How to Buy a Home in Trinidad & Tobago

Buying a home in a foreign country can be a daunting task, especially if you're unfamiliar with the local real estate market and regulations. This guide aims to provide expats with a comprehensive overview of the home buying process in Trinidad & Tobago, a beautiful twin-island nation in the Caribbean. From finding houses for sale to understanding the legal requirements, we'll cover all the key topics you need to know.

How do I find houses for sale in Trinidad & Tobago?

There are several ways to find houses for sale in Trinidad & Tobago. Online property portals and real estate agencies are the most common sources. Websites like Terra Caribbean, Trinidad Real Estate, and Property TT offer a wide range of listings. Local newspapers also have property sections. It's advisable to engage a local real estate agent who understands the market and can guide you through the process.

Are there restrictions on foreigners owning property in Trinidad & Tobago?

Yes, there are some restrictions on foreigners owning property in Trinidad & Tobago. Non-residents need to obtain a license to buy property over five acres or if the property is to be used for anything other than personal use. However, there are no restrictions on buying property under five acres for personal use. The license application process can be lengthy, so it's advisable to engage a local attorney to assist.

Does Trinidad & Tobago have an MLS type system?

Trinidad & Tobago does not have a Multiple Listing Service (MLS) like in the United States. However, most real estate agents and agencies have websites where they list available properties. It's important to work with a reputable agent to ensure access to a wide range of listings.

Do brokers have licenses and how do I know if they are licensed?

Yes, real estate brokers in Trinidad & Tobago are required to be licensed. The Real Estate Agents Association of Trinidad & Tobago (REATT) is the governing body that oversees licensing. You can verify a broker's license by checking with REATT or asking the broker to provide proof of their license.

What documents are required when buying a home?

When buying a home in Trinidad & Tobago, you'll need to provide several documents. These include proof of identity (passport), proof of address, proof of income (bank statements, pay slips), and a letter of employment. If you're buying property as a non-resident, you'll also need a license to purchase property.

Do I need a lawyer when buying a home in Trinidad & Tobago?

Yes, it's highly recommended to hire a lawyer when buying a home in Trinidad & Tobago. The lawyer will conduct a title search, prepare the sales agreement, and handle the transfer of ownership. Legal fees typically range from 1% to 3% of the property's purchase price.

Do people typically buy a property with all cash or take out a mortgage?

Both options are common in Trinidad & Tobago. Some buyers choose to pay in cash, while others take out a mortgage. If you're considering a mortgage, it's important to note that non-residents may face higher interest rates and may be required to make a larger down payment.

Are there inspections that take place, and if so what is that process like?

Yes, property inspections are a standard part of the home buying process in Trinidad & Tobago. A professional inspector will examine the property for any structural issues, pest infestations, or other potential problems. The buyer typically pays for the inspection, which can cost several hundred dollars.

What are some of the pitfalls to avoid when buying property in Trinidad & Tobago?

One of the main pitfalls to avoid is not conducting a thorough title search. This can lead to legal issues down the line. It's also important to be aware of the total cost of buying a home, including legal fees, stamp duty, and other closing costs. Finally, be wary of properties that seem too good to be true – they often are.

Expats Talk about Real Estate in Trinidad & Tobago

"We were limited to what the realitor wanted to show us, mainly West Morings. My husband talked to people at work (other expats and locals) and they told us about different areas. We insisted in viewing the other areas we knew of. (Like the US, realitors are looking at their best interest; not yours. They want to show you where they have rental properties, need I say more...) Secondly, Drive to work and back during your work hours once you find the area you like. Adjust the hours or the location depending on your choice. Everyone complains about traffic, but Houston's traffic is the same if not worse with 6 lanes on every road," said one expat living in Port of Spain.

"Laventille, Enterprise, Sea Lots, Blue Basin and some rural places are where you DON'T want to live. If you are brown, you will fit in anywhere. Try for higher ground because flooding is common on days of rain, but not where vegetation is missing because mudslides do happen," wrote a member in Carenage.