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Buy land rather than 'expensive cars'- Hon Vanterpool to young people

- said Government & banks should make it easier for young people to buy property
September 24th, 2020 | Tags: Mark. H. Vanterpool land property expensive cars motion HOA
Member of the Opposition and prominent businessman, Honourable Mark H. Vanterpool (R4) has encouraged young people in the Virgin Islands to buy property rather than expensive cars. Photo: Internet Source
Successful businessman, Honourable Mark H. Vanterpool (R4), centre, said he has never regretted investing in property as the move has brought rewards for him. He noted too that Government and banks should make it easier for young people to buy property. Photo: Facebook/File
Successful businessman, Honourable Mark H. Vanterpool (R4), centre, said he has never regretted investing in property as the move has brought rewards for him. He noted too that Government and banks should make it easier for young people to buy property. Photo: Facebook/File
DUFF'S BOTTOM, Tortola, VI- Member of the Opposition and prominent businessman, Honourable Mark H. Vanterpool (D4) said he has no regrets in investing in land and is advising young persons in the Virgin Islands (VI) to follow his lead.

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.

46 Responses to “Buy land rather than 'expensive cars'- Hon Vanterpool to young people”

  • Real (24/09/2020, 09:33) Like (64) Dislike (2) Reply
    Honestly! The old school drug people used their money and invest in business. The new school drug dealers invest in Gucci chains & scooter.
    • YES! (24/09/2020, 10:07) Like (10) Dislike (0) Reply
      YESSS! and help build the economy.. the new gen just flashy for no damn reason!
    • lol (24/09/2020, 14:51) Like (10) Dislike (0) Reply
      Facttttttssssss!!!! The old school was the smart ones
    • Hmm (24/09/2020, 15:12) Like (3) Dislike (0) Reply
      Banks charge higher interest to lend on cars, and we look after our cars more carefully than we do our houses.
  • ... (24/09/2020, 09:34) Like (36) Dislike (10) Reply
    It's not that we don't want to, but vehicle loans are easier for some strange reason. It's much more easier for a bank to approve me for a 35k- 40k car from TAG because the "car" is the collateral(THAT DEPRECIATES). I'm assuming land isn't collateral (-_-). ohhhhh, and some of these land just too damn expensive!
    • Guest (24/09/2020, 11:45) Like (13) Dislike (0) Reply
      land is collateral, someone can correct me if i'm wrong
      • ... (24/09/2020, 14:53) Like (0) Dislike (0) Reply
        Yes, I am aware that land is collateral, I only said that to get my point across.
    • DEDE (24/09/2020, 12:13) Like (11) Dislike (0) Reply
      I wish I could like your comment a thousand time. You sum it so correct. It puzzles me how they are willing to give you $40,000.00 or more in some cases for a car but make you jump thru hoops and fire for the same amount to buy land. From the time a car leave the assembly line it depreciates but land increases in value. It helps to build wealth for families who may later use it to start business or past on for generation.
      • But (24/09/2020, 12:44) Like (9) Dislike (0) Reply
        banks dont want to build wealth - only for themselves.

        they make money by lending to people. short term, high interest. rinse repeat.

        poor stay poor, rich stay rich
    • Liability! (25/09/2020, 03:46) Like (1) Dislike (0) Reply
      The banks love cars. They don't have to worry much about the car once its in your possession. They insist that it has to be comprehensively insured so if you wreck it the insurance deal with it. You miss a few payments they send the tow truck for it.
  • talk is cheap (24/09/2020, 09:35) Like (13) Dislike (1) Reply
    but money buy land
  • SOTS (24/09/2020, 09:36) Like (38) Dislike (1) Reply
    The government should start a program where crown land is made more affordable so the less fortunate will be able to own or build a home.
    • DEDE (24/09/2020, 11:56) Like (12) Dislike (0) Reply

