So you want to buy a house and you’re probably wondering, how much do I need to save to start the process?
Here are two (2) things that you must save to start your home buying process.
Now the greatest obstacle for most first time home buyers is generally the deposit but in most cases you’re going to be required to pay 10% of the purchase price as the deposit. So you need to have this money saved up front.
In very rare cases, a vendor may take 5% to start the process but I don’t want you to count on that cause that does not happen very often in Jamaica.
Your closing cost is another thing that you need to save to start your process. That will estimate anywhere between 7% – 10% of your purchase price.
Now, except for the government fees, all other fees are negotiable but they attract 16.5% G.C.T. So my recommendation is save 20% of the purchase price of any property that you going after.
If you are looking at a property that is 10 million dollars, save 2 million dollars. If you’re looking at something that is 11 million dollars, save 2.2. million dollars, you get it?
Need more information? Get all the details in our free ebook, How to Buy an Apartment or Condo in Jamaica.
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