Open A Door To Your Own Home

For most Jamaicans, buying a home is the biggest purchase of a lifetime. No wonder the decision to become a full-fledged homeowner can sometimes feel overwhelming be it Jamaica or any other country.

The good news is, if you take the time to do a little research before investing in real estate in Jamaica, purchasing a home is likely to be a positive experience, with fewer surprises along the way. Here's how to make certain your leap to homeownership is in the right direction.

Think long term

While there are many benefits to owning a Jamaican home, it's essential to think longer-term when you purchase a home. In fact, to really reap the rewards of homeownership, you should be prepared to stay in your house for some time. That's because the longer you own your home, the more equity you build in that home. This increases both your personal net worth and your financial security – with the added benefit of living in and enjoying your home while your equity grows.

Draw on expertise

Beyond your lifestyle priorities, you'll need to assess your finances to determine whether homeownership is an affordable option for you in Jamaica. That's where Scotiabank can help in your real estate investment of your home. Meeting with a Scotiabank representative can help you determine what kind of down payment and monthly payments you can afford, and he or she can also explain the various financing options. The representative will help you understand how a mortgage is structured and determine the financing package that best suits your needs.

Speaking with a realtor or real estate agent knowledgeable about the local real estate market will also help you make a better-informed decision. Few smart real estate agents have information as well as insights on location, the current market, and availability of homes or types of homes within your purchase price range, the best time to buy, and other factors like registration fee, stamp duty(government duties charged by Office of the Registrar of Titles ), interest rates, transfer tax, legal fees etc. that will help make you comfortable with your decision.

When you base your decision to become a homeowner on a solid foundation of research and planning, you'll make a more informed decision and be better prepared to make the move to homeownership. Then the next step can be an agreement for sale(also known as sale agreement) and you can be a house owner.

Want to own your own home but not be "house poor"? Read up on how to Be A Financially Savvy Homeowner and feel home free. Also, if you are interested in know about budgeting then we have a great resource on How to budget.