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When purchasing a property, you don’t want to make the wrong move or completely overlook something important. The best thing you can do is educate yourself and be aware of common mistakes buyers make – so you can avoid them and the stress they cause.

1. Miscalculating the Full Costs of Buying

Buying a house will likely be the biggest financial endeavor of your life thus far. Even with all of the low down payment programs available to first-time buyers, it’s no small feat. Down payment aside, other expenses can really add up. Along the way, there will be a few sunk costs, like paying your home inspector and the appraisal fee. The biggest “hidden cost” that comes as a surprise to first-time home buyers is the closing costs, which cover a wide variety of transactional fees and pre-payments.

Down payment aside, other expenses can really add up. Along the way, there will be a few sunk costs, like paying your home inspector and the appraisal fee.

Closing costs can amount to 2 to 5 percent of the home’s purchase price. The best way to determine a comprehensive list of fees is to speak with all of the key players involved in the transaction (your real estate agent, the lender, the insurance provider, the title company, your attorney, etc.) to get an estimate.

2. Only Fixating on the House

The house is obviously a very important part of the home-buying equation. But, I would argue that its surroundings are equally important. As a buyer, you are investing in the community and particularly the neighborhood. If you’re relocating to a new area, it’s especially critical to analyze things like crime rate, school systems, amenities and public transportation options. With a little effort, you can scout neighborhoods like a pro.

3. Being Close-Minded About Inventory

You know the expression, “Don’t judge a book by its cover.” Well, the same thing could be said for buying real estate. Sometimes we are put-off by a listing online, especially if the marketing efforts are lacking. Before ruling out a property based on poor-quality photography, run through its other attributes.

The same can be said about neighborhoods and housing types that are outside of your current knowledge base. As a buyer, the best thing you can do is to keep an open mind and fully explore your options.

4. Letting Emotions Override Your Wallet

Buying a home can be emotional. It can be hard to think logically when a seller has pulled out all of the stops to make you fall in love with his or her home. Trust me, an immaculate and beautifully staged property in your ideal neighborhood may be difficult to pass up. It’s fine to let a home pull at your heartstrings, and to let the emotions help to guide your decision. However, if the financials are a critical driver of your purchase, you’ll want to balance emotions with logic.

I always recommend creating a comparative market analysis to help you determine a home’s fair market value and justify your purchase price.

5. Getting Distracted by “The Small Stuff”

If you’re new to homeownership, it’s difficult to imagine the responsibility that goes into maintaining a property. Heating/cooling systems, roofs, siding and windows are all fundamental components of a home. Home shoppers love to look at the surface items like finishes and paint colors, but you don’t want to become so distracted that you completely ignore what’s under the hood.

Try to compile a list of the big-ticket infrastructure items and how much life is left in each. Request a disclosure form from the seller and press for answers during your home inspection so that you can budget for repairs.

6. Blaming Other People When Things Go Wrong

Investing in real estate always holds some level of risk. It’s only wise to make well-researched choices and to hire experts throughout a transaction. Sadly, even with all the good intentions, sometimes things go south. What’s worse is when you feel like you’re stuck holding the bag. Say, you bought a house and quickly find out the finished basement has a water seepage problem. While it would have been nice for the home inspector to catch the issue, it may not have come up in a visual assessment.

Be your own advocate. Ask the hard questions and think about things from a holistic viewpoint. Also, protect yourself. It’s always best to have a reserve fund to cover the unexpected (when and if they should arise).

Lastly, don’t make the mistake of thinking this is an exhaustive list! Every deal is different, but by avoiding these common mistakes you’ll be putting yourself in a stronger buying position.

A home is likely the most costly asset you will ever own, and it’s not a decision to be taken lightly. The dream of homeownership can quickly turn into a nightmare, leaving you with a lifetime of financial regrets.

Don’t let the home-buying process make a financial fool out of you. Here are four of the biggest home shopping mistakes to avoid:

1. Treating a home solely as an income generating investment

A house should first and foremost be for living in. Rental income is never a sure thing, so the home should be able to serve you if you fall short of the returns you expected. Buying a home in order to use it as rental or guesthouse is not always financially wise, and often yields undesirable results.

