JAMAICA IS CURRENTLY IN A RENTER’S MARKET. SO FOR ALL OF YOU READY TO MAKE THAT BIG MOVE TO RENT YOUR FIRST APARTMENT, SINGLE FAMILY HOME OR COMMERCIAL SPACE, IF YOU HAVE A BUSINESS, THEN HERE ARE THE TOP 3 THINGS TO KNOW.
1. LET’S TALK BUDGET
Most of us want our dream home, you know, that mansion overlooking the Caribbean Sea. But remember, that all things perfect, come perfectly priced. So what is your budget? Let’s start by being realistic about what you can afford and how much it will cost to live every month. Remember, you have to get that bill paid in full and on time for the duration of your lease. My suggestion, ensure you have about 3 – 4 month’s rent already in the bank because anything can happen. Also, try to keep your rent payment to about 28%-30% of your salary because you will need cash for your other basic needs.
2. WHERE TO RENT AND WHAT TO RENT
Now that you have decided on your budget, your search begins. I will always suggest that you get a realtor. Why? Because we have access to computer systems and databasesthat gives us information on hot new listings daily. It’s easy to go online and click on a pretty picture. But the pretty picture will not tell you everything, for instance, what is the crime situation in the area or is it a good neighbourhood for schools?
3. RENTING ALONE, WITH BAE, OR WITH A FRIEND?
Ok let’s get real. You have to know who you are getting in bed with, literally and not so literally. But no seriously, you have to be really smart about choosing a roommate. Sometimes when lovers fall out of love, all common sense gets kicked out the door and there is no part on your lease agreement that says, ‘for payment, guh ask mi boyfren’. Many times if your roommate or business partner forfeits their agreement, you have to ultimately pay their share of the rent. Are you prepared for that?