Jamaica Property Magazine by Jamaica Property Magazine Limited

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Issue 1 / Volume 1

DREAM IT, FIND IT, LIVE IT

Aug 2011 - Jan 2012 / £3.50

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PUBLISHER Jamaica Property Magazine Ltd. Suite 404 Albany House 324/326 Regent Street London W1B 3HH

A warm welcome to you all from Jamaica Property Magazine!

Tel: +44 (0) 207 117 6282 Fax: +44 (0) 207 900 6292 Website: www.jamaicapropertymagazine.com Email: info@jamaicapropertymagazine.com

CONTRIBUTORS JAMPRO Jamaica Tourist Board Administrator General Department Edwin Wint

We listened, we worked hard and feel we have created a unique publication, not just to the Jamaican property market, but one that stands out in the wider property market. It is with great pleasure we present to you a comprehensive guide that is informative, innovative and user-friendly.

building or buying in Jamaica. Thank you to our advertisers and contributors for your conﬁdence in us and providing relevant and important information for our readers. Enjoy and keep your feedback coming! Don’t stop dreaming, we’ll help you ﬁnd it so you can live it!

We want to help each of you to “Dream it. Find it. Live it.” When it comes to purchasing your investment, retirement or holiday property, we believe you should fully understand and enjoy the process. As for choice, we have endeavoured to give a wide, clear variety of properties across Jamaica.

GRAPHIC DESIGNER Georgina Pensri

PRINTER For our readers, we hope this ﬁrst issue of your new publication meets all your property needs and serves to answer questions you might have regarding

Warner (Midlands) PLC.

COVER PHOTO

Tamoy Carter Founder & Editorial Director

Golden Cove

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5HJXODUV Property Listing Legend Travel Destination Map of Jamaica Useful Contacts

)HDWXUHV 04 22 69 70

Jampro Family activities Where to Eat Jerk Family aﬀair - Oracabessa

08 10 12 14

Getting married in Jamaica Importance of making a Will Investment options Before making an oﬀer

17 25 28 34

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Kingston and St. Andrew

page 36 - 38

St. Catherine

page 38 - 42

Clarendon

page 42 - 44

Manchester

page 44 - 48

St. Elizabeth

page 48 - 49

Westmoreland

page 49 - 51

Hanover

page 51

St. James

page 52 - 53

Trelawny

page 53 - 55

St. Ann

page 56 - 61

St. Mary

page 61 - 68

Portland

page 66 - 68

St. Thomas

page 68

Disclaimer: The information in this magazine is for general information purposes only. It is not intended as legal, financial or investment advice neither do we act a real estate agent/broker and should not be seen or relied on as such. Before making any commitment of a legal or financial nature you should seek advice from a qualified and registered legal practitioner or financial or investment adviser. Properties advertised in this publication is supplied by or on behalf of the seller of the property and are subject to prior sale or withdrawal without notice. All advertisements in the magazine were at the time of collection deemed to be from reliable source. We cannot make any guarantee as to the quality or the integrity of the advertisers and of such you should make sure you do all necessary checks and investigations before making any commitment. The publisher specifically disclaims all and any liability to advertisers, readers and users of any kind for loss or damage of any nature whatsoever and how so ever arising, whether due to inaccuracy, error, omission or any other cause, and whether by it or its servants or agents or any other person. Any reproduction in whole or in part other than as permitted by law for personal or work related purposes in any form or in any medium without written permission of Jamaica Property Magazine is prohibited.

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Jamaica Ripe for Investment T

he Caribbean island of Jamaica, known for its breathtakingly beautiful scenery and warm hospitality, continues to provide a good investment climate for discerning business interests who are keen on reaping the beneďŹ ts of the countryâ&#x20AC;&#x2122;s natural beauty, abundance of resources, strategic geographic location and ďŹ rmly established reputation as a highquality business destination. Jamaica is home to several awardwinning indigenous hotel brands such as Sandals, Super Clubs, Half Moon and Round Hill, which are globally recognised for their outstanding quality. The advent of Spanish hotel chains from 2001 to 2010 heralded a decade of investment in resort development along Jamaicaâ&#x20AC;&#x2122;s north coast to the tune of approximately US$800 million, which clearly demonstrates the attractiveness of the business environment and sets the pace for other global players to follow suit. In the face of challenging economic times, several existing properties have gone into expansion mode, as the

