OCTOBER 19 - NOVEMBER 19, 2020

THE WEEKLY GLEANER | OCTOBER 15 - O CTOBER 21, 2020 | www .jamaica-gleaner.com | I F OR MANY Jamaicans who have moved away for some time, there comes a point where the prospect of returning home is mesmerising and exciting. With any life-altering move comes a level of uncertainty of what to expect. Here are some tips to bear in mind: 1. HAVE A REALISTIC BUDGET Over the last year and a half, closing costs, general consumption tax (GCT), and mortgage interest rates have trended down. The strength of certain foreign currencies against the Jamaican dollar has also made right now one of the best times to buy real estate. Despite this, the last five years of the Jamaican real estate market have been a seller’s market – where low supply meets high demand and prices of real estate trend up. Returning residents should take into consideration the actual costs of acquiring a property and maintaining it. Seek to understand current exchange rates and real estate market prices by looking at local real estate websites or classifieds. This helps you to better understand your spending power. 2. WORK WITH PROFESSIONALS The process of buying real estate in Jamaica may seem intimidating with the large amount of paperwork. It is very important to have all your personal documents in order (photographic ID, Taxpayer’s Registration Number) beforehand to make the process go smoothly. When making such a significant investment, seek proper guidance through local real estate professionals. Experienced professionals will ask the questions to validate the authenticity and integrity of the purchase throughout the offer process, sale agreement, and transfer of ownership. 3. CONSIDER PURCHASING INSTEAD OF BUILDING Returning residents typically wish to buy land and build their dream home, but the efforts are usually costly as it is always best that the person building is present to make sure that progress is going smoothly. Security is also an issue facing many re t u r n i ng residents wanting to come home. There has been tremendous real estate development on the island over the past decade, which has delivered modern and innovative housing solutions. Many new developments are gated, offer 24- hour security and surveillance, and are located near entertainment, healthcare, and shopping. Whether it is in Kingston or on the north coast, there are a multitude of options available to the returning resident. Whether you are planning to buy, rent, or sell property in Jamaica, visit our website: www.cbjamaica.com For more detailed information, check out our Free Buying Guide at https://www. coldwellbankerislands.com/landing/ jamaica/. 8 RETURNING R ESIDENTS FEATURE THE WEEKLY GLEANER | OCTOBER 19 - NOVEMBER 19, 2020 | www.jamaica-gleaner.com | Real estate tips For persons overseas planning to buy property in Jamaica COLDWELL BANKER JAMAICA REALTY