How to Buy a Gore Development Home in Jamaica

In the last few years homes in Jamaica have been selling at record paces. Some of the most popular homes are new developments, like the homes Gore Developments Limited builds. Their homes are well-made, spacious, in good locations and have great community amenities. If you are interested in purchasing a Gore Home the below should assist in your home buying experience.

Current Development – Camelot Village Phase 2

Location

Camelot Village Phase 2 is located in Discovery Bay, St. Ann on the North Coast of Jamaica. This is an ideal location for returning residents and anyone looking to invest in Jamaica. Homes on the north coast have doubled in value over the last 5 years and this area is prime for Airbnb rentals and long-term rentals. Homes in this area rent for $800 to $1,000 per month and are listed on Airbnb for $50 to $150 per night. Camelot Village is an ideal location due to the beautiful beaches in Discovery Bay and nearby attractions, restaurants and shops. If you are interested in staying in Discovery Bay, St. Ann you can search for a local Airbnb below.

Home Details and Pricing

Phase 2 includes 163 single family detached homes. This phase will not be gated, but a security team will be put together by the homeowner’s association, once appointed. All homes will be 2 bedrooms, 2 bathrooms and a total of 960 sq. ft. The minimum lot size is 4,350 sq. ft. and larger lots are available at an additional cost. The purchase price is $17,000,000. A 5% deposit of $850,000 plus closing costs of $146,862.50 for a total of $996,862.50 are required to secure a lot. Prices are subject to an escalation fee, up to 10%.

Features

Homes in Camelot Village Phase 2 will include the below features.

• Solid Surface Kitchen Counter
• Breakfast Bar
• Grade-A Sanitary Fixtures
• Enclosed Laundry
• Solar Water Heater
• Solar/Electric Alarm

Another great feature of Gore Homes is that homeowners are permitted to add on to the back of the home and also add a second level. This enables residents to more than double the square footage of the original home. If you have a larger family you could potentially add 2 or 3 additional bedrooms to the home.

How to secure a lot

In order to secure a lot with Gore Homes, you will need to provide the below documents.

1. Completed Application Form (will only be sent to individuals that are on the wait list)
2. Valid ID (Passport, National ID, Driver’s License)
3. TRN (Overseas applicants and non-nationals can apply for a TRN at: Jamaica Tax Office)
4. NIS (for NHT mortgage applicants)
5. Marriage Certificate (if applicable)
6. Birth Certificate (for NHT applicants & persons using National ID or Driver’s License)
7. Letter of Eligibility (for NHT mortgage applicants), Pre-Approval Letter from bank (for individuals securing a mortgage) or proof of ability to purchase by cash.

All of the above documents should be sent to camelotvillagesales@goredevelopments.com.

The Launch

Gore Homes is releasing information for Phase 2 by email to persons already on the wait list only. If you are interested in receiving this information please send an email to camelotvillagesales@goredevelopments.com. The launch will be online only. There will be no physical launch to avoid large groups of people due to COVID19. If interested, I encourage you to send an email to Gore Homes by May 3, 2021, which is when they will release more information to the email list, include the application form and more details pertaining to the online launch.

Helpful Contacts

The below individuals can assist in purchasing any home in Jamaica, including Gore Homes. Please be sure to mention Jess Martin sent you!

Mortgage Broker

I work with Allied Real Estate Mortgage as their Overseas Consultant and can assist in securing a pre-approval letter, letter of commitment and mortgage. Allied works with all the financial institutions in Jamaica to ensure client’s get the best rate and terms possible. Please follow the below link to obtain all requirements and instructions for your home mortgage: https://sidehustlemama.ck.page/mortgage

If you need further assistance, click here to schedule a consulting call!

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I hope the above was useful and sparked your interest in purchasing real estate in Jamaica. If you enjoyed the information or have any questions please leave a comment!

Stay Blessed,

Jess