JAMAICA PROPERTY MAGAZINE

island continues to welcome over two million visitors annually to its shores. The Government has been channelling signiďŹ cant resources into infrastructure development, with a view to reinforcing the appeal and allure of the island to investors. The development of a sophisticated road network has given tourists and locals a quick route along picturesque stretches of coastline in the north and is poised to open up the wilder coastline in the south to the wealth of possibilities for investment in the increased

tourist trade that this will provide. The Ian Fleming International Airport in Boscobel, St. Mary on the north coast oďŹ&#x192;cially became the islandâ&#x20AC;&#x2122;s third international airport in January 2011, joining Sangster in Montego Bay and Norman Manley in Kingston. These improvements in infrastructure have increased the attractiveness of investment opportunities that exist for the development of upscale resorts, eco-tourism attractions, casino-based resorts, shopping villages, health tourism facilities and mixed-use projects. The opportunities are supported by a suite

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Available sites and current projects relating to tourism are ripe for the taking, and those who invest now are poised to reap the rewards of this good timing in a top-ofmind destination that oﬀers the ultimate holiday experience for visitors.

to house ﬁrms engaged in Software Development, Telecommunications/Co-Location services, Bio-technology, Business Process Outsourcing (BPO) and IT/Security Consultancy (Network Operations Centre). Incentives for developers will include taxfree status on bonds issued, tax credits on 25 per cent of capital expenditure and 100 per cent concessions on rental/lease income.

Beyond tourism, Jamaica’s information and communications technology (ICT) is also beckoning investors to explore the exciting opportunities. The Government of Jamaica has placed 40 acres of land in the Caymanas Economic Free Zone in a public-private vehicle for the development of the ﬁrst phase of ICT Park. The park will be constructed

The Government has also earmarked a section of Naggo Head in Portmore, St. Catherine for the purposes of establishing a 21acre ICT Technology Park, which is premised on an eco-system built on a modular plan from seeding or staging site. In Montego Bay, St. James, the opportunity to invest in the development of the privately held Barnett Tech Park exists in

of incentives that include income tax relief and duty concessions on imported building materials and furnishings.

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Fairﬁeld. The park is located on the western side of Montego Bay, approximately 15 minutes from the Sangster International Airport. Development approval has been obtained from the local authority and the value of equity investment is US$1.8 million. It is clear from the information presented above that Jamaica is, indeed, ripe for investment. For further information on the available opportunities in Jamaica, please contact JAMPRO, the national investment and export promotion agency.

Contributed by JAMPRO For further information on the available opportunities in Jamaica, please contact JAMPRO, the national investment and export promotion agency.

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Family activities in Jamaica Jamaica offers a wealth of family activities, from canopy tours thought the jungle and banana boat rides at Aqua Sol Theme Park to interactive reggae exhibitions at Island Village in Ocho Rios

he island also has an extensive range of hotel accommodation oﬀering kids clubs and baby-sitting facilities, including the Half Moon Hotel and Round Hill Resort and Villas, as well as all-

inclusive resorts such as Sunset Beach Resort in Montego Bay. The Meet-the-People program also allows families to experience Jamaica the islander way, by teaming visitors up

with a Jamaican host family that will welcome them into their home and town, guide the family around local attractions unknown to many tourists, and give a unique look into the Jamaican culture.

Top Family Activities Thrill-seeking families can enjoy fantastic activities with Adventure Company Chukka Caribbean Adventures, oﬀering river tubing and kayaking, 4x4 oﬀ-road safaris and even a Jamaican dogsled experience complete with local rescue dogs.

Visit Dolphin Cove in Ocho Rios where you can swim with the dolphins, sharks and sting rays, explore the fascinating underwater world in a glassbottom kayak and interact with exotic species on the Jungle Trail.

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Mystic Mountain in Ocho Rios, oﬀers visitors the chance to soar up the mountain on the Rainforest Sky Explorer or skim through the tree tops high above Jamaica’s tropical landscape on the Rainforest Zip Line. When you reach the top station, 700 feet above sea level, catch your breath and enjoy spectacular panoramic views of Ocho Rios with its tropical landscape before having a go on the Jamaica bobsled coaster ride which races through the forest, ‘Cool Runnings’ style.