      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.
      • TruDat! (24/09/2020, 13:41) Like (6) Dislike (0) Reply
        Soooo many tales just like yours - Government should be trying to get this land into the hands of the lower income BVI Islanders instead of sitting on it and blocking every attempt to buy.
    • bvi (24/09/2020, 17:54) Like (2) Dislike (2) Reply
      And WHO just WHO will rush lineup for cheap BVI crown land? oh ok
  • one eye (24/09/2020, 09:50) Like (8) Dislike (0) Reply
    Where is the land bank I agree with Vanterpool
  • Ghost (24/09/2020, 10:12) Like (2) Dislike (0) Reply
    I agree with the sentiments of some of you that some of these young kids today would rather have the expensive cars, clothes and jewelry..They rather waste their monies on Nonsense than invest .. for years I would tell young people to invest in buying land and build apts and hopefully by the Will of God they will live to repay that 30 yr loan and reap the benefits of their labor.. I wish I had one to tell me about buying land but didn’t.. also to some of these land owners are trying to kill people with the price they are selling the land for . They want 2 arms and 2 legs just for them to make a profit which is so unfair for the locals can’t afford it and they know this.. but Great advice mark. Gov’t Should look into this.. as it relates to crown land well this is another story - political gimmick at times - still waiting for mine since NDP was in power ..
  • I agree (24/09/2020, 10:25) Like (6) Dislike (0) Reply
    The young people of today is buying chains expensive cars to floss.
  • nonsense (24/09/2020, 10:26) Like (12) Dislike (1) Reply
    You apply for Government land over and over, they keep saying they put you on list and will contact you, they never do. They give land to who them want, you can't afford to land from the realtors, when you go to the bank for the land loan for so much money, when are you going to build home. This place is ridiculous, bunch of talk and no assistance for the young people who want to help themselves, its a who you for and your last name in this place. You can't see your way in your own country its sad. How much young people still living with their parents, they want to be on their own, but cost of living here is to high. They want to do things from them self, but this system is set up for persons to fail.
  • True (24/09/2020, 10:46) Like (7) Dislike (0) Reply
    Good advice but with the cost of real estate here, the blood thirsty banks and the meagre earnings we call a salary land and homes are harder to achieve at a young age. Often times if land isn’t given or willed to young ppl they wouldn’t get piece of the honey in the rock.
  • GG (24/09/2020, 10:53) Like (1) Dislike (4) Reply
    They rather drive Benz and BMW than ride scooter and save money
  • small man (24/09/2020, 11:04) Like (7) Dislike (1) Reply
    The social security board is competing against us by buying up all the cheap land thats available
  • Old talk (24/09/2020, 11:31) Like (14) Dislike (0) Reply
    Pure nonsense, Government is the owner of National Bank and can put these measures in place there, on conjunction with liaising with FSC where necessary. All NBVI needs is capitalization and they can run these programs there. Our Government Ministers don't feel our pain and are just spitting in our faces with this pretend nonsense. The banks fall under FSC, not Government so tell me what ranting and raving in HOA can do to the banks? NOTHING! They will continue as is because they too know all the Ministers are doing is grand standing. We got the Government we deserved because we are a hateful, short-sighted, nasty minded bunch of people so stop complaining and deal with the suffering.
  • Wiedom (24/09/2020, 11:41) Like (8) Dislike (0) Reply
    I agree 100% but the price of land plus all the fees and issues...its a turn off... But land is definitely a hetter investment.... U still need a vehicle to go to work to pay for the land...
  • Yes Mark (24/09/2020, 11:53) Like (11) Dislike (1) Reply
    You are 100% correct. I am a 28 year old female and I have been saving ever since I was 17 years old to build on the piece of land that my late Grandfather passed on to me. My intentions is to avoid taking out any loans from the bank to build my home. My dream home is a 3 bedroom 2 bath
    LOG CABIN like the ones I saw when I was driving thru THE BLUE RIDGE MOUNTAINS IN TENNESSEE.
    • Deh Watcha (24/09/2020, 13:34) Like (11) Dislike (0) Reply
      I applaud you for the sacrifice in saving to build your home. You already own the land which is a big plus.

      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.
  • @--- (24/09/2020, 12:15) Like (3) Dislike (3) Reply
    Think again!

    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.
  • Sosa (24/09/2020, 12:47) Like (4) Dislike (1) Reply
    Buy land with your parents or siblings. If your monthly payment is $1000, just break that in half. Better still, if its 3 persons, you end up paying less than $350 each within 10 years. Within that 10 years you can also build a plywood house on the property until you can build a concrete. I have seen people do that. The $1200 plus you was paying your landlord monthly can now buy materials and pay for labour. Learning a trade is also a plus, that will reduce labour cost. We bvislanders need to get serious and leave the expensive vehicles, clothing and phones in the stores.
  • Tenant (24/09/2020, 13:16) Like (1) Dislike (0) Reply
    For the life of me I can’t understand why should someone pay $2000 and up to rent an apartment that you are not going to own make no sense. How many BVIslander own their own homes or can afford to own their own homes? What is the price of half an acre? How much does it cost to build a three bedroom two bathroom house?
  • Skrist mon (24/09/2020, 13:38) Like (4) Dislike (0) Reply
    Ppl on minimum wage can't afford the price of land in Tortola only if you running drugs and scheming from businesses. A car if affordable for some ppl where as they feel comfortable with that lifestyle. Everyone wants a house and land but it's a misery. Plus I lived in America for 5yrs now and I'm very happy with my living 3bedroom apartment goes for 1200 and I just moved into my new house with easy access an help from bank where I only pay 1085 a month in mortgage now that's what I call freedom.
    • Quality not quantity (24/09/2020, 14:50) Like (3) Dislike (1) Reply
      That house you paying 1085 ah mount, can it withstand Irma n Maria?
      • @ quality (24/09/2020, 18:50) Like (2) Dislike (0) Reply
        yes it sure can and where i live is storm free no hurricane tornadoes flooding etc, so worry bout finding the galvanized that went missing from your apartment
      • @ q not q (24/09/2020, 20:01) Like (2) Dislike (0) Reply
        lol boy you sound like someone that can't leave the island to better yourself. Move up
  • Blarney Blame (24/09/2020, 14:50) Like (1) Dislike (0) Reply
    For starters, if there was a Municipal transport system reliable, and affordable,the need for cars would be pretty much eliminated. Having a car would be a luxury rather than a necessity that it is now. Multiple vehicles in one family, limited or no parking space airpollution,wasted money are all within the ability of HonVanterpool and his sitting Governing body to rectify. Sift through the bovine crappo folks...Button down shirts a tie and flapping gums are all it is.

