Buying a home in Jamaica can be draining and overwhelming and when I went through the process for the first time I thought it would have been so helpful to have someone guide me through the various phases of the process.
So, I’ve put together a high level overview of the home buying steps, from start to finish. I hope this is helpful to you during your journey.
Securing a Unit in a New Development
Get an Attorney
I highly recommend using a trustworthy, reliable attorney for any real estate deal in Jamaica. It is always best to get them involved from the very beginning so they can read through all documents from the developer’s attorney to ensure your best interests are protected. If you are in need of an attorney, I can highly recommend Ms. Grandison. We have worked with her for over 10 years in Jamaica. Here information can be found here.
Proof of Funds for Cash Purchase
If you are paying cash for a home you will need to provide bank statements that show proof of funds for the purchase price of the home you are purchasing.
Tax Registration Number
In order to purchase a home in Jamaica you must have a TRN. If you were born in Jamaica you may already have this. If you are not Jamaican, you will need to obtain a TRN which typically takes about a week. I offer a service where individuals receive their TRN 24 to 48 hours after their documents are delivered in Jamaica. If you are in need of a TRN I would be glad to assist. You can get more info here.
Mortgage Pre-approval Letter
If you are planning to obtain a mortgage you will need a pre-approval letter. There are many factors that go into how much you can borrow and what your monthly payment will be. Some of these factors are age, credit score, debt to income ratio and amount of down payment. If you need assistance with a pre-approval letter you can get more info here.
Deposit to Developer
In order to secure a lot you will need to put down a deposit with the developer. Typically deposits range from 5% to 20%.
The Waiting Game
Once you have secured your lot, it typically takes 12 to 24 months for homes to be built and turned over to owners. During this time you need to think about how you are going to furnish your home, whether you will rent Long term, Airbnb or keep the home exclusively for your personal use. If you need assistance during this time or guidance on how to best setup your home, please feel free to schedule a consulting call at a convenient time.
Taking Possession and Setup the Essentials
Once your home is ready for possession you will likely make a trip to Jamaica to take possession and walk through your home for the first time. If you are in this stage and are looking to setup your home with the essentials like A/C, Fans, water tank, perimeter walls, etc…. be sure to check out my new eBook that will assist in setting up your home in one week!
The eBook contains planning check lists for completion before you arrive in Jamaica and daily check lists for each day you are in Jamaica to ensure you get your home setup quickly and efficiently!
Furnish and Manage your home for Airbnb or Personal Use
Once you have taken possession you may want to take the extra step to furnish your home for Airbnb or personal use. This is where most home owners that live abroad really struggle. I can speak from experience…it is very difficult to setup and manage an Airbnb from abroad!
I have put together various services to help home owners efficiently setup and manage their Airbnb’s. Some of our services include:
- Airbnb Online Account Setup
- Airbnb Home Setup and Furnishing
- Property Management for Airbnb and Long Term Rentals
To learn more about our Airbnb services please visit the Services tab on my website.
I hope the above was helpful in outlining the buying process at a high level.
Here are two ways I can help, when you are ready.
- Begin your home buying journey with my 3 day email course. Learn how to obtain a TRN, get pre-approved and find your dream home. Get started here: https://sidehustlemama.ck.page/products/getting-started-email-course
- Need personalized assistance? Book a 60 minute, paid consulting call here: https://calendly.com/sidehustlemama/60-minute-call
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