Home Sweet Home – Finding the perfect home!

Do you own your own home? For a lot of Jamaicans, owning their own home seems like a dream. However, there are many options that prospective home buyers can consider.

The National Housing Trust

The National Housing Trust (N.H.T) provides access to funds for both employed and self-employed  Jamaicans. Even if you are not employed you can make voluntary contributions and still benefit from the loan facility.

According to information on the N.H.T’s website, ‘once you have submitted all the required documents, a Compliance Officer will assess the information you provide and advise you of the monthly amount you are required to contribute and any back money that you owe.  If you are within a Self-Employed category of 1 – 4 then you will be required to contribute 3% of your income.

If however, you are classified within the categories of 5 – 7 you will instead be required to contribute 2% of your income. Self-Employed Contributors who are compliant would be eligible for loans to assist in building, buying, repairing or improving of homes.’

Finding the right home!

So if you qualify for  home where is the best place to start? Well you need to know your budget. Buying a home involves other costs beside the purchase cost. These expenses include money for the deposit and closing costs. If the home needs any minor repairs, this has to be factored in as well to the final cost.

After determining how much you have to spend you have to remember that the most important words in real estate are: location, location location. A house has to be in a great location for your life style so if you don’t have a car check out the bus routes to ensure you will not have a problem with transportation. You also need to ensure that it is in close proximity to school or work. A long commute can cause a dip in your funds.

Check with the neighbours in the community in which you are thinking of moving into and see what problems they are experiencing living in the area. Ask them what are their safety concerns and their access to utilities.

Every home will have some flaws, but be sure you identify them now so that you can budget for them and reduce the stress of trying to find cash on short notice. Ensure that you inspect the house thoroughly, a professional is always useful as they can give you their expert opinion. This way there are no surprises when you move in your new house.

It pays to do your homework!
After doing your checks then you can start choosing properties that best suit your needs.

So do you have the perfect home?
Drop me a line and tell me all about it!

Teri Ann Renee Paisley
Gleaner online writer

Tags: house, loans