  • Servant of God in Christ Jesus. (24/09/2020, 16:33) Like (0) Dislike (1) Reply
    Hon. Mark Vanterpool should be highly honored for giving such a sound and wise advice to the youths of this Country. Land value rises over time. car values falls over time. Plus it cost to maintain and keep them running are additional cost of their buying price. check this out. If you buy a plot of land in 2020 for let's say $40,000, and decide to build no building or farm it, in about 2030 it could be worth as much as $120,000. To the contrary, if you but a car only for liesure, or pleasure, rather than a work truck, taxi, backhoe and such like, you are not a progressive thinker, you are a wise spender. Hon. Mark Vanterpool is right on point. Very good advice Mark. You are a winner who desire for others to become a winner as you are. May God continue to bless you with even vrestor wisdom. Thank you, Sir.
  • Planning (24/09/2020, 16:56) Like (1) Dislike (0) Reply
    I think where it begins is people learning how to manage themselves which will transfer into what they accomplish. If persons don't have the mindset to excel and put their lives in order, nothing will happen. You can't go around with a negative mind saying that land is too expensive. Keep looking! Some will rather live in an apartment, purchase a new car, and land/property no where in sight. Don't talk about your pay not enough, because you too can make a difference by making the right choices. Where does your priority lies? Life does not come with a road map, but you have to take the initiative and guide your life's path to what you would like it to be. The choice is yours in everything!
    • Mrs Tubman (24/09/2020, 22:41) Like (0) Dislike (0) Reply
      People talking about the p r ice of land in the VI but don't want to live where land and rent is cheap.
      The Caribbean is filled with affordable land homes and rentals.

  • Wall Street (24/09/2020, 17:15) Like (4) Dislike (1) Reply
    Finance ,money management, investing should be taught all through school.
    Money management is as important as reading and writing.
  • HAHA (24/09/2020, 17:56) Like (3) Dislike (0) Reply
    Land cost around $50-000 to $100,000 now in the BVI. It’s hard to pay rent and bills and be able to afford loan payments for land with low income jobs.
  • Fanthom (24/09/2020, 18:22) Like (2) Dislike (0) Reply
    Nonsense is spittin fax here! its sad and when you try to do something elsewhere because your application goes straight in the bin them still wex so what you want me to do so you don't want me to be ok in my own country so amma b comfortable somewhere else so whatever!
  • stronger together (24/09/2020, 18:55) Like (5) Dislike (0) Reply
    Mark V has been an entrepreneur in the making since his early days working as a Bank Teller during Barclays Bank days. His advice to the youths about purchasing land instead of expensive Value-Declining cars is rock solid advice; advice that should be coming from government; especially the minister for Human Resources And Labour (Lands). I vividly recall the evening the gentleman announced his candidacy, at the Catholic Center in Virgin Gorda, stating his top priority, (some say Plank) would be to get lands, government lands, in the hands of young and first time home owners enabling them to own homes and future empowerment. But two years since election and there hasn't been any reporting of lands awarded to persons on Virgin Gorda or Anegada. Actually the awarding of lands has become an Election Gimmick during the campaign cycle at which time a few lots would be promised or awarded, or a road cut to a track of land as if to announce the coming of a exciting new homes project; only to be put back to sleep until the next election cycle.
    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.
  • Oy ya yoi (24/09/2020, 19:37) Like (3) Dislike (1) Reply
    Easy old talk that's a whole box of salt you throwing in the wound.
  • Bull (25/09/2020, 08:02) Like (1) Dislike (0) Reply
    All them so rapping and stealing the youth opportunity set of crocks ...then spit in ur faces
  • Nice (26/09/2020, 14:31) Like (3) Dislike (0) Reply
    The cost of land has skyrocketed. Who can afford it?

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