Tag Archives: beachfront properties

Do You Want To Sell Your Property In Jamaica? Let Me Show You How!

Selling a property in Jamaica, can be a scary process, if you do not have the right Real Estate Professional by your side. Thank God, I am here to assist you!

When selling real estate, every owner wants the same thing – the best possible price with the least amount of hassle and aggravation. Doing business in today’s real estate world requires experience and training in such fields as: real estate marketing, financing, negotiation and closing – all of which I possess.

HOW DOES THE SALE PROCESS WORK?

All you need to do is pick up the phone and give me a call at 1-876-862-5848. I can also be contacted via whatsapp, text messaging, email at paulasellsjamaica@gmail.com My website at www.paulasellsjamaica My Facebook Business Page – Paula Sells Jamaica. After which, I will schedule an appointment with you, at your earliest convenience, to view your property. After I have viewed your property, I will go back to my office and research your property and present you with a Comparative Market Analysis (CMA). A CMA in the simplest of terms, is a valuation which a Professional Real Estate Agent does, which gives you a suggested price, at which to list your property for sale, by comparing your property with all the properties which have sold in recent time and which are currently on the market for sale in your area. After I present you with your CMA, I will also present you with my customized Marketing Plan for your property. This is my guideline on how, I will get your property sold, for the most amount of money, in the shortest possible time.

Your Marketing Plan may include, but is not limited to: newspaper advertising, magazine advertising, web-listing, social media advertising, signage, open houses, networking with other Sales Associates or Real Estate Companies and other appropriate marketing strategies.

We will agree on the best listing price, that will ensure that your property is competitive with others for sale in your surrounding area. We will discuss the Listing Agreement and the length of the Agreement. Then we will sign to what we have agreed upon.

The house will need to be in “Show” condition before being placed on the market, so we will also discuss what will need to be done, if anything, before your property goes up on the Multiple Listing System (MLS), where it will be syndicated to thousands of websites across the world. Our goal is to make your home as attractive as possible to Prospective Purchasers, which will shorten the time it will be on the market and increase the chances of us getting top dollar for your property.

After your house is placed on the market and we have done numerous showings to prospective purchasers and obtained an Offer to Purchase from an interested buyer. I will explain the Offers details to you and help you to negotiate the best possible price we will be able to get for your property.

After we have agreed on a Sales Price with the Purchasers, I will turn over all documentation to your Attorney, who will prepare a “Sales Agreement” for both you and the buyer to sign. The buyer will be required to pay a minimum deposit of 10% of the purchase price upon signing this agreement.

Both Attorney’s then begin the process of transferring the title, this includes the payment of Stamp Duties and Transfer Taxes. The balance of the purchasing price is due upon the closing of the sale.

HOW LONG DOES IT TAKE TO SELL A PROPERTY?

If the buyer’s purchase is financed by a Mortgage from a Jamaican Financial Institution, the average time to complete the sale is approximately 120 Days or 4 months from the signing of the Sales Agreement. However, please bear in mind, this is not always the case. This time frame may be extended because of situations beyond anyone’s control or it may also be shorter. It all depends.

The period of closing for a cash purchase is determined by the buyer and the seller. However, this can be as quickly as 30-45 days all being well.

WHAT ARE THE COSTS ASSOCIATED WITH SELLING A PROPERTY?

Government Transfer Taxes & Registration Fees (5% and 0.5% respectively of the Selling Price)

Government Stamp Duty (4% of the purchase price), which is shared equally between seller and buyer

Real Estate Agent Commission (approximately 5% to 6%)

Attorneys Fees (approximately 3% of purchase price, or as negotiated)

I hope, you found all this information helpful or useful. Thank you very much for reading my Article. Please feel free to Subscribe to my YouTube change and click on the “bell” to get all my future uploads. If you have any follow-up questions or concerns, please feel free to contact me. I can be reached via the comments section below, LinkedIn direct message, email at paulasellsjamaica@gmail.com or whatsapp at 1-876-862-5848 or my YouTube Channel Comments section. Please feel free to send me a LinkedIn Invitation to connect & join my network. Please also visit my website www.paulasellsjamaica.com

Paula Roper Bacchas is a Realtor Associate at Irie Homes Realty Company Ltd. You can contact me at 1-876-862-5848, Send me an Invitation to Connect on LinkedIn, Like my Facebook Page:https://www.facebook.com/PaulaSellsRealEstate/?ref=hl or visit my website atwww.paulasellsjamaica.com or email at paulasellsjamaica@gmail.com

Do you want to: Buy, Sell, Rent, Lease-Residential or Commercial Real Estate in Jamaica? If so, please feel free to contact me today!