2. Comparing your rent to a mortgage payment

Just because you pay a certain amount in rent does not mean you can afford the same amount as a mortgage payment. There are multiple costs associated with purchasing and owning a home that should be taken into consideration.

3. Maxing out your loan

Life can be unpredictable, and it is easy to find yourself suddenly living in a house you can no longer afford. Skip the large mortgage payment and decide on security instead. You can’t put a price on knowing you can stay in your home even if you face a financial crisis or life change.

4. Taking too long to make a decision

Don’t let cosmetic issues like paint colors or outdated décor keep you from putting an offer in on a home. You can take your time later to upgrade the physical imperfections. If a house is priced well, structurally sound, in your desired location, is the right size and has a great layout make an offer.

Real estate purchases most times involve borrowing a large sum of money (mortgage) usually above $100,000 and therefore calls for making informed decisions.  These decisions you don’t have to make on your own.  If you are considering a mortgage we advise you to consider these three points below to assist you in making the best decision.

Take note of your finances:

Figure out what you can spend. Taking a simple inventory of your wallet can help you understand your financial ability and speed up the process. Know your financial limits to prevent potential pitfalls.  For example, if you bring home $3,500.00 per month and have outstanding loans and bills with payments totaling $1,800.00 and the bank requires a monthly payment of $1,400.00 for the mortgage then it’s likely you may eventually default on one of your loans or bills with just $300.00 cash left in hand.

Find a real estate agent:

The search for a home could be very tedious because of limited time and market information.  Use a professional in the real estate field as they will have the time to search for a suitable property and will be aware of available properties for sale in their territory.  They will come with added benefits such as access to properties, understanding of prices, taxes and the buying process etc.

Have a home inspection:

Have an inspection even if the property appears to be in good condition or is relatively new.  In the event that the selling price does not reflect the property flaws, a home inspection may give you a chance to negotiate your offer or withdraw your offer preventing you from making a costly mistake of purchasing a home that needs major repairs you didn’t budget for.

Don’t do it alone, purchasing real estate is a major financial investment.   Assembling a team of knowledgeable professionals such as a financial advisors, lawyers, property inspectors and realtors can provide much needed advice.

Many long-term endeavors involve the use of real property and most times present the option of purchasing.  In some cases land and building will be needed and in other cases only land.  Today we will discuss a few key areas concerning the purchase of land which should be given careful attention.

• Use of the land: Dominica, although a predominantly mountainous country with vast acres of forest, has areas which are flat and areas that are sloping. Many people are charmed by the idea of having flat land but a sloping lot may be quite convenient for your endeavor.

The local planning authority has separated land use into categories: residential, commercial, industrial, institutional, agricultural, tourism and urban development, wildlife, conservation/forestry and protected lands.  The type of land that you purchase should coincide with your plan for the land.  You would not want to buy a piece of land located in a residential area for the purpose of building a factory.

Check with the physical planning authority to find out if the desired area has any restrictions or if the land is fit for your purpose.  It may be considered a hassle, but this may save you from troublesome situations in the future since you will ultimately need permission from the Physical Planning Division to build any structure or feature on the land.

• Budget your money wisely: When purchasing land there are government and other associated fees that the vendor as well as the purchaser have to pay. On a typical land (and building) transfer in Dominica the purchaser pays 4% stamp duty, 1% assurance fund and 2.5% judicial fee of the purchase price or value, whichever is greater.  Often times a lawyer and a surveyor have to be engaged and paid a fee during this transaction.  All these must be factored into your budget.

• Surveys are essential: A land survey plan provides information on the dimensions, access and boundaries of the land. A topographical survey will come in quite handy in providing more information about the gradient of the land allowing you to plan better.

The Gable Roof – is triangular in shape; also known as pitched or peaked roof and are very popular.

Pros: Gable roofs will easily shed water and snow, provide more space for an attic or vaulted ceilings and allow more ventilation.  Their simple design make it easy to build them and cheaper than more complex designs.

Cons: Gable roofs can be problematic in high wind and hurricane areas.  If the frames are not properly constructed with adequate supports, the roof can collapse.  High winds can also cause materials to peel away from gable roofs.  If there is too much of an overhang, winds can create an uplift underneath and cause the roof to detach from the walls.

