Get Your House in Order

at properties.

Are you ready?

New buyers often miscalculate the true upfront and financial cost of owning a home. Unless you’re one of the small number paying with cash, there’s a lot to digest.

First off, do you have enough savings for a down payment on a property?

Secondly, if you apply for a loan, is your income enough to service the debt while taking care of your other monthly obligations? What about the closing costs?

Before looking at properties, consult with a lender to see what you can afford.

The Power of a Plan

The most powerful tool is a plan to chart your future.

Focus on managing your money well, paying off and not incurring new debt and settling bills on time so you can strengthen your financial position. Get rid of things like unnecessary monthly subscriptions.

Can you turn a hobby into a second source of income? Have patience and discipline. If the obstacles seem too great, look at your options.

Starter Homes

A first home doesn’t have to be a forever home. A small starter home is typically more affordable and allows first time buyers to step into homeownership at a gentler pace.

The bigger the home, the more it will cost to insure and maintain. A lot of people buy a piece of property and build piecemeal, as finances permit. Some build a couple of rooms and extend later. Many homes have been successfully built in the Bahamas using this model.

Regular Income Earners

Changing regular jobs can affect your fortunes. From a lender’s perspective, your income and employment history are tied to your ability to service your loan. What if the new job doesn’t pan out? Before switching jobs, consider the ways changing jobs may affect the home owning process.

Irregular income

If your earnings are irregular, the challenge is greater. It’s important to understand the ups and downs of how your income operates.

This means understanding the economic seasons and how they relate to the peaks and valleys of your income. Many people will earn more in the cooler months when tourism peaks and second homeowners are in residence. The challenge then is knowing how to manage during lean times when your income is at a lower point.

One thing remains constant - real estate, bought at the right place and at the right price, is one of the best investments anyone can make.

Louis Glickman, the New York real estate tycoon, said: “The best investment on Earth is earth.” people currently experience food insecurity across the country; reported kidnappings soared to more than 1,200 last year, more than double the number in 2021, according to the U.N.; and there were 2,200 homicides in 2022, a dramatic increase over 2021.

The issue that confronts the international community in its desire to be helpful to Haiti is both the lack of meaningful, inclusionary dialogue and a genuine national consensus on the way forward within Haiti, as well as no clear terms under which external forces would be invited into Haiti and by whom; how would such a force be organized and financed; under whose authority would it function and with what mandate and immunity.

In the meantime, it should be acknowledged that the U.S. and Canada are deploying logistical assistance to the Haitian National Police. In the circumstances, it is better than doing nothing.

However, no one should lose sight of the fact that, apart from dictatorships in Haiti, two countries bear the greatest respon- sibility for that country’s condition – France and the U.S. Outside of an agreed multinational military intervention, they should use their considerable influence within Haiti to encourage national consensus on their path forward, including how to deal with the criminal power of the gangs.

CARICOM Heads of Government meet in their regular session in The Bahamas from February 15 to 17. Undoubtedly, Haiti will be on their agenda. They will have to consider the ways in which they can act to be helpful to the people of Haiti within the limits of their capacity.

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