support Systems: As simple as it might sound, support systems include the proximity to relatives, parents, and grandparents. Although homeownership might provide a sense of independence, this factor would allow emotional support, childcare, and assistance during times of need. Many persons depend on support systems to maintain cultural connections and strengthen social ties. This also makes it easy to foster healthy family traditions. It also ensures a sense of belonging when you know you have family on which you can depend. To this day, many persons choose to purchase a home that would be close to their family or give quick access to their support systems.

Summary: Many factors may influence your decision to purchase a home in Trinidad and Tobago. I have outlined the 7 considerations that seem to have the greatest impact on individuals becoming successful homeowners. Location, price, security, flooding, resale value, community, and support systems can make or break this decision.