ADVERTORIAL
Century 21
Your real estate partner in JAMAICA
B
UYING OR selling a property from overseas can be a daunting task. Where do I start? Who do I contact? Who can I trust? We at Century 21 Heave-Ho Properties have over 20 years experience in the business and can help you every step of the way. If you are selling a property, we can help you price and market it to get the quickest price in the shortest time. We will provide you with an estimated net are looking for. proceeds sheet, so will Take a look at the see what your selling many properties on our expenses will be. website at: w w w . c e n If you are looking for tury21jm.com. our property, let one of our experienced agents Please see PROPERTY, 17 find exactly what you
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www.jamaica-gleaner.com
If you are selling a property, we can help you price and market it to get the quickest price in the shortest time.
JULY 12 - 18, 2010 • 15
advertorial
Things to consider before buying a home W
AIT! THAT house may seem like everything you’ve ever wanted but, before you make an offer, take some time to consider a few things beyond the size, style and price. When buying a home, it’s easy to let emotions get in the way of reality, or get sudden amnesia about factors that may make a difference.
Don’t let emotions cloud your judgement
- VISIT AT VARIOUS TIMES OF DAY The windows that let in so much light during the day may be a peeping Tom’s dream at night. That seemingly quiet residential street may be a noisy, highwayfeeder street during morning or evening rush hour; or it may be near impossible to get from your quiet street across traffic and onto the feeder street in the morning. The adjacent school may seem like a nice perk if you’re buying in the summer, but during the school year, daily playground noise and extra traffic may be more than you bargained for.
- LOOK THROUGH RECENT NEWSPAPER ARCHIVES Perhaps the municipal water well that feeds your neighbourhood has high levels of contaminants, or a proposed high-voltage power line may soon be coming through your back yard. You can also check if there are any proposed projects.
- TALK TO NEIGHBOURS How many people in the neighbourhood own their homes? Sometimes it’s hard to tell at first if you’re choosing a neighbourhood that’s primarily rental houses.
- QUIZ THE SELLERS What problems are they aware of that the house had in the past – even if they’ve been fixed? An ice
dam five years ago may have caused water damage that has since been repaired. But it’s good to know that the house may be prone to ice dams so you can take preventive measures rather than find out the hard way. Discovering the basement flooding was solved by building up the landscaping in a particular area will prevent you from levelling the ground there in later years.
- GET A HOME INSPECTION Virtually all houses have defects. Some will be obvious
and most will be curable. But knowing what needs fixing can help you negotiate a lower price - or at least prepare you for costs you’re soon to incur. Strongly consider getting inspections for lead paint, radon and woodeating pests.
- GET DETAILED RECORDS ON PAST IMPROVEMENTS This isn’t always possible. But if you’re told the house’s exterior was painted two years ago – and then see a receipt noting the whole project cost just $1,000 – then you’ll be forewarned that cheaper materials were
used and that you may be looking at repainting sooner than you thought.
- DON’T JUST ASSUME REMODELING WILL BE A SNAP If you voice your ideas to the sellers, you may be able to glean valuable insights. For instance, perhaps that shower is in an odd location because, when remodeling 10 years ago, the previous owners discovered a costly structural impediment to putting a shower where it would seem more appropriate.
- ASK FOR UTILITY BILLS You may adore the Cape Cod architectural style or the high ceilings and walls of glass in a modern home — but those winter heating and summer cooling bills may push your monthly pay-
ments beyond affordable.
- RECONSIDER THE BELLS AND WHISTLES Are you sure you can live with a one-car garage, detached garage, or onstreet parking? The pool may be a nice bonus but can you afford the upkeep?
- EXPLORE THE SURROUND ING AREA If you’re not just making a cross-town move, you may not know that only three blocks away, this pretty neighbourhood backs up to a dumpy commercial area or a less-than-savoury part of town. If the home is near an airport, fire station, police station, hospital or railroad track, expect to hear trains, planes or ambulances throughout the day and night. Make sure you’re not
too close to an agricultural area that may generate odors or kick up dust or other airborne problems.
- PAY CLOSE ATTENTION TO TAXES Don’t just ask what the seller’s most recent tax bill was, ask what several recent tax bills have been. In some areas, houses are re-appraised — and taxed at higher rates — frequently. That great deal and good investment may not seem quite so grand if the property taxes skyrocket year after year. Again, look at newspaper archives or talk to your Realtor about the way taxes are used in this area. In some cities, schools are substantially funded through property taxes – which means you can count on yours increasing regularly. Contributed by the Real Estate board.
NEGRIL ESTATE
The highly anticipated Negril Estate is now in full swing NEGRIL ESTATE, Westmoreland, Jamaica, the premier, world-renowned tourist destination now boasts a first-class, gatedresidential community, located – east of the seven-mile long splendiferous stretch of white-sand beach. Negril Estate, a specially designed housing development, is a dream come true for persons who want to come home to their own little piece of paradise, ideally planned for gracious family living or individual getaway. While some lots provide the most breathtaking and panoramic views of the Negril coastline and seascape hemmed by the azure, frothy white waves of the Caribbean
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sea, other parcels of land capture the lush greenery and majestic, mountainous countryside. Homeowners at Negril Estate speak highly about the maintenance of common areas in this gated community and they enjoy being there. There are beautifully landscaped gardens which are well kept. Parks are safe environment where children can play.
