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‘Forget fancy cars! Invest in property!’ – Richard C. de Castro
He raised this concern after a caller made mention of it during the Saturday August 22, 2015 edition of Speak Your Mind on JTV Live Channel 55.
“This is a topic that I have spoken about a couple of times and I am glad to see that there are other people in the community who feel the same way,” he said.
“We need to encourage our young people to start a home. It’s easier to buy a car which depreciates as you buy it. It is a little bit more difficult to own a home but it is a solid, sound investment and I would like to encourage every young person out there to think about it. Think about planning to own a home rather than going the easy way or the way that is set up for you right now,” he advised.
He said that there are systems working “against us” in the community and he noted that the banking system is one such system.
“Yes the banking system is making money, they have their programmes that they have designed for themselves. Those programmes might not be the best for you and for me. So look at those programmes carefully and choose the ones that are going to position you in a better position tomorrow, rather than the ones that are going to put you in a less advantageous position,” he said.
He reasoned that rather than buying an expensive car and having a loan payment every month and they end up with an item that is less valuable, “Look at the alternative of probably saving a bit longer, getting some property and building and paying the bank for that property rather than paying rent to somebody else,” he said.
“It is a solid investment for a young person…but do your homework, make a spreadsheet and put all of your lending institutions on that spreadsheet and go down the list…interest rate, the amount, the payments. Analyse it and see which one is giving you the best bang for your money. Make sure you get the best deal for you, not the best deal for them,” he advised.
During the show a person sent a text message to say that it is hard to buy property because of the high prices. But the host of the show said that from his experience, if someone really wants to own property they can.
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24 Responses to “‘Forget fancy cars! Invest in property!’ – Richard C. de Castro”
Maybe the FSC should be interviewing him, where he is regulated.
The key is to reduce the 'cost of construction'
1. A 10 x 10 bedroom for a child is not too small
2. Your walk in closet is bigger than an average bedroom. You closet organizers and use a smaller closet space more effeciently
3. A big kitchen does not mean a more functional kitchen.
4. After you have made the house as smaller as acceptable CHALLENGE the bank appraisal. Houses can be built for less than $175 that I'd being pushed by the bank appraisers.
5. You do not need 3 apartments they are the worst and slowest investments on the dollar. Maybe you put in 1 but 2, 3, 4 apartments don't make sense unless you are a contractor and can build them for less than market rate. Use your money more wizely
McNamara - Government Land Program
Horse Path - Government Land Program
Spooners Estate - Government Land Program
Nibbs Estate - Private/Government land program
North Sound VG - Government Land program
Purcell Estate - Private land program
In actuality you CAN build a house for less than 140