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 A person, company or business offering a property for sale. ... More may take 5% to start the process but I don’t want you to count on that cause that doesn’t 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, yeah, 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. So if you looking at a property that is 10 million dollars, save 2 million dollars. You looking at something that is 11 million dollars, save 2.2. million dollars, you get it? I know your maths is great.