Paula Roper Bacchas, CIPS

Paula Roper Bacchas, CIPS

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Real Estate Investing financing – Why You Should Avoid Timeshares and Vacation Homes

Many smart people have lost lots of money trying to invest in real estate through timeshare condominiums and vacation homes. Many people are attracted by these so-called investments because they want to have a place to go during vacation, and it seems that these properties would also end up being good investments at the same time.

The way a timeshare works is that you’re purchasing a partial ownership in a condominium, such as the right to use the condo for one week out of the year. Let us say you pay about $6000 for this privilege. This may seem like a bargain, but if you do the math you will realize that you are paying quite a bit for the opportunity to spend only a single week in this condominium. If you were to pay this weekly amount for an entire year, the condominium would end up costing you $312,000, even though you could purchase a similar condo free and clear for much less than this (let’s say maybe $150,000 or $200,000).

You are paying a pretty big markup, and you will also be responsible for certain annual operating fees, usually a few hundred dollars or so. Instead of purchasing a timeshare, you may want to consider renting someone else’s unit for a week whenever you go on vacation.

This will likely be much cheaper, and you will be able to take a vacation in a different part of the country each year. You also don’t have to worry about the annual maintenance fees or the hassle of having to deal with any ownership requirements.

If you can afford to purchase a condominium out right, or if you can see yourself saving enough to purchase over the next few years, you may want to consider this option as well.

What about vacation homes? Well, if you’re wealthy enough to afford multiple properties throughout the country, that’s fine. However, many families who purchase vacation homes really can’t afford the extra expense and are simply making the purchase because they think it’s a good investment.

It’s nice to have a vacation home to go to a few weeks out of the year, but you have to look at your financial situation and determine whether you can really afford to have this luxury.

You may need to rent out the property for most of the year in order to help you pay for it, and this could raise some additional headaches as you will now become a landlord. Also, if you are purchasing the property as a vacation home primarily, make sure you enjoy the area as you’ll probably be spending a lot of vacations here in the future!

 

Be honest with yourself about your motivations. The vacation home could be a wonderful property for you and your family to enjoy, but it may not have the best potential as an investment property.

Source: Business Finance World – By Robert Charlson

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Here’s what $1.8 million will get you in Charlottetown

This 1939 home on the Charlottetown Harbour is known as the George DeBlois House, named for its first owner, the 27th Lieutenant Governor of Prince Edward Island. It has 200 feet of waterfront, and magnificent views of Victoria Park and out along the protected waters of the harbour. This grand home sits on a little over half an acre, with a lovely semi-circular columned verandah on which to sit and watch the marine activities.

Key details:
• 5,431 sq. ft.
• 6 bedrooms, 4 baths
• $1,800,000
• MLS ID # 201621143
• Joe Lisi, Century 21 Colonial Realty, 902-393-4735
• See the Century 21 listing here

Century 21 Colonial Realty

The 20×18-foot formal dining room features built-in china cabinets and a niche for the sideboard, as well as a window bench. Notice the deep mouldings and trim throughout the house.

Century 21 Colonial Realty

The living room, at 20×25-feet, is spacious enough for large parties, but seating areas can be arranged to make it feel more intimate, such as, say, just a tête-à-tête around the fireplace, with its hand-carved mantel.

Century 21 Colonial Realty

Just look at that window bench. This bedroom has wood floors in immaculate condition, and more closet space than was the norm in 1939.

Century 21 Colonial Realty

A second-floor sunroom leads off this large bedroom, which sports another of the home’s fireplaces.

Century 21 Colonial Realty

A boardwalk runs along the edge of the waterfront, while rocks protect the shoreline from erosion in winter.

Century 21 Colonial Realty

The porch is a comfy spot for sitting in out of the sun and catching up on a good book. Little children (or dogs) can be corralled here for safety’s sake, while the rest of the terrace is open and features another seating area open to the sun.

Century 21 Colonial Realty

The house is a Charlottetown landmark, with its elegant façade and imposing demeanour. Its proximity to downtown means it’s just a few minutes’ walk to cafés, restaurants, shops and services.

Watch the video here…

Source: National Post Shari Kulha | October 13, 2016 | 

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Hurricane Matthew: Before it hits, take these insurance precautions

AP HURRICANE MATTHEW NORTH CAROLINA A WEA USA NC

America hasn’t seen a storm as strong as Hurricane Matthew in a decade, and the damages could be epic. The Consumer Federation of America predicts as many as 100,000 insurance claims for wind damage, and payouts for damages likely will exceed $7.4 billion.

As residents board up windows and stock up on bottled water, if they have time to safely do so, they should also consider preparing for the possibility that they soon could be facing an insurance claim.

