4 Homebuying Tips for 2011

With the start of the New Year, I started thinking about New Year’s Resolutions and what prospective home owners can resolve to do more of (or perhaps less of!) to be more successful in 2011.

In that spirit, I decided to call on my respected network of Jamaican Real Estate Industry players to find out their best pieces of “New Year’s Resolution” homebuyer advice. Their answers are presented below in no particular order.

You may notice some similar pieces of advice, but I kept the insights separate, as something in the way one is framed may resonate differently with you.

1. Be Prepared!

This is one of the most important decisions an individual will ever make.

Home Buyers must first determine exactly what they want. The location, type, size, condition, price of the property and security are very important components in the decision making process; as is accessibility to public and private amenities.

Establish a budget, how much can you spend. Can you afford it? If not; find something close to you budget. Look at all the attendant costs such as cost of financing, legal fees and Government Taxes and Duties.

Establish very early how will the purchase be financed. Check the various sources NHT, Building Societies etc. and be sure that you can meet all their requirements. Look at the interest rates and terms and conditions of prospective lenders and ensure you get the best deal possible.

Engage the services of professionals. Home purchase is one of the biggest investments you will ever make, so you choose wisely and ensure that you get value for money. At the end of it all make sure you enjoy the FRUITS of your labour.

Thanks to: Terrence V. (T.V.) Allen of TV Allen Properties.

2. Get your finances together before you start looking for a house!

There are costs to buying a house — find out how much cash you will need in addition to the down payment plus moving expenses. Get a pre-qualification letter from your mortgage lender that tells you how much money you can borrow. Not being financially prepared is like going to the supermarket checkout and not knowing if you have enough money to give the cashier.
Thanks to: Gina Harrison of Coldwell Banker Jamaica Realty.

3. Negotiate, we are in a Buyer’s Market!

Negotiate,especially on the associated fees. i.e.attorney,realtor. Also try to find a way to reduce closing costs, for example a Split contract (why pay Tansfer Tax etc. on Chattels?).

Remember this is a buyers market and Cash is “king”

Thanks to: Anthony Harris of Access Property Investments Limited.

4. Get Qualified Help!

Use a Realtor who can assist you with market analysis.
Thanks to: Edwin Wint of La Maison Property Services.

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  1. very interested would like to get more advice

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