You have been searching for that house or land to buy for a long time! It seems like the minute you see a property you love; it’s gone! I am here to help you get the right property search mindset and learn how to find property for sale in Jamaica.
Fix Your Property Search Mindset
I know you are tired, but don’t give up on your property search. Don’t give in to the thought that there is no hope. Instead, approach your property search with the unwavering belief that your property is out there and you will find and possess it. Keep the picture of your new home and how much you will enjoy it at the forefront of your mind. Encourage yourself daily. Keep going!
Know What You Need in a Property
Here’s what you need to be clear about:
Location
Where do you want to live? How far can you and your family live from work and school? What environment do you want to raise your children in? Even if you can’t afford an attractive house in your desired neighborhood, focus on getting a starter home in or close to that area.
Remember that you can expand on the home over time as your income grows. However, you can’t move your house from an undesirable neighborhood.
Size
What size home does your family need? Sure, you want a bedroom for each child, but they can share a room if they are young. However, be careful about the lot size. Ensure that you have sufficient space if you plan to expand the home.
How to Find Land for Sale in Jamaica
Accessibility
Consider the accessibility of your lot and home. Does the lot have a clear right of way to the main road? How expensive will it be to create a driveway for that particular residential lot?
If it’s an apartment, do you have to share any amenities? Can you manage the possible noise nuisance of living in a townhouse? How will life look and feel in your new space?
Expected Appreciation
You want to purchase in an area growing and increasing in value. Beware of areas that are crime-ridden or can potentially become crime hotspots. Property values stagnate or even drop like a rock in undesirable areas.
Business Prospects
Let’s be honest: mortgage payments are expensive! Therefore, ensure that the home can be re-purposed (or extended) to accommodate a rental unit. But, if you don’t want to live with your tenants, that’s also OK. You can also have a home-based business allowing you to write off a percentage of your mortgage payment as a business expense.
Are you ready to buy your property in Jamaica? Are you self-employed? Then you also need to read this article:
How to Buy a House in Jamaica When You Are Self-Employed
How to Buy Property That’s For Sale By Owner (FSBO)
Some property owners forego a real estate firm and sell their properties directly. How do you find these properties? You will search for them in the newspapers (specifically the Sunday Gleaner) and forums (such as Jamaica Classified Online). But you must commit to buying and searching through the paper every weekend. Remember when you would buy the same Sunday Gleaner to search for a place to rent? Embrace the same energy as you search for these FSBO opportunities in print media and online.
The Importance of Driving Around
You must become familiar with your target area. Drive around on the weekend. What is the area like? Are there loiterers on the streets? Does it feel unsafe? Do you need to adjust the boundaries of your target area? Always pay attention to the vibes of the area. Don’t allow anyone to pressure you into buying in any random area to “have a house.” Remember that you and your family must live there for a long time.
As you drive, look out for those “For Sale” signs. Write down the numbers and call the owners. You never know when and how God will reveal your property.
Exercise Extra Caution With FSBO
While not every case is a scam, we must beware of such events. When dealing with an FSBO case, do NOT hand over any money! Zero. Zilch. Nada. Do not sign any paperwork or hand over your documents to the owner. All you need to do is verbally agree to the price to be paid for the property.
How do you secure the FSBO deal? By moving everything to your attorney ASAP. If you are speaking with an owner and they also want to avoid using an attorney, walk away! Also, do NOT share the same attorney! An attorney can only represent one party’s interests in a real estate deal. Get your attorney on board right away and exchange the contact details of your respective attorneys. Once it gets to the lawyers’ offices, keep all communications between both legal counsels.
Buying Property for Sale by Agent (MLS Listing)
The Jamaican multiple listing service (MLS) is a network on which all real estate brokers list their properties for sale. The demand for property is extremely high in Jamaica and the lower the price range, the more intense the competition to acquire these properties.
How do you find your property on the MLS? By treating it like a job. Check the MLS every morning and every evening, every day. Yes, every day. Real estate agents upload properties into the MLS at any time. So you need to be there and ready to pounce!
How do you access the MLS? You do so via a real estate broker’s website. I suggest you perform a Google search “Jamaican real estate” and select the top three real estate brokers in that search. Then, commit to searching these three websites every day, morning and evening. Remember that finding your new home is a job.