Kool Runnings Water Park, located in Negril, has 10 diﬀerent water slides including the Jamaica Bobsled slide, which is 40 feet up above the ground and 350 long. Float on inner tubes down the % mile lazy river Rio Bueno or for smaller kids, try Captain Mikie’s Coconut Island featuring spray park attractions, water cannons and tipping coconuts.

Take a tour through the Rastafari Indigenous Village in Montego Bay, and learn about the local Rastafarian way of life. Meet the village family and enjoy a tour of the herbal garden, learn about their history and culture as well as try samples of the local organic food, including roast yam and coconut water.

Contributed by Jamaica Tourist Board For further information on Jamaica, visit www.visitjamaica.com www.jamaicapropertymagazine.com

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Places to Eat ‘Jerk’ in Jamaica

Jamaica gave the world ‘ jerk’ cuisine and since then it has become a culinary phenomenon which has found its way onto menus in restaurants worldwide. Visitors from around the globe have been drawn to Jamaica to sample this delicious style and flavour of cooking which was believe to have originated with the Maroons, former slaves.

he Pork Pit, located on the resort capital’s Hip Strip has been one of Montego Bay’s preferred spots for jerk for over 20 years. Managing Partners Mark Anderson, Lorna Cheong and Linda Leslie who oversees the kitchen to make sure the taste is just right says patrons should not be fooled by the name as the facility provides a variety of jerk

JAMAICA PROPERTY MAGAZINE

offerings in an indoor/outdoor relaxed atmosphere. Catering to locals is key as the management team believes once they are able to please the local market, the visitors who come by to sample the jerk delights will find it appealing. Chelsea Jerk Centre in the island’s capital city started in the 70s as the first jerk centre outside

Boston. Owner Cecil Williams says Chelsea has grown to become a favourite spot for jerk for over 30 years and is here to stay. Patrons have a choice of taking out or eating in its comfortable dining area. According to Mr. Williams, security is a priority and parking is adequate. Lyming, a must stop cool spot in the hills of Walkerswood, St. www.jamaicapropertymagazine.com

Ann has been in operation since September 2008. Managed by Mark Perkins, this spot has become a favourite for many Jamaicans making the regular trek from Kingston to Ocho Rios or from “Ochi” to the capital city. Lyming offers a full dining experience as patrons are met on arrival and escorted to their table if they choose to dine-in. The ambience is relaxed with soothing music to compliment the tasty jerk prepared by Chef Marvin and his team. Patrons are welcome to enjoy Sunday Lyme, each last Sunday of the month with DJ Ivor Smith of Kool 97FM.

offers a healthy way of eating with its natural juice bar which is a feature of the location. Boston Jerk Centre is a collection of individual shops in Boston Bay that is well known for its famous jerked foods, and could be considered the birthplace of

spicy jerk. Renowned for oﬀering the best jerk pork in Jamaica, visitors to the area can also get chicken, sausages, ﬁsh or lobster. Contributed by Jamaica Tourist Board For further information on Jamaica, visit www.visitjamaica.com

Their tag line:

“Come for the flavour and stay for the lyme” Ocho Rios Jerk Centre, in the heart of the garden parish of St. Ann has been the resort town’s favourite spot for jerk for over 25 years. Managing Partners Kevin White and Christopher Allen beam with pride at the opportunity to be able to provide great jerk in a great environment with great service. The popular spot, a rest stop for the Knutsford Express, caters to the local community as well as visitors. Ocho Rios Jerk Centre

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A Family affair in Oracabessa

Wain McIntosh has found a stunning new villa outside of Ocho Rios - The perfect place for a wedding or family reunion.

he unfathomable beautiful costal spot, 40 minutes from the airport and the other side of Blue Mountain is locally owned and operated. Each of the four villas sleeps eight, making each the perfect family size accommodation. Its modern umber-sleek décor and open plan design, makes for almost surreal space to accommodate all ages. It is ideal for diﬀerent ages to bond and spend precious quality time. With its state-of-the-art kitchen, sumptuous master bedroom, en suite marble bathrooms and gorgeous dining area looking out to sea; it’s a fantasy location to be desired. Be it dipping in the heated pool; listening to Bob Marley on the entertainment

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system or enjoying a game of pool; the villa’s outstanding facilities are all thoroughly taken advantage of. Moreover, it’s the bespoke resources on hand which make the luxury villa experience all the more fun – such as private chef, masseuse or the house keeper.