FINE STYLE Negril Estate is completed with all first-world infrastructures to ensure residents live in fine style with all amenities conducive to the good life. Of course, the residential community is in
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close proximity to numerous places for entertainment, daytime-recreational activities and endless golf courses. “Enjoy the life...” says Patrick Fletcher, managing director of Negril Estate Developments. Negril Estate offers nothing less than superb comfort or simply a rendezvous in paradise, conveniently located a stone’s throw from the breathtaking seven-mile, sparkling white-sand beach. See our website: http://www.negril estate.com For further information, contact Patrick Fletcher at (876)-371-3735, (876)- 9529630 or (305)-432-9677.
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advertorial
Why invest in real estate?
PROPERTY Continued from 15 And as members of the Realtors Association of Jamaica, we have access to all properties on the Multiple Listing Service. Call us today at 876 97804710 or email u s c 2 1 j a m @ c e ntury21jm.com You will be glad you did!
Y
OU FREQUENTLY hear about people who made their fortunes investing in the stock market, but you also hear about investors who lost their shirts playing the same game. You hardly ever hear about real-estate investors who go bankrupt, however; that’s because it doesn’t happen often. That’s right: Those individuals who invested wisely in real estate many years ago are living a very comfortable lifestyle. Investing in real estate can garner interesting returns, so if you’re just getting started or have considered investing in real estate, the information that follows is invaluable. Take the risk. No one hears about how much money one can make investing in real estate. That’s probably because it is a well-kept secret. If everyone knew about it, everyone would be doing it, right? Wrong. Much like starting your own business, investing in real estate requires entrepreneurial skills and a vision, which is why not everyone is jumping on the real-estate bandwagon. In fact, most people are not willing to take the risk that real-estate investing entails; fortunately, these are the same people that will make you rich by renting from you. The little secret is that there are hundreds of individuals who procrastinate for every one individual who has a vision and chooses to take the risk. What lies ahead? Investing in real estate requires a lot of time; you need to deal with a vast array of tenants — good ones as well as bad. Just like a business, you also have to deal with operating and fixed expenses, such as bills and renovation costs. For those of you who detest having to dress in a suit all day and sit behind a desk, then this is definitely for you. Your uniform will consist of nothing but casual clothes when going to your tenants to pick up the cheques or seeing how they are coping in your house. Whether you are on the job or vacationing in a quiet resort somewhere, your estate is still working for you. There are a number of benefits besides being your own boss in real estate.
ing a thin line. By keeping a strong positive cash flow, you will have more options and space to manoeuvre.
APPRECIATION Appreciation is the increase in value of a property. There are two kinds of appreciation. The first is from economic conditions beyond your control, such as inflation. But you won’t gain much from this type of appreciation since the gain is offset by the higher cost of living. The second kind is market appreciation, which you can control. When you improve a property (through renovations), you force its value higher. You can purchase a piece of property in need of repairs and bring it back up to neighbourhood standards or slightly higher; this will
CASH FLOW
LEVERAGE Leverage is the ability to borrow a percentage of the value of a piece of property. Real estate, in comparison to other investments, offers a very high degree of leverage. In some cases, a couple buying a single-family home can obtain 95 per cent financing. This allows individuals to purchase real estate with little, if any, of their own money. What other investments offer such a high degree of leverage?
payment you make. Part of each payment goes to interest (applied first) and the rest goes to pay off the principal. The principal reduction is called amortisation reducing debt. Hence, amortisation can make you wealthy, slowly and steadily.
Owning a real-estate business is a great way to achieve your financial freedom. What could be more worthwhile than taking up real estate as either a fulltime business or even a hobby? The benefits are definitely there. Source: askmen.com
AMORTISATION With leverage, or the use of other people’s money, comes a repayment schedule. Your outstanding balance is reduced with every
Features
Cash flow is the difference between your income and your expenses on a piece of property. You can have a positive or negative cash flow. Obviously, you’ll feel a lot better if the cash flow is positive. Never use all of your positive cash flow for rapid debt reduction. You will be walk-
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give you a property that is much higher in value.
• 3BEDROOMS • 3 1/2 BATHROOM TOWN HOUSES • Floor area Apprx 3500 sqft.,COMPLETED. • CONCRETE WALLS,TILES-GRANITE & CERAMIC, ROOFING - DECRO BOND www.jamaica-gleaner.com
Let one of our experienced agents find exactly what you are looking for.