Before the storm

The CFA offers these three tips:

  • Locate your homeowners or renters policy, and make sure it’s in a safe place where you can reach it after the storm.
  • Review your policy to find out how and where to report a claim.
  • If possible, document your belongings with photos or a video tour.

The Property Casualty Insurers Association of America also recommends a thorough documentation. A home inventory can be vital to ensure you get the most out of your insurance policy, said Don Griffin, vice president of personal lines for PCIAA.

“You see your stuff every day, but if you don’t have a picture or a video of it, you won’t remember,” Griffin said.

PCIAA recommends using a smartphone to supplement an inventory with photos and videos inside the home. You should save your inventory in a disaster-proof form, such as email or cloud-based note-taking services.

The more detailed the list, the better, said Joshua Butts, owner of Cornerstone Insurance in Tampa. That means tallying the contents of drawers and the make and model of furniture, TVs and other big-ticket electronics. A detailed list gets an owner more money back in a loss, and they get it back more quickly, Butts said — instead of dickering over the exact nature of lost items, insurers have the lists, photos and videos right before them.

“What you document is what you get back,” Butts said.

In addition to documenting your possessions, keep track of any expenses you incur to mitigate damage, like boarding up windows, because they may covered.

After the storm

The CFA recommends that you:

  • Report your claim as soon as possible, because they’re usually handled on a first-come, first-served basis.
  • Be sure to get a claim number and write it down. It’s the quickest and easiest way for insurance companies to locate your file.
  • Keep good records of anything you spend to make immediate repairs to secure your home. Also keep receipts for hotels or meals if you can’t return home right away after the storm.

After you file your claim

  • Immediately start a notebook with all contact information of the people you deal with from your insurance company, the CFA recommends. List the date, time and topic of conversations. Note any problems, as well. Documentation is key to resolving problems later.
  • Get a repair estimate from a local contractor you trust to use as a guide in talking with the insurance adjuster.

And, finally, if you’re considering skipping filing a claim because you’re worried about future premium hikes or policy cancellations, don’t.

“You’ve paid your premium and are entitled to coverage,” the CFA wrote in a release. “If you have a legitimate claim, do not hesitate to file it.”

Source: , USA TODAY8:13 a.m. EDT October 7, 2016

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What to know about getting a U.S. mortgage

Obtaining financing for a U.S. purchase, such as these condos in North Miami, with a mortgage is more attractive now that the loonie has sunk value. (Janice Pinto/The Globe and Mail)

Although Canadians and Americans share the same continent, live across from one another on the world’s longest undefended border and speak, mainly, the same language, there is one undeniable geographical advantage that the United States possesses in abundance: year-round warm weather locales.

This has led many Canadians to think about buying a property in a U.S. hot spot.

The bad news for those buying now includes the precipitous dive in the loonie compared with the U.S. greenback and a rise in home prices in the United States since the market bottom of 2010-11.

With affordability tilting away from Canadian buyers of U.S. property, it has made the traditional all-cash purchase (the way four-fifths of Canadians have paid in the past) less attractive and made taking out a mortgage to finance a purchase a much more desirable option, says Alain Forget, director of sales and business development with RBC Bank, a subsidiary of the Royal Bank of Canada.

“It is not a great time for Canadians to pay cash for a U.S. home,” says Mr. Forget, who is based in Fort Lauderdale, Fla.

“In the past, many Canadians have used cash to buy their U.S. home. However that means using the equity in your Canadian home, cashing out investments or using your savings. With any of these options you’ll have to exchange your Canadian dollars for U.S. dollars, significantly reducing the cash you have to buy your U.S. home.”

Obtaining financing for a purchase with a mortgage means that buyers are not exchanging weak loonies for expensive greenbacks. Mortgages are also attractive given the low interest-rate environment and a Canadian dollar that will remain weak “at least through 2017.”

For Canadians seeking a mortgage in the United States, there are a number of key differences to consider.

– It takes longer. It can take just a few days to apply for and obtain a mortgage in Canada. In the United States, it might take 45 to 60 days to complete the process.

– More documents are required. Getting a U.S. mortgage requires different documentation than in Canada because of different regulatory requirements. For most U.S. mortgages, more than 10 documents are required compared to less than five in Canada, according to RBC.

– There are more fees. Buyers can expect to pay 3 to 5 per cent in fees because of third-party expenses such as property appraisal, titles and certain insurance requirements.

– Interest is calculated differently. U.S. fixed-rate mortgages are compounded monthly whereas in Canada they can be compounded semi-annually for a fixed-rate mortgage and monthly or at the payment frequency for a variable-rate mortgage.

– Down payments are bigger. A down payment of at least 20 per cent of the value of the home is now the U.S. standard. It can fluctuate, however, based on whether the home is a primary residence, second home or an investment property.