Golden Cove is a cluster of four luxury villas: Ann Marie, Jaime, Laura and Selma, situated on

Situated on 1 1/2 acre of perfectly manicured lawns and intricately laid tiles, this newly refurbished waterfront luxury villas oﬀers the luxury and peaceful surroundings. This venue is great for snorkelling some of Jamaica’s beautiful north coast reefs! www.jamaicapropertymagazine.com

Jamaica’s beautiful north coast. Right on the waterfront, each villa is strategically placed to ensure that you have the privacy to make Your stay an intimate one. With four bedrooms and en suite bathrooms per villa, they each can accommodate up to 8 persons in the utmost style and comfort. Ann Marie, Jaime, Laura and Selma each have a fully furnished kitchen; and their own uniquely and tastefully decorated living room and dining room areas. These open out onto the veranda facing the Caribbean Sea. The private downstairs veranda of each is ideal for relaxing in the cool Jamaican breeze, and in addition, upstairs bedrooms have

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a walk out veranda with a beautiful oceanic view. There is no need to lift a finger for the duration of your stay. To ensure that you are well taken care of, accommodation at each villa is complete with housekeeping, a first-class chef and if specially requested… a butler who will ensure that your every need is fulfilled. If you need a driver they are happy to arrange with Jamaica Urban Transit Association (JUTA) tours for your transportation. All villas have TV, DVD and Internet access available.

For further information please visit www.goldencovevillas.com or contact Wain via 07939591087

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Planning a

O]\\af_

in Jamaica

L`] jYaf$ l`] nYkl YjjYq g^ j]dYlan]k af eYl[`af_ `Ylk Yf\ kh]f\af_ ]n]jq oYcaf_ ege]fl ogjjqaf_ l`Yl kge]l`af_ oadd _g ojgf_& his describes your average English wedding, desperately checking the weather report months in advance, hoping that your big day wonâ&#x20AC;&#x2122;t be a wash out. That is why a growing number of couples are escaping the wet

documentation that was to be completed before the marriage can take place. For example, unlike other wedding destinations there is no waiting period or minimum length of stay. Some countries demand that a couple

legal proof that you are single and therefore legally allowed to be married. This includes divorcees and widows/widowers providing evidence that they are no longer married. The only laws that exist about the ceremony once you are

shores of England for more exotic locations. One of these popular destinations is Jamaica.

in Jamaica is that the ceremony must be performed before 8pm and that at least two witnesses have to be present.

One of the primary reasons that this tropical island has become one of the number one choice for

has to reside in the country of their marriage for a set amount of time, which is obviously unrealistic in many cases. In order to get married in Jamaica, most of the minimum paper work required can be completed at home before

weddings is that there is very little

departure. You will need to provide

combine the honeymoon with

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A fantastic advantage of getting married in Jamaica, is that you can

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the wedding. Most major hotels on the island are able to provide a wedding service, meaning that they can sort out little things like locally sourced ďŹ&#x201A;owers for the ceremony and ďŹ nd an ideal location. Locations include small chapels on the island, marriages in the hotelâ&#x20AC;&#x2122;s gardens or the beach. Be aware that locations may be limited by the season. Many hotelâ&#x20AC;&#x2122;s provide a wedding planner if you required, who can make the day run smoothly and sort out any last minute hitches.

you are travelling with aware of what you are putting in planeâ&#x20AC;&#x2122;s hold. This means that they can label the item and ensure that it meets you in Jamaica.

cake, it is rich with dried fruit. Like a traditional cake, it can come in as many tiers as you wish with white icing and ďŹ&#x201A;owers to decorate. It is advisable that the cake should be ordered at least a month before your departure, especially if you are wanting a complex or large creation.

Couples are escaping the wet English weather for more exotic locations.

Transporting the full family to Jamaica may not be practical and rather expensive. However, make sure that close family relatives could include their trip to your wedding as their annual holiday.

Naturally, one of the main concerns for any bride is the dress and

homemade cake is probably not the best of ideas and therefore

As for those who cannot make it, have a blessing or reception once

transporting that item on a plane may ďŹ ll you with fear. However, it is now possible to make the airline

you should invest in a traditional Jamaican wedding cake. The cake is similar to that of a Christmas

you get back home to make sure everyone is involved.