SALE PRICE
$460,000.US (No Escalation) Location; 81 SHORTWOOD Rd. Kingston 8, NORBROOK DEVELOPER: R.MARSDEN 49 MANNINGS HILL ROAD KINGSTON 8 CALL: (876) 449-2399 OR 382-6726
JULY 12 - 18, 2010 • 17
advertorial PALMYRA RESORT
PALMYRA RESORT
T
HE PALMYRA Resort & Spa, the first luxury beachfront condo-hotel in Jamaica, is located on 16 acres of pristine, white sand beach in Montego Bay’s elite enclave of Rose Hall. The Palmyra offers a ground-floor real estate opportunity to purchase a residence or villa within a lush private sanctuary. The luxuriously appointed studios, onetwo- three- and four- bedroom condominiums and penthouses, and threebedroom villas, are fully furnished including full kitchens, premium cable HDTV and high-speed internet access, in addition to private butler and concierge service. Residents of the Palmyra experience island-style luxury living, privileged access to 54 holes of golf at three internationally acclaimed courses and five-star amenities including ESPA, a signature spa designed by renowned designer Susan Harmsworth. The Palmyra Resort & Spa is a member of the Leading Hotel of the World and developed by the Resort Properties Group. For more information, visit www.thepalmyra.com or call 876-953-9787.
Who are Land Surveyors? LAND SURVEYORS are people who study and determine boundaries and other features of land or real estate in order to completely and accurately convey what is owned on paper. In some ways, they are like translators, translating what is in the paper world to the real world situation. Land surveyors are most commonly seen with measuring instruments, especially around road construction, but that is not the only aspect of their job. Often, land surveyors must do a considerable amount of research before even getting to the point where they are out in the field doing surveys. They first must find out what the nature of the job is. In some cases, such surveyors may be contracted privately by a group or may work for a company or organization full time. For example, state governments, who often build roads, may have need of full time land surveyors. A land surveyor may also be employed by companies that engage in a lot of construction activity. Of course, one of the most important things a surveyor does is determine property boundaries. Without the precise measuring of boundaries, projects can quickly become a major problem. While this may or may not be a big deal as far as buildings, if the project is something such as a road, it can significantly alter the desired route. Land surveyors will often note elevation changes and other physical features that could be important as a project progresses. This can add
18 • JULY 12 - 18, 2010
a considerable amount of time to the work involved, but also be invaluable information to those who need to depend on those measurements when making their designs. Therefore, this is an aspect of the job that should not be overlooked. Those professionals depend on an accurate picture of what they are dealing with before the job even begins. As technology has improved, the tools that land surveyors use have also become more sophisticated. While chains, chalk lines and compasses may still be used in some situations, these have likely been replaced in many situations by GPS devices, threedimensional scanning tools and other high tech instru-
ments. These help provide a very accurate picture of what is be surveyed. However, surveyors should always double check their work. Some may feel more comfortable having the work verified by more than one instrument. Once the surveying is complete, a report is made detailing the findings and sent to the interested parties. In some cases, land surveyors may be asked to explain their findings. In particularly contentious situations, such as a legal dispute involving land, they may even be called on to testify in court. However, such situations are extremely rare. Source: www.wisegeek.com
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advertorial
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JULY 12 - 18, 2010 • 19
feature
Investing in REAL ESTATE What you should know 1.What is the purpose of the Real Estate Board? The board was established under the Real Estate (Dealers & Developers) Act 1987 to ensure all persons who practise the business of real estate, that is, dealers, salesmen and developers maintain an acceptable standard of professionalism. 2.How does the board e n s u r e t h e p r ofessionalism o f d e v e l o pers?
This is done by: Registration of each scheme to be undertaken by developers of the land intended for sale, that is, land to be subdivided into lots of six units and over on the basis of approval obtained from the local planning authority: Kingston & St. Andrew Corporation or the parish council. Monitoring activities of developers once registered, to ensure that all deposits paid to the developer for the units in a scheme are placed in a trust account maintained in an authorised financial institution. Withdrawal of funds prior to completion of the scheme by the developer is only permitted under certain conditions. 3. I intend to buy a home advertised by a real estate dealer. What do I need to do? You should consider engaging the services of an attorney-at-law to ensure your interests are fully addressed. In any event, you should ensure the vendor of the house is in a position to transfer the Title to the property upon completion of the sale. Once this has been
ascertained, you will need to enter into an agreement for sale.