If a gable roof is used in high wind areas, be sure proper braces are used and have the roof inspected after a large storm to ensure no damage occurred.

The Hip Roof – Slopes on all four sides which are all of equal length and come together at the top to form a ridge.

Pros: Hip roofs are more stable than gable roofs.  The inward slope of all four sides is what makes it more sturdy and durable.  They are excellent for both high wind and snowy areas. The slant of the roof allows snow to easily slide off with no standing water.  Hip roofs offer extra living space for vaulted ceilings or an attic.  They also provide more ventilation and are able to make additions, such as dormers or a crow’s nest.

Cons: Hip roofs are more expensive to build than a gable roof.  It’s a more complex design that requires more building materials.  Also, additional seams can make it easier for water leaks to form if a roofing system is not properly installed.

The Saltbox Roof – is one with two stories in front and one in the back, having a pitched roof with unequal sides, being short and high in front and long and low in the back.  The front of the house is flat and the rear roof line is steeply sloped.

Pros: The slope makes it easy for water to run off, making the saltbox roof good for areas that receive heavy rain.  The asymmetrical design makes it more durable than a simple gable roof.   It adds more living space by making a home one and a half to two stories.

Cons: The design can be tricky, which makes the building costs higher. Although more living space is provided, it isn’t as much as a regular pitched roof.  Also, some of the rooms may have slanted ceilings.

The Flat Roof – It appears to be completely flat but has a slight pitch to allow for water run-off and drainage.  Though generally used in industrial or commercial buildings, this style roof can be found on houses.

Pros: Easy to construct and requires fewer building materials, keeping costs down. It allows for more living space on the roof for a patio, garden.  Heating and cooling units can also be placed on flat roofs, keeping them out of sight. The design is also conducive for installing PV solar panels for a more energy efficient and energy independent home.

Cons: The low pitch makes flat roofs more susceptible to water leakage. They are not advised for high rainfall or high snowfall areas.  Although the upfront cost of building a flat roof is less expensive than a pitched roof, they can be more expensive in the long run due to maintenance and ongoing roof repair and replacement costs.

Ensuring a flat roof is waterproof is imperative. Using material that is continuous with no seams is the best.  The most common materials used are tar and gravel, roll roofing, metal sheets, PVC, TPO, and rubber membrane.

The Butterfly Roof – It is a V-shaped roof constructed of two tandem pieces which are angled up on the outside.  The midsection is angled downward where the two pieces meet into a valley.  The overall effect is of a butterfly’s wings in flight.

Pros: The upper angle of the outer edges allows larger windows to be used.  This gives the home more natural light, lower heating bills in the winter and brings an open feel to the design.  The valley in the midsection of the butterfly roof allows rainwater to be collected, making it beneficial for high drought areas.  The butterfly roof lends itself to an environmentally friendly home design, as PV solar panels, water collection systems and natural light can all be easily incorporated.

Cons: The complexity of the design makes the butterfly roof more expensive.  Not only are the upfront costs higher than conventional roofs, but the maintenance will also be more expensive.

Using a solid, continuous membrane with no seams is the key to keeping a butterfly roof watertight.  Other options are to use metal, organic materials or solar panels.

Millenia Realty has been operating as a broker in Real Estate sales and rentals on the Dominican market since 2010.  Over this period, we have earned the reputation of being trustworthy, fair, flexible and creative.

After doing business the conventional, same ole, same ole way all these years, we realized that both the broker/in-house agent commission-based structure and the broker/fixed salary employee structure often shortchanges the customer and typically disappoints the agent/employee.

We have concluded that a model that allows for complete flexibility and control by the sales person with a parallel commission split will address the inefficiencies and laissez-faire attitudes that we have seen in the conventional model.

This new model forms the basis of the Real Estate Sales Network that we recently launched.   This network offers independent sales professionals who are interested in the fast-paced and lucrative real estate sales business with an opportunity to fast-track their own business by utilizing our brand, our well-established online presence, among other benefits.

The flexibility of agents running their own businesses while they utilize our services lends itself to greater motivation and freedom which will improve on agent commitment and therefore increase client satisfaction.