Obviously,

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transporting

by Pixie Clearwater

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Travel destination... Kingston and

St. Andrew

illed with history and gorgeous botanical gardens, Kingston is often an overlooked vacationing spot in Jamaica because of its poor reputation for crime. However, a Jamaican vacationer would be remiss to bypass this city which represents the true nature of Jamaican life and culture. Located on the southeast coast and the largest English speaking city in the Caribbean, Kingston, the capital city of Jamaica, is the cradle of Jamaican culture. Founded in the 17th century as a refuge from the earthquake that rocked Jamaica in 1692, Kingston, ironically, was plagued soon thereafter by its own disasters including a massive hurricane in 1784, two ďŹ res (1843 and 1862) and a devastating earthquake in 1907. Obviously

tenacious

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city,

travellers visiting Kingston can expect to see a city divided. The neighbourhoods are clearly

& St. Andrew can expect to have a great time at these fabulous attractions:

divided with the wealthier areas being to the north (St. Andrew) and the low income area centred around downtown (Kingston) there has been a major movement as of late, to bring tourism back to Kingston and renovations and clean-up of problem areas are becoming more common. Therefore travellers in Kingston

Bob Marley Museum - the home of the famous reggae artist, you canâ&#x20AC;&#x2122;t go to Kingston and not visit. More than just a museum, this attraction invites visitors to learn about Bob from a local Rastafarian in a very intimate setting. Emotional and memorable for fans.

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Devon House - built by Jamaica’s ﬁrst black millionaire George Stiebel, this 127 year old, 11 acre property is a stark contrast from the Kingston outside its gates.

Kingston. Go hiking on the trails that lead you through Jamaica’s beautiful rain forests and mountains. A great place for the outdoor enthusiast.

shore “resort paradise” that most Jamaican vacationers are accustomed to, the city’s attractions do oﬀer visitors more than a sun tan. Take advantage of experiencing the history and culture of Jamaica’s capital city-Kingston and the Parish of St. Andrew.

Hollywell Recreation Area Scattered between the ridges of the Blue Mountain Range, this park oﬀers visitors breathtaking views and camping, away

National Gallery of Jamaica - Located on Kingston Harbour, in the Kingston Mall this is the perfect place for the art junkie. Featuring art from not only Jamaican artists like Cecil Baugh and Carl Abrahams, the gallery also includes travelling exhibits as well as international artists. Even though Kingston &St.

from the metropolitan area of

Andrew

Tour the mansion itself, its lush lawns and gardens, taste the iScream ice cream (not to be missed!), or peruse one of the many shops located here.

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not

the

north

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The importance of making A WILL The writing of a will is of utmost importance, and something every Jamaican from the legal age of eighteen should contemplate doing.

will is a written document, through which a testator seeks to distribute his or her assets upon death. A testator is a person who has written and executed a last will and testament that is in eďŹ&#x20AC;ect at the time of his/her death. The making of a will is the only way that a testator can have autonomy over how his or her estate is distributed, to whom and what proportion.

The procedure is simple. Firstly, one should take into consideration all his/her assets, then decide which relatives, friends or persons should

appointed under the will, and that must be someone whom the testator trusts, so that person will act with alacrity and take on the duties of executor-ship and

beneďŹ t and in what proportion. Then they must address their minds to who they are going to

administer the estate in a quick time, or very soon after the death of the testator.

appoint as their executor. The Jamaica Wills Act stipulates that at least one executor must be

An Executor

The Procedure

An executor is the person responsible for administering the estate. One must appoint at least one executor, but no more than four. It is recommended that at least two executors be appointed to ensure that, if one dies before the testator or refuses to act on the death of the testator, then another is available to ad-minister the estate.

Legal Advice It is not a requirement that a lawyer be used to draft a basic will, but it is advised that legal advice be sought when large assets are involved. The beneďŹ t of having legal advice is so that per-sons can know what the requirements are for setting up say, for example, www.jamaicapropertymagazine.com

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a Trust under the will; where you might identify a certain amount of money that should go to a minor’s education and things of that nature and you are appointing a trustee for that purpose, so it really is advisable that an attorney be consulted before one sits down to make a will.