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The vendor’s attorney usually prepares this agreement for the signatures of the vendor and the purchaser. Upon execution of the agreement, the purchaser is usually required to pay the vendor a deposit of 10 per cent. The agreement may require a further payment of at least five per cent to facilitate the payment of stamp duty and transfer tax chargeable on the transaction. The balance of the purchase price is usually payable on completion. After signing the contract, it would be wise to lodge a caveat against the title to protect your interest. You should also consider insuring the property, as risk will pass to you once the agreement for sale is executed and stamped, unless otherwise stated. 4.The owner of the land I am buying has suggested that for convenience I u s e h i s a t t o r n e y - a t - l a w . I s t h i s a d v i sable? This is not advisable. To avoid conflict of interest, you should employ your own attorney-at-law to whom you should refer the contract for sale which is usually prepared by the vendor’s attorney. This is also to ensure your interests are fully protected. 5. W h a t a r e t h e c o s t s i n v o l v e d in a real estate transaction? Costs involved by a purchaser on a transfer of property amount to approximately nine per cent of purchase price, broken down as follows: Stamp duty of approximately 5.5 per cent of purchase price (also shared by the purchase and vendor equally); Registration fee of approximately 0.2 per cent of the purchase price (also shared by the purchaser and vendor equally) payable to the Registrar of Titles, 23 Charles Street, Kingston. Recording fee, if unregistered land , a nominal sum; Legal fees for acting for a purchaser in the transfer of a Title range from two to three per cent of the purchase price, exclusive of General Consumption Tax of 15 per cent. Please note each party has to pay his own attorney’s fees for the transfer; Additional legal fees are often incurred in respect of the preparation of the agreement of sale and preparation of the requisite TR 1 Forms ( to effect change of ownership on the tax roll), letters to the utility companies and letter of possession. Please note that transfer tax of 7.5 per cent of the market value of the property is borne by the vendor. 6. I will be requiring mortgage financing to assist me in completing a purchase of real estate in Jamaica. Where can I source some financing? The most common source of financing is a building society mortgage loan, so you might start off by contacting a building society. In this regard, the Building Societies Association of Jamaica, 17 Belmont Road, Kingston 5, should prove helpful. Financing is also available from insurance companies, commercial banks and merchant banks. Commercial banks may also grant purchases interim financing to facilitate completion of the purchase while other funding is being sought. If a purchaser is obtaining financing, additional costs will be incurred, as the purchaser will be responsible for the legal fees for preparation of the mortgage, documentation and Stamp Duty, of approximately 0.725% of the loan amount. 7 . I a m b u y i n g a l o t o f l a n d i n a s u b d ivision scheme. What would you advise
me to do before I enter into a contract and pay down on the land? You should engage the services of an attorney-at-law to peruse any Agreement for Sale as prepared by the vendor. In any event, prior to purchasing any property, a prospective purchaser should always do the following: Determine if approval has been granted by the relevant Parish Council for the subdivision of the land and the date of approval; Obtain a surveyor’s identification report on the land. This is to ascertain whether the boundaries of the land on earth agree with the land described in the Registered Title. The report should also state whether any restrictive covenants have been breached; Obtain a Valuation Report from a professional land appraiser. This is to determine if what you are paying for the land represents true value. 8. I am returning home after living in England since 1960. I need to buy a house in the 50,000.00 pounds range. Who should I contact? Contact a licensed Real Estate Dealer and outline precisely the type of property you need; number of bedrooms, location preferred, land size, etc. There are 160 Licensed Dealers currently practising real estate business throughout Jamaica. The Real Estate Board, 8 Dominica Drive, Kingston 5, Telephone: (876) 926-9748-9, 9609287, 920-2950 or email: reb@cwjamaica.com fax; 926-0010 will supply you with the names and addresses of all Dealers licensed to practise. 9. Two years ago, I signed an Agreement with a developer to buy a town house in a development scheme for four million dollars. I am now informed in a letter from the developer that the town house will now cost me seven million dollars. How can this be fair when the price stated that in the contract, which we both signed, is four million dollars? This is a perfect example of the maxim ‘caveat emptor’ - let the buyer beware. Yes, the price agreed at the time of signing is four million dollars. However, you also agreed in the contract to pay the escalated price as certified by a Quantity Surveyor, following completion of the town house. The relevant section of the contract states in part: ‘In the event that the cost for construction of the town house — is increased to the builder as a result of increased wages, or materials or any additional costs due to stoppage of work or as an increase of interest charges paid or payable by the builder to the financial institution or party providing finance or increased cost arising from the devaluation of the Jamaican dollar or in the building industry or as a result of variations approved by the architect or quantity surveyor or engineer the amount to be paid hereunder for the town house shall be increased by such amounts and the owner within seven days of being notified by the builder shall pay in cash to the builder such increased costs — A Certificate from an Architect or Quantity Surveyor or Engineer as to the amount of such increases shall be final and binding on the parties hereto” You might consider, nevertheless, contacting the developer as to ascertain at what point in time the calculation of escalation commenced and what percentage of construction was completed up to that point.
Please see REAL ESTATE, 21
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advertorial
What Is abandoned property?
What does a property caretaker do? A
Ricardo Makyn/Staff Photographer. An old, abandoned House in Content St Elizabeth. ABANDONED PROPERTY is an asset which an owner appears to have abandoned. Many regions have abandoned property laws which define the amount of time an asset must be left with no activity before it is considered abandoned. As a general rule, abandoned property becomes the property of the government or the person who finds it, although there are sometimes measures in place which allow people to take possession of it. Because rules vary so widely, it is advisable to consult a lawyer before assuming that property is abandoned. In many regions, real estate is specifically excluded from abandoned property laws. Property owners cannot abandon interest in real property. This is designed to prevent situations such as people opting to leave property without providing maintenance. In these instances, the government can pursue the owner of record to collect property taxes, to pay for demolition and to handle other costs associated with the property.
