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Buying Real Estate in Jamaica During the Coronavirus Pandemic - Opportunity or Not?

Updated: May 31, 2023

The Jamaica real estate market also felt the pinch of the coronavirus pandemic. Things have not been easy for everyone involved in the industry. However, it seems things are shifting in a more positive direction, at least according to those directly involved in the industry. 

Many Jamaica real estate experts believe that there is no better time to invest in the Jamaica real estate market despite the ongoing coronavirus pandemic. Furthermore, they are even more insistent that there is no better time for buying a house. Here are their arguments that they believe speak for themselves. 

Lower national housing trust rates

The authorities recently reduced the NHT rates to help the real estate market industry cope better with the coronavirus pandemic. At this point, the NHT rates are at the all-time lowest level.

Lower transfer tax rates and stamp duty

These are two more measures introduced by the government to offset the negative effects of the coronavirus pandemic.  

Low-interest rates

Interest rates are also at their lowest point. Money has never been cheaper for investing in real estate. 

Increase in supply of development

Developers are working on new projects already despite everything. Real estate agents believe that this will lead to even more great deals on the market. 

So, if you are convinced, these are the next steps to homeownership.

#1 Get Preapproved

The idea is to evaluate what you can afford, considering everything. To that end, you will be asked to provide proof of income, tax returns (if you are an entrepreneur or business owner), financial statement, tax registration number, and your approval for the financial institution to go through your credit history.

A prequalification letter, which is what you get after the prequalification process is completed, is valid from three to six months. Of course, that's assuming there aren't any major changes in your employment, income, credit history, etc.

#2 House Hunting

With your preapproval letter under your arm, you can start house hunting. Your best chance of finding your dream house lies with a great realtor. So before you go house hunting, you need to go realtor hunting. Well, not in the literal sense, but you need to make sure that you use a realtor's service that understands your preferences and is in perfect alignment with your interest.

#3 Make an Offer

Once your realtor finds you a house you like that is also within your budget range, you need to make an offer. Sometimes the offer is accepted almost immediately. Other times the seller might want to wait for better, higher offers. If the seller stalls or waits, you can choose to up your offer, or maybe put some pressure on the seller by saying that you might withdraw your offer if they don't answer you fast.

Last but not least, consider buying property insurance. After all, buying a house or any property is the biggest investment in their lives for most people. It makes a lot of sense to have it insured.



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