Buying your first home is probably the largest financial investment you will make, and therefore can be extremely intimidating, yet rewarding. The Island of Jamaica provides many options for not only people interested in moving up or downsizing but also for first time homebuyers. Grange Real Estate Limited provides exemplary consultation, advice, and guidance to help ease the stress and assure first time home buyers enjoy the process of purchasing their first home, as well as the lifestyle they envision.
The overall process for buying your first home is generally the same as those purchasing their second or third home. However there are some unique financing tools available for first time home buyers that should be considered. The details, restrictions, and limits vary, but we at Grange Real Estate will be happy to guide you and introduce you to a number of financial organizations to help you make the best financial decision to finance your first home.
Below are some general tips for first time homebuyers.
Start by finding a Realtor
A good agent will help you determine your wants and needs in both a neighborhood and a home. The agent will help you learn how much you can afford, help you find suitable financing, inform you of current market conditions and tell you what to expect as you shop for a home. It is also good to know that the fees to buyer's agents are typically paid for by the seller, yet the buyer's agent represents only the buyer.
An important step in buying a new home is to determine how much you can afford and how you are going to pay for it, without being house-poor. Our mortgage calculator will help you determine your costs, but it is also important to understand your down payment should not consume all of your savings. Considerations such as closing costs ie (Stamp Duty, Legal Fees…) and purchases related to your home such as furniture and appliances should be included in your budget. (See below).
Budget for extra expenses, such as moving, new appliances and utility hookups.
Moving costs vary, but an experienced Grange Real Estate agent will be able to provide an estimate to ensure these costs are not overlooked. For example utility service charges for electricity and phone may cost anywhere from JA2000 to JA3000, appraisal fees JA40,000, closing costs 16.95% of purchase price.. see link to Jamaica real estate charges for all additional fees
that should be considered.
Buy the home your lifestyle can afford
Consider your lifestyle, entertainment, and your plan for the future when determining your affordability. Some sacrifices may have to be made initially, but it is hard to enjoy life if you are house-poor.
Avoid possible financial disasters with a home inspection.
It's worth the investment to get the house inspected before you make the commitment. Finding out you need a new roof or major appliance shortly after you move can be disastrous. Your Grange Real Estate agent will advise you on how to make your offer conditional on the inspection.