REMANDED Abandoned property such as aircraft and vessels may also be automatically remanded to the state, unlike other types of abandoned property which can become the property of the finder if the finder files documentation. For financial assets such as bank accounts, contents of safe deposit boxes, and so forth, generally, institutions are required to turn such assets over to the state after a set period of inactivity. The state keeps the assets and their documentation, and may make an effort to find the owner. After a set period of time has elapsed,
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ownership of the property can revert to the government, and it can decide what to do. A classic example of a situation in which abandoned property can be found happens when people move out of their homes. Commonly, personal property left behind is treated as abandoned property, and the landlord has the right to dispose of it. Some people opt to leave property they do not want to deal with behind, or may be forced to abandon property because they are moving in a hurry. Landlords may be entitled to withhold part of the deposit to compensate for handling the abandoned personal property. Citizens may be interested to note that in some areas, governments estimate that as much as 10 per cent of the population may have unclaimed abandoned property. Government agencies which process abandoned property have online databases which people can search to see if they are entitled to any property held in the system, and these systems also usually allow people to file claims quickly. While it might seem odd to have assets one does not know about, people can and do forget about things, and sometimes an unclaimed property database can have a pleasant surprise. Source: www.wisegeek. com
As a general rule, abandoned property becomes the property of the government or the person who finds it www.jamaica-gleaner.com
the properties on a regular basis. He normally keeps the places clean and performs minor repairs to keep them in good working order. Seasonal businesses also regularly hire a property caretaker to maintain property during off-seasons. Summer campgrounds and ski lodges usually hire a caretaker to provide a physical presence to deter intruders when the buildings are empty during certain months of the year. These positions typically require the caretaker to protect the property from weather-related harm caused by storms or snow as well.
PROPERTY caretaker takes care of a residential or commercial building or parcel of land for a monetary wage or in exchange for room, board or other services. Property caretakers who look after residential homes are often referred to as estate managers or house sitters. Common commercial caretaking jobs include those at resorts, inns and public campgrounds. These jobs may be short or long-term positions. A property caretaker is frequently preferred over a property manager to care for buildings and homes based on cost and convenience. Property managers frequently charge more for their services than property caretakers do, as caretakers often work for money along with room and board or other benefits. Property managers also often require longterm contracts, while most property caretakers do not.
FIRE SEASONS
MAIL COLLECTION A house sitter is a residential property caretaker who watches over people’s homes when they travel for business or pleasure. The job normally entails plant care, mail collection and light housekeeping. A person with this job may be hired on a long or shortterm basis. People with second homes for seasonal use often hire property caretakers to live in the houses when they are not there. The presence of a human in these homes is usually considered a deterrent to bur-
glars and prowlers as well. Caretakers in these scenarios are ordinarily expected to maintain the property and communicate any problems to the owner. A commercial property
REAL ESTATE Continued from 20 agreed in the contract to pay the escalated price as certified by a Quantity Surveyor, following completion of the town house. The relevant section of the contract states in part: ‘In the event that the cost for construction of the town house — is increased to the builder as a result of increased wages, or materials or any additional costs due to stoppage of work or as an increase of interest charges paid or payable by the builder to the financial institution or party providing finance or increased cost arising from the devaluation of the Jamaican dollar or in the building industry or as a result of variations approved by the architect or quantity surveyor or engineer the amount to be paid hereunder for the town house shall be increased by such amounts and the owner within seven days of being notified by the builder shall pay in cash to the builder such increased costs — A Certificate from an Architect or Quantity Surveyor or Engineer as to the amount of such increases shall be final and binding on the parties hereto”
caretaker frequently resides off-site near the property he tends. Schools, working farms, and historic landmark buildings are commonly maintained by a caretaker who visits
You might consider, nevertheless, contacting the developer as to ascertain at what point in time the calculation of escalation commenced and what percentage of construction was completed up to that point. 11. I bought an apartment 10 months ago. I have received a summons to pay six months maintenance fees ($10,000) said to be owing to the strata corporation. I was not told about maintenance fees I bought the apartment. I was only told about monthly mortgage payments. Can you explain what maintenance fees are? Maintenance fees are quite separate from mortgage charges. Maintenance fees represent charges which go towards a fund to meet monthly expenses for running the common property of an apartment complex, and to meet the payment of annual insurance premiums for the building containing the apartments The Registration (Strata Titles) Act requires that following registration of a strata plan with the Registrar of Titles showing the amount of Strata lots, all proprietors (i.e. registered owners ) effectively become a body corporate, which is required to perform some eight (8) functions ,
Less common property caretaker jobs include those in forests and cemeteries. During fire seasons, some public parks hire people to live in remote areas and periodically climb to the tops of fire lookout towers to check for smoke or fires. Cemeteries located in isolated regions frequently hire a property caretaker to live on the property discourage trespassers and vandals. There are no educational requirements to be a property caretaker. Being handy at light home repairs and adept at housekeeping are generally considered assets for the position. A list of references from satisfied clients is highly desirable for aspiring property caretakers. Source: www.wisegeek .com
including maintenance and management of the common property of insurance. To do this, the corporation must by law: Appoint an Executive Committee made up of apartment owners appointed by them at an Annual General Meeting; Establish a fund sufficient to maintain the apartment complex in good order; The common property is held by the owners as tenants in common, by way of shares proportional to the unit entitlement of their respective lots. Maintenance fees are worked out on the basis of an annual budget prepared by the Executive Committee and approved by owners at the AGM and are a legal charge applicable to each apartment owner. Please note that the Executive Committee is required by law to keep proper books of account in respect of all monies received and spent for the inspection of apartment owners. You should ask your executive committee to explain the basis of your monthly charges in context of expenditure and the annual audited accounts also required by law.
