Buy Real Estate in Jamaica – A Guide

The moment you make the decision to buy real estate in Jamaica, it’s essential for you to become knowledgeable of everything that is included in this process. Regardless of whether you would be interested in residential home, farm land, residential land or commercial buildings, you will need to comply with the Jamaica real estate laws and regulations.

This can be a simple or complicated procedure, depending on the type of property you are acquiring or if it’s a cash or mortgage loan purchase. If you need assistance, some simple suggestions are given below and can guide you to purchase a home in Cherry Gardens or an office space in New Kingston.

Prior to your search to find the property that you need to buy, it would be best to get the pre-qualified for the mortgage first. You could do this at one of the financial institutions in Jamaica or at the National Housing Trust (NHT). Obtaining this pre-approval for a real estate mortgage will be just as essential as when you are buying the Jamaican property.

Most people do this after they began their search for suitable properties, but this pre-approval process could save you a substantial amount of time in the end. This means that when you are ready to buy real estate in Jamaica, you would already know the exact amount that the lender is committing to and not waste your time viewing real estate properties that you cannot afford to purchase.

Unquestionably, whenever you submit an offer to purchase it is highly likely that you would get the property because you had the pre-qualification letter to accompany the offer.

Typically, the leading mortgage companies in Jamaica for real estate loans are Jamaica National Building Society, Victoria Mutual Building Society, First Caribbean and Scotia Jamaica Building Society.

They provide both company and individual with a pre-qualification letters which will state the highest amount that a person can get for a loan and how much they are willing to supply.

However, before going for this pre-qualification letter, you should have your statement of earnings, proof that you can make the deposit and pay the required closing costs. In addition, the financial institution will ask you for other monthly expenses like credit card payments, motor vehicle loans, utility bills or any other financial obligations.

The following would enable the mortgage bank to ascertain exactly how much would be given to you as the loan.

When you deciding which of the financial institutions to chose, try not to opt for one that is offering you significantly lower interest rates. Most lending institutions currently have a high rate and if one is offering you a package which is actually below the current market rates in Jamaica, you can expect to pay some hidden costs. In addition, you should keep in mind that these companies are totally unrelated as they are separate entities.

Make sure that the areas you are thinking of purchasing this property will not have a negative effect on the future value for this investment. This means that you should research the area carefully and stay away from locations with issues such a high crime rate.

These areas are not good to buy real estate in Jamaica, especially when you want this investment to yield good returns in the long term. Presently, the rental market in Kingston is flourishing, so you could look at the possibilities to purchase apartments in areas such as Golden Triangle or commercial buildings in New Kingston.

Buying Real Estate – There Has Never Been a Better Time

Despite the downturn in housing values and sales last year, figures have shown that New Zealand house values have risen over one percent in the last twelve months, according to QV Valuations. An optimistic future is predicted for 2010, with the early months of January and February anticipated to experience increased activity in housing sales, leading to a more balanced marketplace. Consumer confidence is matching the market trends, with the November ASB confidence survey which showed that New Zealanders’ are increasingly optimistic about the housing market with the majority of respondents indicating that now was a good time to buy a house.

With the popularity of online auction sites such as Trademe, the appeal of listing and purchasing your property independently seems to be on the rise. However, statistics illustrate that there are many benefits to using a reputable real estate agent when buying and selling. Buying real estate is one of the most important decisions that individuals and families will make in their lifetimes, and all care and due diligence should be taken when going through the complex process, which can involve many legal loopholes.

An accredited and experienced realtor will be able to assist with the whole process, from setting a price to negotiating and closing the sale. As realtors are aware of the market trends in housing, along with recent sales that may have occurred in the area of interest, they will be able to advise you on a suitable and fair price for the property, avoiding any costly agreements that may be overpriced. Additionally, the knowledge of the neighbourhood can provide important information to base your decision upon, including noise levels, shopping, demographics and schooling.

With a purchase of this scale, agents have injected some much needed objectivity into the process, providing an unemotional view of the home, highlighting the potential drawbacks and flaws of a home, something an owner has little incentive to do. Agents possess the skills required to draft contracts, with the knowledge of what information must be included in the documents, including any stipulations that should be made on the contract.

The process of negotiation can be time consuming and stressful. With acquired skills in the art of selling, agents can effectively and efficiently accept or modify an offer or counter-offer. Once the offer has been accepted, many real estate professionals will also be able to provide advice on inspection, finance, title searches, real estate lawyers and ensure that any stipulations in the contract are fulfilled before the purchase and possession is complete.

There is no doubt that rising consumer optimism coupled with increasing sales figures in New Zealand will result in increasing demand for real estate in 2010 and beyond. As one of the biggest decisions of your life, ensure that you utilise the services of a professional real estate agency to get the best value for money in the market, while providing sound advice and support through the whole process.

Why Buy Real Estate On The Water

How would you like to live on the water? This is a dream that most people want to fulfill at some point and that is why I highly recommend buying real estate on the water. Not only will this give you a better home right now, it will also be better when it comes time to sell it. Just keep in mind that real estate on the water is very limited and that is why you need to get it now and hold onto it as long as you can.

Why Buy Real Estate On The Water

Better View – One of the reasons why you should buy real estate that is on the water is because it will come with a much better view. When you are looking at another house right in front of you that won’t get you the biggest price tag, a view of the water will though. This is why a lot of people like to buy real estate on the water because they know that once they are done enjoying it, then they can sell it for a huge profit to somebody else that wants to enjoy the water just as much as they did.

Higher Resale Price – Did you know that a view of the water will yield you a much higher retail price once you are ready to sell it? This is a good reason to buy houses on the water because you will be able to get more out of it when you are ready to sell it. Just keep in mind that it will cost more at first but it is well worth it in the end.

Always Wanted – Being that real estate on the water is in limited supply, they are always wanted and because of that you can get a great offer if you own a nice property. This is why many people look for real estate on the water because they know that they might spend a little more for it at first but once somebody comes along and wants it, they will more than get their initial investment back.

Buying real estate on the water is not for everybody and it will matter where your property is located. If you are buying a piece of property on the back of a swamp, then that might not increase the value that much, however, if you are buying a house on the water in Malibu, then the amount will increase drastically. Just know where is the best place to buy a house and how important water is in that area.