Owning a home in Barbados may soon become easier for landowners struggling with construction costs, thanks to an upcoming government-backed initiative. Minister of Housing and Lands, Dwight Sutherland, has revealed that the programme, set to launch between 2025 and 2026, will allow landowners to use their property as equity to help finance home construction.
The initiative is designed to assist Barbadians who have land but lack the financial resources to build or complete their homes. By contributing their land as equity, participants will receive government support to construct houses on their plots. Once the land’s value is accounted for, homeowners will then make payments toward the remaining cost of the property.
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Sutherland emphasized that the government’s goal is to make homeownership accessible to all Barbadians, whether they currently own land or not. He noted that, in many cases, the value of the land could significantly reduce the cost of the home, making payments much more affordable.
The programme also aims to help individuals who have started construction but ran out of funds to finish their homes. In such cases, the government could step in to complete the project and offer options for the owners to either rent, sell, or repurchase their property over time.
This initiative ties into a broader effort to optimize land use across the island, including a project focused on repurposing over 25,000 derelict properties and vacant lots for housing development.
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Additionally, the National Housing Corporation (NHC) has already begun piloting another project using private land. According to NHC General Manager Ian Gill, the agency has constructed one home so far, with eight other individuals expressing interest in securing housing solutions through the programme. Homeowners will have the option of choosing between a pre-designed Jura Villa model or a custom-built house.
With the pilot programme gaining momentum, the NHC is preparing to expand its efforts to offer more housing solutions island-wide.
“There’s a lot happening in the Ministry of Housing, all aimed at empowering the ordinary Barbadian,” Sutherland stated. These initiatives not only provide a pathway to homeownership but also help address the issue of abandoned and unfinished structures while maximizing the use of available land.
For many Barbadians, this could be the key to finally turning their dream of owning a home into reality.
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