Jamaica is one of the most beautiful islands in the Caribbean. Attracting more than 2 million visitors a year with another 2 million from cruise ships. Former residents of Jamaica and those of Jamaican parentage feel connected to the island and are considering the purchase of property on the island.
Are you contemplating the purchase of your first, second, retirement or investment property in Jamaica? Read on to avoid pitfalls and costly mistakes.
First step is to clearly identify the purpose of your purchase. For example, is this an investment property, a vacation home, or are you planning to relocate? For each of these examples, location will be a substantial factor. Educate yourself on the top locations to buy in
Jamaica and on the general process of making a purchase on the island.
Secondly, understand your finances. Work with a financial institution to understand how much you pre-qualify for. No sense in locating your dream home and lack the funds to make it a reality.
It’s much more than the cost of the property to consider. When purchasing property, one must consider all fees involved such as, and not limited to; Legal fees of 2-3%, stamp duty fees of 2%, registration fee of 0.25%, realtor fees of 3-5%. When purchasing a pre-constructed home, consider the cost of escalation fees which are approximately 25-30%.
Finally, before you make an offer, ensure you have engaged the services of an Attorney-at-Law. It is best to retain an Attorney-at-Law that specializes in real estate and is licenced in Jamaica. This is your first line of defence to safeguard your hard-earned monies. Your Attorney-at-Law will maneuver the complex process of the sales agreement and title registration.
Whether you are purchasing a new property or working to obtain title on property you already own, take a look at a recent article I wrote in the latest edition of Caribbean Insider Magazine. The article guides you thru the process of land tilting to ensure your legacy in Jamaica.
Read the full article here, starting on page 10.
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