Witnesses to the Will One important point to remember is that any person who should beneﬁt from the will should not serve as a witness. This can result in the will becoming void. Therefore, any person who is to receive any beneﬁt under a will, as well as your executor, trustee and guardian, including such a person’s spouse, should not sign as a witness as they would be

JAMAICA PROPERTY MAGAZINE

disqualiﬁed from beneﬁting.

Finalizing the Will

In other words, if you intend to give someone, or make a gift to someone under the will, do not ask them to serve as a witness, nor their spouses.

Upon completion of the new will, a copy should be given to the executor and the other/s should be kept by the testator for safekeeping. It is also recommended that the testator

Marriage and revocation of the Will

make someone else aware of the where a-bouts of the will, because it makes little sense that the testator has gone to great lengths to draft his or her will and after he or she passes no one is aware of the whereabouts. So many times some persons are

Once you have made your will and you remarry, your duty is to write a new will because the act of marriage automatically revokes the will. If you should get married after writing a ﬁrst will, once another one is drafted the second will is the one that is recognized. You only destroy the existing one once you are sure that the new one that you are doing is duly executed and witnessed as prescribed under the law.

said to have died intestate, which is without a will, when in fact the whereabouts are unknown.

Contributed by the Administrator General’s Department

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Real estate investment options in Jamaica... “TO BUILD OR TO BUY” Overview Investing in real estate is an effective method for building wealth. It holds attraction for personal use and occupation or for diversification of one’s investment portfolio. There is more inherent risk involved in going the route of construction and development compared with buying a property from the existing housing stock. A careful examination of issues including the client’s objectives, intended purpose of the property, available budget to complete purchase payments and any necessary modifications and expected benefits are central to any decision making process.

Building your own home This approach promises a purpose designed and built home to suit your spatial and aesthetic needs. It involves site selection, land acquisition, construction ﬁnancing, design plans, professional project team, planning approval and construction management. (These are not stages but components so reword. With each of these stages of the development process there is a time factor involved and trends show that the time to complete

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varies between eighteen (18) months to (24) months from concept to completion, if properly planned and executed. Without a project manager to assist, an overseas based investor is at risk at every stage of the development process; some of these inherent risks include: • Security of capital being invested in the project to unscrupulous builders / contractors. • Faulty land acquisition procedure (relying on unscrupulous unlicensed agents. • Lack of use of professionals for design and construction management. • Inadequate knowledge of local laws, regulations and required fees.

Buying on the market Buying your home on the market is fraught with fewer risks but nonetheless proper planning is required. It is not recommended for an investor with limited experience to proceed with property acquisition without the assistance of a Realtor as questions of value, location, and building integrity may elude the investor acting on his own. It is not uncommon for overseas based investors to proceed to purchase a home in Jamaica without inspecting it or having a reliable and trustworthy agent do this on their behalf. Property acquisition is the single largest investment in an individual’s lifetime and therefore it is reasonable to assume that they will act prudently and with

JAMAICA PROPERTY MAGAZINE

diligence in such a transaction. There are several measures to be taken to manage or mitigate the risks associated with purchasing a property, which include procuring the following services: • Realtor (property acquisition)

Several reasons could proposed for this including:

• Ineﬃcient construction strategy • High cost of funds • Poor site selection • High cost of construction

• Valuer (property valuation)

• Lack of adherence to standards in building codes

• Land Surveyor (property identiﬁcation of boundaries report.

• Poor market conditions with low yields in property values

• Attorney-at-law • Property Manager (especially for overseas investors)

The above measures are even more important for overseas investors who need to protect their interest in the property investment/s given the control issues associated with the long distance between them and their investment.

Return on investment Whether the decision is to buy or build there is the expectation of a return on the investment. The investment of time and eﬀort in the building process raises the return expectation to compensate for the time and eﬀort of the investor but this is sometimes not met.