Why are you searching for the top three brokers? Good question. Sometimes it takes a while for a property to appear on all brokers’ sites. So if Company A uploads a property into the MLS, that property immediately appears on Company A’s website. However, it takes a while to appear on the other company’s websites. During that time, someone else would have seen the property and made an offer.
Navigating Pocket Listings
Sometimes real estate agents hold back properties for a short time off the MLS and keep them “in their pockets.” They would advertise these properties in the newspaper to gauge interest and the attractiveness of the prices.
Sometimes, it is clear that an agent is advertising a property (usually when they have already placed it on the MLS). However, they may only advertise the property details (a pocket listing) in the newspaper ad. Whatever it is, always be on the lookout for your property. Remember that you are a house hunter!
How to Secure an MLS Listing
You must have your mortgage preapproval letter and evidence of deposit in hand. This deposit evidence doesn’t need to be a bank statement. It can also be a screenshot (with the date and time showing) of the total balance in the account containing your deposit.
Once you see a property that you like, STOP! Scroll down to the bottom of the listing. You will see these words:
“Listing Courtesy of [Real Estate Firm’s Name]”
Bingo! That’s what you need – the real estate company the seller asked to list their property on the MLS. Take note of the broker’s name and the MLS number. Open another window and do a Google search using both pieces of info. For example, you would type “[Company Name], MLSxxxx.”
The search will take you directly to the real estate agent who uploaded the property. Contact that agent via telephone (do NOT send an email as some of them do not answer their emails frequently) and get the volume and folio to do your due diligence.
However, if you are working with a real estate agent, you can avoid all the hard work. Just tell your agent the MLS number and they will get back to you with the volume and folio numbers for the property.
Once you visit the lot or house, decide whether you want to live there. Please do not get analysis-paralysis. This is why we initially discussed having the right property search mindset and a clear set of criteria. Make an informed decision right away.
If you choose to buy the property, contact the listing agent and tell them you want it. Or, if you are working with a real estate agent, just let them know you want the property. They would advise you on the documents you need to submit with your purchase offer. These will likely include the Offer Form and an Anti-Money Laundering (Know Your Client) Form. Complete both forms and send them to your agent along with your mortgage preapproval letter and evidence of deposit. DO NOT DELAY!
How to Do Your Due Diligence on a Property
Whether you are pursuing an FSBO or a property on the MLS, you must do your due diligence. Even before you hire your attorney, here are the steps you need to complete:
How to Find Property for Sale in Jamaica and Avoid Scams
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- Get the volume and folio: Every registered plot in Jamaica has a volume and folio. This is a number often in the format of a four-digit volume and a three-digit folio, for example, 1234/567. The agent or owner must readily give you this number. But if they refuse: Red Flag! Run!
- Look up the property online: Enter the volume and folio number on the ELandJamaica site to explore the property. The site lets you see the map view of the plot, its size, and geographical coordinates. You can also apply different layers to see what’s built on it and the adjoining plots. However, I want you to look for and find one crucial piece of info: the land valuation number. It is the first thing listed in the Parcel Information box on the map.
- Search for the property’s tax status: Enter the land valuation number on the Tax Administration of Jamaica (TAJ) site. You should ensure that the full name of the person claiming to be the property owner matches the name on the property tax records. However, if there is a difference between both names: Red Flag! Run!
- Check to see if there are any outstanding taxes: Any serious property owner would have paid all taxes in full (except for the current year). If there’s a significant tax balance, kindly note that they must pay off the back taxes before the property can be sold to you.
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It should not take long to do your online due diligence. Once the property clears this phase, you can invest your time, energy, and resources to see it in person.
Do you need to know what professionals to contact to make your real estate dreams a reality? Check out this article:
The Professionals You Need to Buy Property in Jamaica
Master How to Find Property for Sale in Jamaica
I have shared my insights on how to find property for sale in Jamaica (or any other similar real estate market). Now it’s your turn to apply this information to find your house (or your land) to purchase.
Be strong! Be courageous! Your property is out there waiting for you to find it! Go!
May Jesus’ blessings, peace, and wisdom be upon us all,
Sophia.