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Buy land rather than 'expensive cars'- Hon Vanterpool to young people
He said during the Fourteenth Sitting of the Second Session of the Fourth House of Assembly (HoA) on Tuesday, September 22, 2020, that purchasing land is better than buying expensive cars.
'Buy property'
“I want to use my voice to encourage young people to buy property even if you can’t build on it as yet, it does not rot.”
Hon Vanterpool continued: “It’s your property, it will stay there and whenever you can build a little on it or develop it you can but it is better than buying a fancy expensive car, it goes a long way.”
Meanwhile, Hon Vanterpool said he has not regretted his decision to invest in properties.
“It’s a very good thing. I have no regrets in what I have done in buying property, and I want to encourage others to take this opportunity now where you are exempted from paying the four percent [in taxes] and try to make that investment.”
Banks must help
At the same time, he said banks must also pave the way for residents to go that route.
He explained: “While the government has made the effort to incentivise persons to buy property I am surprised that banks, and I have always tried to understand the economic reason, why banks believe that they are more interested in lending money towards buying cars than buying land. Yes, you may get more interest in a shorter time or whatever it might be, but then you are not investing as a bank in the future economic growth of the country which will eventually help you as a bank to help you grow economically also.”
He continued: “The short term gains is not always the right gain, or the only sometimes you have to invest in the people of the territory as a bank so that those people in turn can invest with you.”
Gov't should get involved
Honourable Vanterpool said while he does not believe that government should stipulate how the private sector should operate, but in areas like this, the government should “at least encourage or incentivise the banks and other institutions like that to invest in a better way when it comes to land ownership in the BVI.”
Notably, at the same sitting of the Hoa, a Motion was brought by Premier and Minister of Finance, Honourable Andrew A. Fahie (R1) to exempt Hon Vanterpool from vacating his seat in the HoA for entering into a contract with Government in a land transfer deal.
No member debated the Motion when it arose.
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46 Responses to “Buy land rather than 'expensive cars'- Hon Vanterpool to young people”
they make money by lending to people. short term, high interest. rinse repeat.
poor stay poor, rich stay rich
Crown land is the cheapest around. The problem is applying for it. Every time I hear about some being issued. I apply. Got a letter once stating that they will contact me to this date nothing. Call a few times was told it goes by year you apply and alphabetically still no response. Last time I check was told that they working on 2006 and I have been applying since around 1999. Guess the haven’t reach to B yet. Still hoping though.
LOG CABIN like the ones I saw when I was driving thru THE BLUE RIDGE MOUNTAINS IN TENNESSEE.
However my advice to you is that at 28yrs, start your building and take it as far as you can and then approach the bank. If you are very good at saving and managing your money you should have no problem dealing with a 20 or 25 year mortgage. That way, with health and strength and long life you would have paid off your loan by the time you are 48yrs and own a piece of developed property outright. As opposed to possible taking or using savings and retirement benefits to build at or during that time. Also life does not come with a specific road map where we see the bumps ahead in life.
I am not to fond of banks either but they serve a purpose and can be used to an advantage.
Good luck with your dream home either way.
Land does DEPRECIATE. When a countrt's economies become non-existant and worth nothing then people leave nd the value of real property depreciates, even land.
The Caribbean is filled with affordable land homes and rentals.
Money management is as important as reading and writing.
Land ownership vs Fancy cars: During my late teens my mother encouraged me to purchase a plot of land as she had also decided on purchasing a lot from a fellow land-owner member. Today the house-size parcel I purchased would easily net me an easy $100,000. Gone are the days of $10,000 and $15,000 lots. Land and property in general appreciate in value; unlike cars and Cigarette boats etc. which are not Investments at all but merely Short-lived Emotional Highs. As a person who worked both in auto sales and insurance, here are few things to consider: Right off the car lot a vehicle's value begins to Devalue. Comprehensive insurance on a new vehicle can easily cost between $1,000 and $1,500 annually; more depending on price, driver age and driving experience. Now for a shocker about the $$s being flushed down the drain. After the first year of ownership, multiply the price paid for the vehicle by 10% - 15% and subtract. Continue doing similarly through year 2, 3, 4, etc. Additionally there is the annual Interest paid to the loan.