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.