JULY 12 - 18, 2010 • 21
advertorial MELDAM REALTORS
Why put it off? Why say, ‘let’s wait and see?’ MELDAM REALTORS
FOR INTEGRITY AND PROFESSIONALISM Servingg youu forr overr 30 0 years
SELLERS OR BUYERS, SEE US FIRST FOR ALL YOUR REAL ESTATE NEEDS MELDAM REALTORS
COCONUT GROVE COMPLEX, OCHO RIOS, JAMAICA TEL: 876-974-2593 / 876-974-2239 FAX: 876-974-5568 EMAIL: meldamrealtors@cwjamaica.com Website: www.meldamrealty.com Licence 2010-DL/159
CHARLTON ABBEY APARTMENT
• 2Bedroom • 2Bathroom Apmt • Concrete Walls,Tiles ceramic.,Slabbed Roof. Approx. 950sqft 1 Ground unit available only, Completed. Sale Price $11MILLION, (No escalation)
Location: 5 Charlton Rd. Kingston 8. Developer: R. Marsden 49 Mannings Hill Rd., Kingston 8. CALL: (876) 449-2399 OR 382-6726 22 • JULY 12 - 18, 2010
T
HERE’S NO time like the present to ensure you invest in and acquire a piece of ‘The Rock’, a piece of Jamaica, our island home! You may say to yourself: Should I fly down to Jamaica and drive around, looking at the ‘For Sale’ signs and hope to identify somewhere that appeals to me? Should I contact someone there who can advise me,
maybe my distant cousin, who I haven’t seen for umpteen years, or maybe my mum’s old friend living in Clarendon?
PROCEDURES Should I contact a professional? A realtor who can guide me through this process, who knows the intricacies and procedures involved with investing in real estate in Jamaica? That’s what we’ll start with!
Let’s Google realtors in Jamaica, let’s find one of the licensed ones. We would prefer to deal with one who is a member of their Realtors Association, then we could expect a high level of integrity and professionalism. Let’s see if there’s one on the north coast or in the Ocho Rios area, as that’s where we’d like a home for the future when we return. We’d prefer a realtor who’s been in the business for
some time, and one with a user friendly website through which we can browse beforehand to see what prices are like at this time in Jamaica. Their website may even give us helpful hints regarding additional costs, time frames, mortgages etc. Yes, that’s where we’ll start...with a realtor! Let’s get the ball rolling!
Property Assessment PROPERTY ASSESSMENT is a process in which a piece of real estate is inspected to determine its value for the purpose of taxation. Assessment is carried out by a government official or an agency which has a contract with the government. When a property changes hands, the value is usually assumed to be the sales price, and a rate of taxation will be based on that. Property owners can also specifically request an assessment if they feel that their tax rate is unfair. Property assessment is not quite the same thing as appraisal. While both are used to arrive at an estimate of value, appraisals are used differently. Insurance companies may order an appraisal before covering a house, to
confirm that the policy is appropriate for the home. Likewise, people can also request an appraisal for the purpose of determining a reasonable price for a property. The appraiser attempts to determine fair market value, figuring out how much a house will sell for in the given market conditions, and may consider issues such as comparable properties for sale.
ASSESSOR In a property assessment, an inspector verifies that the property is where it is supposed to be, measures the lot, and physically inspects the property. The assessor determines value on the basis of things like the property condition, amenities, size, location, and so forth. This value is used as the base rate for tax calculations, which makes it impor-
tant to confirm that it is correct. In some regions, the assessor may also take note of problematic conditions which should be brought to the attention of code enforcement agencies. The value of a property can fall unexpectedly. People paying high property taxes may request that a property assessment be conducted to adjust the value of the home for purposes of taxation. Likewise, government officials may order an assessment if they think that property values have risen significantly and an adjustment may be necessary. Adjustments are designed to keep the taxes paid on a property at a reasonable level. People can see the current assessed value of a piece of real estate on tax statements. These statements are issued by the branch of local government which handles property taxes, and the statement should include a detailed breakdown of tax rates. For example, someone may pay a flat property tax for the region, along with a school tax, a fire district tax, and a special assessment tax for the city she or he lives in. This agency also handles property assessment tasks, and keeps records on assessment results, if people are interested in knowing how an assessor arrived at a specific number. Source: w w w . w i s e g e e k . c o m
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advertorial COLDWELL BANKER
The new look of real estate
C
OLDWELL BANKER Jamaica Realty has announced the July release of their revamped real estate magazine, KUYA. According to Andrew Issa, broker, “Two years ago we took a chance and published our first magazine of which over 10,000 copies were distributed. Based on positive feedback from readers, we’ve created an exciting ‘new look’ magazine called KUYA, that showcases much more of our beautiful island.
able at Coldwell Banker Jamaica Realty’s web site www.cbjamaica.com. Coldwell Banker Jamaica Realty is a full service real estate company with offices in Kingston, Montego Bay, Ocho Rios and Treasure Beach.