When the economy is anaemic this can lead to a bearish property market; trending to a buyer’s market, where property values are sometimes ﬂat or falling and the rate of increase in construction cost can exceed the pace of appreciation of property values. In instances such as this, buying in the market is usually more attractive than building. In the reverse conditions, where there is a seller’s market, it may be more favourable to build instead of buying on the market.

greater than an investment in the existing housing stock, sometimes exceeding a 50% return which outstrips most other alternative investment media. This interplay between risk and return drives the investment decision making process and the attractiveness of real estate investment opportunities in Jamaica pulls more investment from overseas based stakeholders. Get the facts The Latin maxim “Caveat Emptor” is applicable; meaning “Let the buyer beware. It is important to get the facts as the onus is on you, the Purchaser, and not the Vendor/Seller: The safest steps to take are to contact the following: • Relevant government agencies • Relevant professional associations • Mortgage/lending institutions

A bullish property market with a high rate of appreciation in property values fuels new construction. Return on investment for new-build is usually

Get information on local infrastructure hospitals, schools, banks, shops in order of priority based on your demographic profile. Check citizens resident in the area or the Police re local crime and environmental factors before making your final decision to invest in a particular locality. Real estate investment is still one of the safest classes of investment and in most cases is a good hedge against inflation; consequently it is highly recommended.

Edwin Wint

Chairman & CEO La Maison Property Services Limited

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What to do before making an offer Buying a home is one of the single biggest investments anyone will have.

t is important that before an offer is put on a house, the buyers involved should carefully consider their down payment, monthly expenses, value of the house, and how much the offer should be after thoughtful preparation. You can always go up in an offer, but, you are unable to go back down in price after the offer has been submitted. You should have looked at many houses by the time an offer is discussed. Varieties of different styles, within your price range and also have decided on the neighbourhood you want to live in. Buying a house does take time, and rushing the process too much, may leave you with the wrong decision, and years of

JAMAICA PROPERTY MAGAZINE

unhappiness, and aggravation It is a dream of many people to own their own home. But, of course, having enough money to enter into the venture is critical to the success of this endeavour. You should never fall in love with a house right oﬀ the bat. This may cloud your judgement when putting an oﬀer in as a bid. You should never feel that someone may come along and snatch the house away from you, because,

your offer was too low. In today’s climate as we are dealing with tough economic times, the real estate market is struggling. It is a buyers’ market, and you should always put that into the equation when making your offer. You should check to see how long the house has been for sale, and how much activity it has had. A homeowner who had their house on the market for over a year will be likely to consider a lower offer www.jamaicapropertymagazine.com

as opposed to a homeowner who just listed their home. This information will give you a better guide to how receptive the seller may be. What will your monthly

beneﬁt your ultimate dream of home ownership.

mortgage payment be after taxes, and insurance is included? You need to know how much money you are comfortably able to spend on the house without struggling with your other monthly bills. Don’t forget a house has other bills aside from the mortgage that need to be considered.

forward with the deal. You can’t say we will worry about it later. You need to be prepared ﬁnancially, emotionally, happy with your oﬀer, and more

Once the oﬀer is made you need to be prepared to move

importantly content with seeing your family grow, and prosper in the appropriate house you found. After researching, asking questions, and evaluating your expense the Jamaican dream can be achieved if you do your homework, and become “an educated purchaser.”

It is critical to check any hidden cost the house may have, does anything need to be replaced? Will you be spending more than you thought you would? Did you allow for closing costs? if it is a condominium (apartment block) development did you allow for the maintenance bill? These questions should be answered prior to the initial oﬀer. You may be able to present the seller with a list of legitimate repairs that you found to negotiate a better price. You want the best value for your money, and thinking it through will only www.jamaicapropertymagazine.com

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Useful Contacts Administrator General Department Tel: (876) 922-1830-3 Website: http://www.agd.gov.jm Jamaica Information Service (JIS) Tel: 876-926-3740-6 Website: www.jis.gov.jm Jamaica Promotions Corporations (JAMPRO) Tel: (JA) 876 978 7755 Tel: (UK) + 44 020 7 584 8894 Website: www.jamaicatradeandinvest.org Jamaica Tourist Board (JTB) Tel: Tel: (876) 929-9200 - 19 Website: http://www.visitjamaica.com National Environment and planning Agency (NEPA) Tel: (876) 754-7540 Website: http://www.nepa.gov.jm

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National Housing Trust (NHT) Tel: (876) 929-6500 - 9 Website: www.nht.gov.jm National Land Agency (NLA) Tel: (876) 750 5263 Website: http://www.nla.gov.jm Tax Administration Jamaica (TAJ) Tel: (876)-786-0000 Website: http://www.jrs.gov.jm Real Estate Board Tel: (876) 926-9748/9 Website: http://www.reb.gov.jm