Home Editorial Barbados Is Giving Low-income Earners HOPE For Owning A Home

Barbados Is Giving Low-income Earners HOPE For Owning A Home

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Home Ownership Providing Energy Inc. (HOPE) is a Government-owned company with an innovative business model developed to offer attractive, open-plan, hurricane resilient (2 and 3 bedrooms) homes.

The land is provided to home buyers at no cost. They only pay for the construction cost of the house. Instead of paying for the land, each owner must allow HOPE to install photovoltaic (PV) systems on their roof rent-free for 20 years. This system is separate from and independent of the house’s main power supply and income generated by the system is retained by HOPE. At the end of 20 years, ownership of the PV system is transferred to the homeowner where they can receive earnings since the systems can last for 25 – 30 years.

HOPE arranges a 100% mortgage loan to pay for the construction. Depending on the amount of the loan that the home buyer qualifies for, they just need to choose one of the predesigned houses within that price range. The cost also includes all legal and valuation fees. This means the buyer does not have to make a down payment of their own to buy the house.

To qualify the applicant simply needs to be a resident of Barbados who is employed and earning a net monthly income of less than $4000 BDS ($2000 USD) and who doesn’t currently own a home.

Site layout of Phase 1 at Vespera Gardens

More information on the company and its initiatives can be found here: https://www.hopebarbados.com/

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