Buying a House in Jamaica? You Need These Pros!

 

Buying a house in Jamaica involves several steps and professionals. But, not to worry! Once you know who you will need at each step of the way, you will achieve your goal of homeownership. Let’s get started!

The Pros You Will Need for Buying a House in Jamaica

Here’s a quick list of pros you will need when purchasing real estate in Jamaica:

• • • Accountant
    • Mortgage Officer
    • Real Estate Agent
    • Attorney
    • Land Surveyor
    • Building Inspector
    • Valuator
    • Construction Pros

Let’s talk about why you need each professional:

Accountant

This is not the first professional you’re expecting, right? But, if you are self-employed, you must meet with this professional. The bank/mortgage company will need you to provide several financial documents to verify that you can pay a mortgage from your self-employment proceeds. Your accountant will prepare these documents on your behalf.

Are you self-employed? Ready to buy your first home? Then check out my first article in this series:

How to Buy a House in Jamaica When Self-Employed

Mortgage Officer

Yes, buying a house in Jamaica (or anywhere) requires money! The good news is that we have a thriving mortgage industry. So if you know what to do, you can get a mortgage to purchase your home.

When I searched for a mortgage preapproval, I contacted four banks/mortgage companies to see how much they would be willing to give me as a loan. I was then able to select the one with the best terms. I recommend that you do the same since you need an institution that will give you the most money at the best interest rate. You shop around for every other purchase, so a mortgage should be no different.

Once you receive your mortgage preapproval letter, stay in contact with the person whose name and signature are on the letter (your mortgage officer). Househunting takes time in Jamaica, and you must always ensure that your letter is current (less than six months old).

Real Estate Agent

Now that you have your mortgage preapproval letter, it is time to go househunting! Yay!

You’ve likely watched a lot of HGTV and other cable TV shows based abroad. They visit many houses with their real estate agent before choosing their dream home. Do you think that’s what happens in Jamaica? Unfortunately, not.

If you sign up with an agent, they will send you to view the properties (houses and lots). They will not accompany you (it is rare if they do). If it is a house, they will make arrangements for the occupants to give you access to view it.  Real estate agents in Jamaica have to be security-conscious so that means that they are reluctant to accompany buyers to properties. Anyone can claim to be someone else and lure them to a viewing to be robbed, assaulted, or even killed. It’s harder for criminals to pretend to be sellers. That’s because agents follow extensive procedures in the safety of their offices to ensure that each seller is real and authorized to sell the property.

So, if you are purchasing a home in Jamaica, don’t worry about getting a real estate agent to accompany you to the viewings. What you need as a buyer is to get an agent who will be responsive in sending you properties via email. Also, you want an agent who will quickly give you the volume and folio numbers for properties you may see on the MLS.

Your agent will also arrange for you to view a home (in the case of land, you can drive out any time to look at it). A real estate agent is significantly valuable in giving you insights about how long a property has been on the market and other details and help you negotiate your purchase offer.

Check out this article for some great tips on how to search for properties in Jamaica:

How to Find a Property for Sale in Jamaica

Buying a House in Jamaica: When You Should Get a Real Estate Agent

Everyone benefits from working with a professional agent. When you are a homebuyer, you don’t pay your real estate agent. Instead, the property seller pays commission to both their agent and your agent.

If you are an overseas buyer or a real estate investor, you will benefit from having a real estate agent on your team. They may offer extra advantages such as evaluating deals for the best returns.

Not at the level of a real estate investor as yet? No problem! Here’s an article to help you level up your money game:

How to Build Your Finances to Purchase a Home and Other Assets

Attorney

You MUST get an attorney to guide you to legally and safely purchase property in Jamaica. We all had a front seat to the mayhem that ensued when the government demolished structures built on illegally acquired land. Hiring an attorney will help you avoid land scams.

Attorney’s fees range from 1% to 3% of the property’s purchase price. Your attorney represents your best interests in the transaction. They will ensure that the property is in good standing and ready to be transferred from the seller to you. Furthermore, if any challenges arise during the transaction, your attorney will guide you in resolving the same.

You can’t pack years of legal training and work experience into your brain within months. Take my advice: Hire an attorney!

Land Surveyor

Thou shalt get a property survey! Always! A land survey is among the required documents to get your mortgage approved (after you have signed the sales agreement). Even if you are not getting a mortgage (or if the seller already did a survey), you still should get a land survey.

The land survey report is crucial as it shows the boundaries of your lot, which helps you know the exact geographical location of the property. It will also indicate if a neighbor’s building encroaches on the lot you want to purchase. If the lot has buildings on it, the report will also indicate if there are any breaches (such as a building located too close to the boundary).

The takeaway? Get a land survey done!

Check out this article: How to Find Land for Sale in Jamaica.

Building Inspector

Whether you are purchasing an existing home or a new build, it is best to inspect the house. Paying for a building inspection will ensure you get a pair of expert eyes to scrutinize the property. They will advise you if the roof needs repairs, if there are structural cracks, or if water pools on any area of the property.

Always do your due diligence. You don’t want to purchase a never-ending construction project – especially not as a first-time homeowner.

Valuator

You will need to assess the market value of the property you want to purchase. Your bank/mortgage company will require a valuation report to approve your mortgage. The valuation firm often charges a base rate (that covers travel to the property) and a fixed rate per one million of the value assessed. So the more expensive the property, the higher the valuation report cost.

You will need the valuation report if you get a mortgage for your property purchase. If you are a cash buyer, you can forego this step (if you don’t care about purchasing at actual market value).

Construction Pros

Consult the relevant construction professionals if you plan to renovate the house, make additions, or build a brand-new home. The earlier you bring them on board during your acquisition process, the faster you will have the property of your dreams.

Here are a few of the construction-related pros you may need on your team:

• • • Architect or Draftsman
    • Quantity Surveyor
    • Structural Engineer
    • Project Manager (depending on budget)
    • Builder/Foreman
    • Electrician
    • Plumber
    • Tiler
    • Painter
    • Landscaper

This is not an exhaustive list. Can you think of any additional construction professionals? Leave your suggestions in the comments section below!

Buying a House in Jamaica? Get Your Team Together!

Buying a house in Jamaica involves many steps. However, with the right professionals, you will get through each step with minimal hassles.

Are you ready to purchase your first home? Then stay tuned to this blog.

May Jesus’ blessings, peace, and wisdom be upon us all,

Sophia.