Click HERE for the Covenants.

REQUIREMENTS

1. How can I qualify?

• Be 18 years or older
• Be a resident/citizen of Barbados
• Be employed for no less than two (2) years
• Earn no more than BBD $6000 (NET) per month
  • NET pay is calculated as gross pay less statutory deductions.
• Do not currently own a home

2. Can I apply with another person?

Yes, you can have co-applicants, once each applicant individually meets the requirements listed above (under question #1). The total NET income of the household must not exceed BBD $10,000 per month.

You must also decide if you wish to purchase the property from HOPE as “joint tenants” or “tenants in common”. The main difference between these two concepts is the right of survivorship. If you purchase the property as joint tenants, it will mean that on the death of one of the co-applicants, the property will automatically vest in the surviving co-applicant(s).

Essentially, it means that you cannot leave your interest in the property to another person on your death. For example, if John Brown and Jane Doe purchase the property as joint tenants and Jane Doe dies, then John Brown will become the sole owner of the property. Alternatively, if you purchase the property as “tenants in common”, then you can dispose of your interest in the property to a third party as your share in the property will be treated as a separate and distinct share.

3. What does NET salary entail?

NET salary, under the HOPE program, is the amount of pay remaining after statutory deductions i.e. national insurance (NIS) and Income TAX (PAYE), are deducted from your gross salary. All other deductions are considered temporary and are not considered in the calculation.

HOUSING INFORMATION

1. What type of roof do the houses carry?

Ply, treated pine rafters and battens covered with Permaclad and fitted with hurricane straps for resilience.

2. Would I be able to make improvements to my home?

Once Town & Country planning permissions are obtained where necessary.

3. Is natural gas available?

At present, National Petroleum Corporation does not have natural gas available at Vespera Gardens, but bottle gas may be used.

4. Will the house be fitted with cabinetry?

The house will have built-in closets in the bedrooms & kitchen cupboards.

FINANCING

1. Can I use my current bank for financing the mortgage loan?

For each development, Hope will have a preferred lending institution, which will offer special mortgage rates and save you time.

2. Can I use my own lawyer? Will the legal fees form part of the entire package or will these be required upfront?

Legal fees are part of the entire package. HOPE Inc. has secured a complete package for the buyer that includes a lender and a lawyer to expedite the process. However, you can use your own lawyer at your expense.

3. Will any fees be required up front?

No, you will not have to pay legal, valuation or loan commitment fees.

4. Do I need to make a down-payment?

No, you are not required to make a down payment of any amount. However, if you wish to make a down payment, it will reduce your monthly installments.

PROCESS

1. How long does the application process take?

4-6 weeks.

2. How long does it take to construct the houses?

First we have to prepare the land and put roads and utilities (usually takes 6 months). Then, the construction of the houses will take approximately 5-6 months.

BENEFITS

1. Is there easy access to public transportation?

Our sites are generally chosen with ease of transportation in mind.

MAINTENANCE

1. Who is responsible for the maintenance of the homeowner’s house?

The homeowners are responsible for the maintenance & landscaping of their homes, excluding the photovoltaic system during the period of ownership by HOPE. We will assist all homeowners in the formation of a Home Owners Association to maintain common areas & enforce covenants in order to safeguard the value of your homes.

2. How is garbage collection handled?

Garbage collection will be handled by the Sanitation Service Authority.

GENERAL QUESTIONS

1. Is the land yours when you buy the house?

Yes, you have freehold title to the land.

2. Will pets be allowed?

Yes, domestic pets are allowed.

3. Will rearing of animals be permitted?

No.

4. Is this a gated community?

No, it is an urban residential community.

5. Will my electricity bill be offset by the PV system?

For the first twenty (20) years, all income from the PV system will go to HOPE in exchange for the land it has given to you. There will be two separate and independent meters. One meter records the total electricity received from BL&P i.e. used by the home and paid by you, while the second meter records the total electricity generated by the solar panels that is fed to BL&P. At the end of 20 years, HOPE will give you the PV system and you will receive the earnings from the electricity generated for these remaining years.