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Should I get a home inspection? (PT14)

One of the questions I received recently was should I do a home inspection in Jamaica?

As part of your due diligence as purchaser, it would be recommended that you get a valuation report and A surveyor’s report. It fact, if you are getting a home loan, your lender is going to require this.

However, who will speak to the electrical, plumbing or sewage issues with property?

Structural Engineer, Certified Electrician, Plumber

Better yet, you walk into an apartment and there are major cracks on the wall.

Who will speak to the structural integrity of the property? I, your power realtor, Cherine Anderson humbly suggest that you seek the services of a certified electrician, certified plumber, and structural engineer especially if the property is an fixer upper or older 40 years.

Need more information? Get all the details in our free ebook, How to Buy an Apartment or Condo in Jamaica.

 

Need help finding your new home or office? Give us a call at +18765139222 or email me at cherine@mypowerliving.com

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What happens when you make an offer to buy a home in Jamaica? (PT13)

What if my offer is rejected?

Here are 3 things that could happen when you make an offer.

Worst-case scenario, the seller can either flat out reject your offer because there was a better offer, or maybe because they didn’t like your offer. But if you really want the home, make another offer.

Now, the seller could also make a counter offer, this means you are still in the running. If you are okay then you close the deal and start the sales process.

However, if you are not satisfied you also counter this offer. Now you see where this is going? You could have a lot of back and forth until both of you reach an agreement.

In the perfect world – you could put in an offer and the seller could accept. You close the deal and move on with your process.

Need more information? Get all the details in our free ebook, How to Buy an Apartment or Condo in Jamaica.

Need help finding your new home or office? Give us a call at +18765139222 or email me at cherine@mypowerliving.com

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How much will it cost to use a realtor to buy a house in Jamaica? (PT12)

How much do I pay an agent to help me buy a house?

When a property goes on the market through A real estate company an agreement is made between the real estate company (who is the broker) and the seller. As fee is agreed on for the real estate company’s services.

For home sales, there are generally two real estate brokers involved in the deal: one respresenting the seller and the other, representing the buyer. Sometimes, buyers go directly to the listing agent, which would mean there is only one realtor or one broker involved in the process. Agents who represent buyers, we’ll call them buyer’s agent, are compensated by the real estate company that listed the property.

When the home is sold, that broker who originally listed the property, the fee they negotiated with the seller is split between them and the agent who took the buyer to the table. So no, you don’t pay your buyers agent in Jamaica any extra fee to represent you. Buyers agents are compensated by the sellers!

Need more information? Get all the details in our free ebook, How to Buy an Apartment or Condo in Jamaica.

 

Need help finding your new home or office? Give us a call at +18765139222 or email me at cherine@mypowerliving.com

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How much do I need to save to buy a home in Jamaica? (PT11)

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.

Deposit

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.

Closing cost

Remember when we spoke about this back in PT7, so you should just look at this little video right here, check it out to get what is actually included in your closing cost.

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.

 

Need help finding your new home or office? Give us a call at +18765139222 or email me at cherine@mypowerliving.com

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How Long Does It Take to Buy A Home In Jamaica (PT10)

How long does it take to buy a house? No, really how long does this house buying process take in Jamaica?

Here are 5 things that affect how long your house buying process in Jamaica could take:

Cash Rules: From the day you sign your sale agreement and make that deposit, a typical cash sale can close anywhere between 30 -45 days in Jamaica.

Mortgage: Because of different internal processes and schedules, some lenders will take different lengths of time to process your mortgage. Now, some have committees that meet more frequently, others not so frequently. So when using a mortgage it actually takes about anywhere 90-120 days close your sale.

The Attorney: The attorneys are crucial, especially the vendor’s attorney because they’re preparing the agreement for sale and they’re also submitting all the documents. So if everything is done in a timely manner, then the sale can run relatively smoothly. Remember, as buyer, you hire an attorney as well. So if the vendor’s attorney is trying to send information that gets read 2 weeks later, that’s delaying your process. Call your attorney every week and ensure you get an update on the process. REMEMBER, YOU ARE PAYING THEM!

Government Offices: Remember, every agreement for sale must be stamped and assessed. Sometimes, if there is a backlog in system, it can delay the process. But there are different parts of the process can be expedited for a fee. Ask you attorney.

And the final and most important thing that could delay the process is YOU: I told you earlier, get all your ducks in a row. Make sure you have your deposit and closing cost saved because the minute you start your sale, things are going to be required and if you delay submitting required documents then you’re holding up your own progress.

Need more information? Get all the details in our free ebook, How to Buy an Apartment or Condo in Jamaica.

Need help finding your new home or office? Give us a call at +18765139222 or email me at cherine@mypowerliving.com

BEFORE YOU GO

Learn How To Buy An Apartment or Condo in Jamaica

This FREE (and highly resourceful) eBook will give you several tips and strategies to help you buy an apartment or condo.

I do not want to buy an apartment