FANTASTIC PROPERTIES We’ve added more editorial content, lifestyle and fashion features and of course, more listings of the fantastic properties available in Jamaica.” The name KUYA is a play on ‘cooyah’ that means “look there”. “We’ve put exceptional resources in place to make KUYA a magazine that will make every one sit up and take notice,” added Issa. KòYA will be distributed to
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Andrew Issa clients and business locations in Jamaica, USA, UK and Canada. For your FREE copy, email your name, mailing address and contact number to sales@cbjamaica.com. After the July release, an online version of KòYA will be avail-
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The name KUYA is a play on ‘cooyah’ that means “look there”. “We’ve put exceptional resources in place to make KUYA a magazine that will make every one sit up and take notice,” JULY 12 - 18, 2010 • 23
advertorial SEE PICTURES AT
HOPE CODLIN & ASSOCIATES
Why choose us?
www.jamaicanproperties.com Email: hcodlinrealty@yahoo.com BROKER: CHARMANE HOPE CODLIN Dl 2009/224
5-7 DUNROBIN AVE., KGN. 10
HOUSES FORREST HILLS WEB# 1482 Contemporary single level House nice lawn space 3br, 2bths, etc. $21M GOLDEN ACRES, RED HILLS WEB# 1406 4br, 3 ½ bths $30M Also WEB# 1501 3 family home 9 bedrooms in all on well fruited lot with view $45m
HUGHENDEN WEB# 1372 Extended and modernized 3br, 2bths, L/D $12M SAN SAN, PORT ANTONIO WEB# 1500 2 storey villa, 3br, 3bths, furnished, pool, on 4 ½ acres of land. $62.25M NORBROOK WEB#1498 Set on quiet cu de sac 2 storey very artsy home of 4 b/r, 4 baths. $43M
CALL OUR SALES MANAGER: LEROY JOHNSON: 876-378-9524
MANDEVILLE
KNOWLES ROAD WEB#1411 4 bedrom 3 baths l/d kitchen. Spacious lot older secure house $14m VILLA CRESCENT WEB# 1491 3 bedroom house of 3,036 sq ft Split level house $18M INGLESIDE WEB#1400 3 b/r 3 ½ baths 5,000 sqr ft of building on ¾ acre land $36m
CALL ROYDELL WILLIAMS: 876-819-2573 Please call us we have many properties for sale from $10 million up, or visit our website. If we don’t have it we will find it for you. www.jamaicanproperties.com TELEPHONE: 876 755-1611 EXCHANGE RATE: APPX. £ 1 = JMD $125
A
T HOPE Codlin & Associates, our only concern is ensuring your satisfaction. So when you are ready for special treatment in the Real Estate and Property Market, you need to talk to us! We work closely with Home Buyers and Sellers, and we can handle the leasing of Residential and Commercial Properties. As part of our core services we also handle Property Management for our valued clients. When you buy a home through us we will: Determine what you can afford with your help. Assist with obtaining Mortgage Financing, show you homes that most closely meet your requirements and walk you through the entire buying process by liaising with Attorneys-at-Law, Valuers, Surveyors, Lending and Government Agencies. We also offer Referrals to:
Auctioneers Valuers & Appraisers of Real Estate & Personal Effects Mortgage Insurance Movers in Jamaica and Florida. At Hope Codlin and Associates we listen to your needs. So contact us today! When you list with us here is what we do: Our normal selling fee is 5% of the sale price and fees are negotiable for properties over $20 million. Contact you by phone at least weekly, with
updates and status reports Provide you with an estimate of your net proceeds at the time of listings and with every offer presented Periodically review the marketing plan and update the MARKET VALUE. Show your home to other Realtors, both in our office and in other offices in Jamaica, and place on the World Wide Web, (Internet). With your permission, place a ‘For Sale’ Sign on your premises and maintain it in good condition. Stay current with financing rates and other options available to potential purchasers of your property. Under no obligation to you, offer Relocation Services to you and your friends or family to other parts of Jamaica, and affiliates abroad. Advertise in print media locally and overseas.
RICHMOND DEVELOPMENT
Welcome to Richmond St. Ann, Jamaica, the place to start a new life story THE FIRST set of homeowners at Richmond Development, an exquisite, gated community
along Jamaica’s scenic north coast in St. Ann, have received keys to their newly constructed houses
within the first gated community known collectively as The Palms. When completed, have a total of 358
Jamaica Still Nice... Build your Luxury Dream Home with Ocean View on the North Coast... It?s Easy... No Hassle... No Problem!!