Anyone interested in using their sales knowledge and experience to develop their own profitable real estate business should contact us to discuss how to join our Sales Affiliate Network.  Millenia Realty’s office is located on 24 Church Lane, Pottersville, Dominica.  We can be reached via email: realty@millenia.dm; phone: (767) 614-1806.

When painting the interior of your home it is important to stick with a cohesive color scheme throughout the entire home (remember to keep the exterior in mind as well). Before selecting paint colors it is also important that you consider what the individual rooms will be used for since color has been proven to have an effect on our mood. Certain colors can also affect the appearance of a room in terms of how large or how small it looks and feels.

Today we share a few tips to help you select the right paint colors for the interior of your home.

• If you want the room to feel energized or comfortable use warm colors such as red, yellow or orange. Warm colors tend to work well when used in rooms that host a lot of activity, such as family rooms or living rooms. Muted shades of these colors would be best as the main color as brighter paint colors can make a room feel overwhelming when they are used too much and too often. Instead, use these brighter tints of warm colors as an accent.
• Cool colors such as blue, green, and purple are ideally used to give a room a relaxing feel by creating a calming sensation. Cool colors are great options for bedrooms as well as sitting rooms but using darker shades such as deep green or navy blue can help the room feel more grounded giving the space a cozy feeling.
• To give a room an open feel or to make it feel larger than it actually is, consider using lighter tints such as pale yellows, blues or even white. Because light colors have minimal visual weight our eyes are not drawn toward them as they would with more vibrant and darker shades. When painting a room keep the ceiling in mind. Using light colors for the ceiling can create the illusion that the room is taller than it is.
• Since darker colors draw our eyes towards the walls they make rooms feel smaller and more intimate. If you have a home library or a study you might want to use dark colors to create a quiet, intimate atmosphere.

I’m thinking of things we can do in Dominica and the first thing that came to my mind is GET MARRIED!  I’m already married but I can always consider renewing my vows in one of those lovely locations here.  Although Dominica is often referred to as untouched, this is an advantage because we can enjoy almost entirely free of charge, the Hot Water Springs, Waterfalls, Lakes, Rivers, Beaches, Forests, Flora and Funa, as well as the God Fearing and Loving People.

What comes to mind when you think of romance? PRIVACY, SECLUSION, QUIETNESS, JOY, COMFORT.  Picture yourself in a cottage surrounded by nature; birds chirping, the sound of a water fall or river flowing nearby, the smell of the forest, the cozy wooden structure, ohh the list can go on and on… and all of that with a loved one.

In addition to the beauty and comfort offered here in Dominica, getting married is pretty simple.

It basically involves obtaining and submitting to Ministry of Social Services, Community Development and Gender Affairs a completed marriage application form, a valid passport(s), original birth certificates and EC$7.5 postage stamps. A Non-marriage Certificate or Statutory Declaration attesting to the marriage status of applicants is also required; in cases where one or both of the applicants are divorced a Decree Absolute is needed, if one spouse died a Death Certificate is needed and in cases where an applicant changed their name a Deed Poll in required.  In cases where relevant documents are not in English, an authentic translation is needed. 

Once the documents are reviewed the applicant can pay relevant fees at the Accounts section.  These fees are:

• Licence Application Fee – EC$300.00
• Additional fee for licence granted under Section 39 (2) where applicants do not meet the two (2) day residency requirements – EC$200.00
• Weekend or public holiday processing fee – EC$204.00

Additional information, details and assistance can be obtained from Ministry of Social Services, Community Development and Gender Affairs.

Ok, we’ve dealt with the serious stuff let’s ponder on the experience of honeymooning in the nature isle.

Some say that Dominica is one of the most exotic and romantic places in the Caribbean and although I haven’t visited sooo many places I must agree from what I’ve seen so far.  There are many locations to choose from, from Calibishie Lodges and Secret Bay in the North to Jungle Bay in the East.  If you are a town person then there is the Fort Young Hotel, Garraway Hotel and Flamboyant Hotel.  Even in the midst of our forests are cottages and eco-lodges such as cocoa cottages offering that natural, calm, snug, pleasant and romantic environment.

Getting married? Take advantage of nature or better yet, the Nature Isle.  Not yet ready to say I DO? A romantic weekend with the significant other is also a reason to enjoy the nature isle.