SPONSOR Clarks King JA We offer authentic Clarks direct to customers in Jamaica. Pay for Clarks abroad and have your family member pick up in Kingston. Get your school shoes and pre-order for Christmas with no hassle! Check out fresh inventory and order below!👟👞 Shop Now

---

Expert Insight of the Week:

Hidden Costs when Buying a Home

If you are buying a new home in Jamaica for the first time you may be surprised by some of the costs associated with new developments. If you are not prepared for these costs it will catch you by surprise. You will definitely want to budget and plan for the below.

Deposit

New developments in Jamaica require between 5% and 20% deposit to secure your lot or unit. Gore Developments charges 5%, Kemtek charges 10% and some developers that are offering pre-construction pricing charge 20%. This will have to be paid up front and is similar to a down payment in North America.

Closing Costs

These fees are typically around 3% of the purchase price and include paperwork fees, developer attorney's fees, transfer of title fees and typically 6 months of maintenance fees that are paid up front.

Attorney Fees

I always advise buyers to use a Real Estate attorney, which costs 3% of the purchase price. I have used the same real estate attorney for all our business in Jamaica over the last 10 years and she is very professional and responsive. If you would like her details please reply to this email.

Escalation

This fee covers escalation costs associated with labor and materials. Many of the materials used to finish the homes are imported, which can contribute to a higher escalation fee. In order to find skilled, qualified workers, the developers are having to pay contractors higher rates as well. Typically, escalation fees do not exceed 10% of the purchase price. 90% of the escalation cost can be rolled into your mortgage. 10% of the escalation fee would need to be paid out of pocket at closing. (This equates to a possible 1% of the purchase price)

What does this mean for buyers?

When you add up all the above fees you are looking at a possible 16% increase on the purchase price of your home.

To put this in terms that may mean a little more, if you are purchasing a $20 Million home, you could end up paying $23 Million when these fees are added. Similarly, if you are buying a $40 Million home, you would end up paying $46 Million.

Make sure you are aware of these fees and plan for them up front so you are not caught of guard and are able to budget before taking possession of your home.

Learn more about hidden costs in the below video

​

---

Start your Real Estate Journey this Weekend!

---

Weekly Poll: Are you looking to buy a new home in Jamaica? Yes - I'm ready to start looking Yes - but not ready yet I already have my house!

---

Featured Property of the Week:

Home for Sale in Marina Villas in St. Ann's Bay, St. Ann

Overview

Put your feet up and relax on the private beach in this double gated super exclusive beach front community located 10 minutes from Ocho Rios and less than 2 miles from Drax Hall Shopping Plaza. Be the first to occupy this beautiful 3 bedrooms 2 bathroom bungalow that boasts an additional self contained studio with separate access. The unit is fully air-conditioned, has a solar water heater, storm shutters and ceiling fans in all the rooms.

Unit Details and Pricing

• 4 bedrooms / 3 bathrooms
• 2,110 sq. ft.
• Lot Size: .13 Acres
• Listed for $850,000 USD

Community Amenities

• Playground
• Fitness Center
• Multipurpose Area
• Pool
• Tennis Courts
• Private Beach
• 24 Hour Gated Security

Photos

Please reply to this email for more details.

***Courtesy of Keller Williams Jamaica***

Please reply to this email with any questions or if you are interested in purchasing a home in Jamaica.

See you next week!

Jess Martin @ SideHustleMama​ Email: jess@sidehustlemama.co​ WhatsApp: +1 (631) 449-6481 Global Investor Agent | Real Estate Consultant Powered by eXp Realty - Atlanta, GA