WE DESIGN & BUILD CUSTOM HOMES • Building Plans • Architectural Design • 3D House Plans
AVAILABLE: PRIME OCEAN VIEW LOTS ON NORTH COAST 2 & 3 BR. LUXURY CONDOS, GATED COMPLEX & BEACH VIEW
SPECIAL INCENTIVES FOR RETURNING RESIDENTS Contact ISLAND DREAM HOMES to arrange a free quote
UK 0 203 004 9655 - US 954 323 4304 - JA 876-974-5337 sales@dreamhomesja.com - www.dreamhomesja.com 24 • JULY 12 - 18, 2010
What we expect from you: Price the property fairly, in line with what prevails in your area. Review our “Tips For Selling” and help us by having your home ready and easy to show. Realize the first impression is usually the last. Keep the front yard and front of the house in especially good condition. Communicate openly with your listing agent as you would your Banker, Attorney and other Professional. For more information visit us at 5 - 7 DUNROBIN AVENUE,KINGSTON 10 (Near Constant Spring) Telephone: (876) 755-1611 CELL(876) 578-7084 Fax: (876) 969-7359 email: hcodlinrealty @yahoo.com www.jamaicanproper ties.com
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units. The homeowners are among the first set of 169 who the developer is expecting to welcome into their new homes during this year. These exquisitely designed three-bedroom two-bathroom units at The Palms, are being sold for J$15.6M until August 31, 2010, (price subject to certified escalation). They come fully landscaped and fitted with top-of-the-line fixtures and upgrades. Fittings include quartz counter tops in the kitchen and bathrooms, matte finish 24 inch square porcelain floor tiles throughout, glass windows & UPVC louvres and brick-paved driveway. This self-sustaining community provides 24hour security, a reliable water supply, eco-friendly sewage disposal and building covenants that guarantee integrity of residences and the community is not compromised. Richmond Development is striving to develop a completely green community, exquisitely designed to create a peaceful and secure environment for residents. Experience the charm of true Jamaican living, come home to nature, come home to Richmond, St.Ann... it’s the place to live. For further information or to purchase, please call: (876) 610-8169; (876) 631-0327 (876) 979-3495 or visit us online at: w w w . r i c h m o n d j amaica.com THE WEEKLY GLEANER
advertorial FAIRFIELD IRWIN
FAIRFIELD IRWIN F
AIRFIELD IRWIN is one of Montego Bay’s most desirable communities, offering a centralized location with easy access to virtually any point in the business community. Irwin Point is ideally situated near excel-
lent schools, universities, colleges, churches, police station, entertainment centres, theatre and fine dining. In addition, Irwin Point is a short drive from the Westgate & Fairview Shopping Malls.
You’re only 15 minutes away from the Sangster International Airport, seven minutes away from the Cornwall Regional Hospital and other medical facilities, and just 10 minutes away from the famous Doctor’s Cave beach.
If you want to live in Montego Bay’s newest residential community, a home designed for just you, or a lot of your choice, is awaiting at Irwin Point. If you have your dream-house design, we will build to your specification.
Why should I buy land ? PEOPLE WANT to buy land for many reasons. The main reason for most people is the need to have a space of their own. Other reasons include cleaner air and the desire to build a custom house. Parcels that are located far from town are often the least expensive, per acre, but may cost more for delivery of supplies and hired labour. Besides costs, there are several other things to consider when buying land. One of the most important factors to consider when buying land is the availability of utilities. Water is not always potable, nor do all water rights come with the land, meaning you may not be allowed to put in a well. Verify the costs of running electricity and telephone services to your land, if they aren’t already in place. You may also need to install a septic system, if you can’t tap into the sewer. These necessities can become very pricey. Verify the zoning ordinances before buying land. You can learn what these are by checking with the city, county and state authorities. There may be restrictions on the land, such as not constructing buildings on parcels that are smaller than a specified size. If you are looking to have privacy and quiet, make sure there are no plans to build a supermarket or airport close by. When buying land, take
into consideration the pros and cons of living in the country versus living in the city. You may have to smell smog and exhaust fumes when living in the city, but there will be pig and cow odors in the country. The noises of the traffic and people in the city will be replaced by roosters and goats in the country. The grass isn’t always greener on the other side.
HAZARDS Consider the environmental hazards surrounding the area where you are buying land. Some mountainous areas are prone to flash flooding, landslides and avalanches. Areas along the fault lines are prone to earthquakes. Dry, hot areas may be at risk for wild fires. Check for other, less known hazards, such as toxins in the dirt.
When buying land, be sure to have a survey done on the property. This will let you know where your property lines are and what rights you have to your land. Make sure, if you have to cross other property to access your land, that there is an easement in place. Verify what your share of costs are to upkeep the roads. Last, but not least, make sure to get an appraisal on the land. If you are going through a lender, that will already be a requirement. If you are paying cash you will have to order an appraisal on the land. Never make an offer until you have had an appraisal. You want to make sure you are getting what you pay for. Source: www.wisegeek.com
‘Make sure, if you have to cross other property to access your land, that there is an easement in place. Verify what your share of costs are to upkeep the roads.’ THE WEEKLY GLEANER
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JULY 12 - 18, 2010 • 25
advertorial
26 • JULY 12 - 18, 2010
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