Are Jamaica purchasing fees still anywhere from 14%-21%? Also can you talk a little bit about the 25% property tax that buyers have to pay? Also what is the percentage of stamp duty and transfer tax that a buyer has to pay?. Last time i checked it was 7.5% is is still that?
Thanks for your inquiry. As mentioned in the video, purchasing fees vary depending on whether you are purchasing cash or with the assistance of a mortgage. If you are buying CASH, you can expect the transaction fees to be approximately 5% in addition to the sale price. Acceptable deposits/down payments range between 5 - 10% minimum, which would mean an immediate cash outlay of about 10 - 15% with the balance of the sale price due upon closing. If you are getting a MORTGAGE, you can expect transaction fees to be approximately 10%. With a minimum deposit/down payment of 5 - 10%, you will be looking at an initial cash expenditure of approximately 15 - 20% followed by monthly mortgage payments for the duration of the loan. As it relates to PROPERTY TAX, it is charged on the unimproved value of the land and the percentage is based on various value bands at a scale of rates ranging from 0.50% to 0.90%. You can find an outline of these value bands at the tax administration website here: www.jamaicatax.gov.jm/property-tax2/ I hope this provides some more clarity for you!
@@SarahOttey it does and i just realized that i put property tax when i meant to say rental income tax. is there a way to pay less than 25% on rental income tax?
I find the Jamaican banks a hindrance in buying property in Jamaica, at every step of the way they have more and more questions it’s almost as if they don’t want your business. My aspirations to buy a property there is more and more unlikely, such a shame
Thanks for your feedback. I understand it can feel like you’re being asked to provide a lot of personal information, but the banks have to do their due diligence. Working with a knowledgeable mortgage/loan officer can help make the process smoother. As I’ve been in the industry for over 10 years, I’ve been fortunate enough to be able to handpick the people I work with and recommend to my clients so as to ensure they get the best service.
@@discernment_daily Sure, I’d be happy to share. You can send me an email at sarah@myntrealtyco.com and I will reply. I’d also be happy to arrange a short one-on-one call to discuss your real estate needs in more detail. If you’d like to do so, you can schedule a time that works for you on my calendar using this link below: calendly.com/d/cfk-r3g-xt9/let-s-chat
What are the current rates for USD loans?
Hi I need to get the latest Real Estate update. Thanks
Are Jamaica purchasing fees still anywhere from 14%-21%? Also can you talk a little bit about the 25% property tax that buyers have to pay? Also what is the percentage of stamp duty and transfer tax that a buyer has to pay?. Last time i checked it was 7.5% is is still that?
Thanks for your inquiry. As mentioned in the video, purchasing fees vary depending on whether you are purchasing cash or with the assistance of a mortgage.
If you are buying CASH, you can expect the transaction fees to be approximately 5% in addition to the sale price. Acceptable deposits/down payments range between 5 - 10% minimum, which would mean an immediate cash outlay of about 10 - 15% with the balance of the sale price due upon closing.
If you are getting a MORTGAGE, you can expect transaction fees to be approximately 10%. With a minimum deposit/down payment of 5 - 10%, you will be looking at an initial cash expenditure of approximately 15 - 20% followed by monthly mortgage payments for the duration of the loan.
As it relates to PROPERTY TAX, it is charged on the unimproved value of the land and the percentage is based on various value bands at a scale of rates ranging from 0.50% to 0.90%. You can find an outline of these value bands at the tax administration website here: www.jamaicatax.gov.jm/property-tax2/
I hope this provides some more clarity for you!
@@SarahOttey it does and i just realized that i put property tax when i meant to say rental income tax. is there a way to pay less than 25% on rental income tax?
I find the Jamaican banks a hindrance in buying property in Jamaica, at every step of the way they have more and more questions it’s almost as if they don’t want your business. My aspirations to buy a property there is more and more unlikely, such a shame
Thanks for your feedback. I understand it can feel like you’re being asked to provide a lot of personal information, but the banks have to do their due diligence. Working with a knowledgeable mortgage/loan officer can help make the process smoother. As I’ve been in the industry for over 10 years, I’ve been fortunate enough to be able to handpick the people I work with and recommend to my clients so as to ensure they get the best service.
@@SarahOttey do you mind sharing names of people/companies you’d recommend? You can inbox 📥 message me if your are happy to do so
@@discernment_daily Sure, I’d be happy to share. You can send me an email at sarah@myntrealtyco.com
and I will reply. I’d also be happy to arrange a short one-on-one call to discuss your real estate needs in more detail. If you’d like to do so, you can schedule a time that works for you on my calendar using this link below: calendly.com/d/cfk-r3g-xt9/let-s-chat