– Amortization is longer. Now extinct in Canada, the 30-year mortgage is alive and well in the United States, with the option of locking in rates over that span, a situation all but unheard of in Canada.

“U.S. mortgage products provide much longer rate terms including up to 30 years at very low rates,” says Miles Zimbaluk, director of business development with Canada to Arizona, an organization that helps Canadians who are visiting or living in the Southwest state.

“In Canada, you can obtain a 25-year term rate but rates are much higher, persuading people to nearly always choose one- to five-year term rates.”

He notes that the Canadian buyers are in the main getting younger, which means that more of them are likely to be seeking mortgages rather than putting down cash for purchases.

“We still see a lot of retiree snowbirds buying in Arizona but we are also seeing a lot of younger buyers,” says the mortgage broker, whose company assists Canadian buyers to get in touch with realtors, mortgage lenders and brokers.

“Many are buying vacation homes younger in life either as an investment to take advantage of the still lower priced U.S. real estate, or because they can use the property today and work remotely and enjoy more time abroad before retirement.”

Calgary-based executive Evelyn Studer, who owns three properties in Phoenix, paid cash in every case, although for her most recent purchase, she was turned down for a U.S. mortgage because it was a rental property. “But I could get a mortgage or home equity line of credit on the one house I will be using” as her residence in that state.

So she obtained a U.S. home equity line of credit, which she used to build a pool and make other improvements to her property.

“That was actually a very simple process and not much different than getting a home equity line of credit here in Canada. They just needed a letter of guarantee from my company regarding my present employment amount and title, my last two years tax returns and some financial information on my assets and liabilities.”

Source: Globe and Mail  PAUL BRENT Special to The Globe and Mail Published Friday, Mar. 18, 2016

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How to Sell Your Property in Jamaica?

How to Sell Your Property in Jamaica?

Selling a property in Jamaica, can be a scary process, if you do not have the right Real Estate Professional by your side. Thank God, I am here to assist you!

When selling real estate, every owner wants the same thing – the best possible price with the least amount of hassle and aggravation. Doing business in today’s real estate world requires experience and training in such fields as: real estate marketing, financing, negotiation and closing – all of which I possess.

HOW DOES THE SALE PROCESS WORK?

  • All you need to do is pick up the phone and give me a call at 1-876-862-5848. I can also be contacted via whatsapp, text messaging, email atp.roper@century21jm.com My website at www.paulasellsjamaica My Facebook Business Page https://www.facebook.com/PaulaSellsRealEstate/ After which, I will schedule an appointment with you, at your earliest convenience, to view your property. After I have viewed your property, I will go back to my office and research your property and present you with a Comparative Market Analysis (CMA). A CMA in the simplest of terms, is a valuation which a Professional Real Estate Agent does, which gives you a suggested price, at which to list your property for sale, by comparing your property with all the properties which have sold in recent time and which are currently on the market for sale in your area. After I present you with your CMA, I will also present you with my customized Marketing Plan for your property. This is my guideline on how, I will get your property sold, for the most amount of money, in the shortest possible time.
  • Your Marketing Plan may include, but is not limited to: newspaper advertising, magazine advertising, web-listing, social media advertising, signage, open houses, networking with other Sales Associates or real estate companies and other appropriate marketing strategies.
  • We will agree on a listing price, that will ensure that your property is competitive with others for sale in your surrounding area.
  • We will discuss the Listing Agreement and the length of the Agreement. Then we will sign to what we have agreed upon.
  • The house will need to be in “show” condition before being placed on the market, so we will also discuss what will need to be done, if anything, before your property goes up on the Multiple Listing System (MLS), where it will be syndicated to thousands of websites across the world. Our goal is to make your home as attractive as possible to prospective purchasers, which will shorten the time it will be on the market and increase the chances of us getting top dollar for your property.
  • After your house is placed on the market and we have done numerous showings to prospective purchasers and obtained an Offer to Purchase from an interested buyer. I will explain the Offers details to you and help you to negotiate the best possible price we will be able to get for your property.
  • After we have agreed on a Sales Price with the Purchasers, I will turn over all documentation to your Attorney, who will prepare a “Sales Agreement” for both you and the buyer to sign. The buyer will be required to pay a minimum deposit of 10% of the purchase price upon signing this agreement.
  • Both attorneys then begin the process of transferring the title, this includes the payment of stamp duties and transfer taxes
  • The balance of the purchasing price is due upon the closing of the sale

HOW LONG DOES IT TAKE TO SELL A PROPERTY?

  • If the buyer’s purchase is financed by a mortgage from a Jamaican financial institution, the average time to complete the sale is approximately 120 Days or 4 months from the signing of the Sales Agreement. However, please bear in mind, this is not always the case. This time frame may be extended because of situations beyond anyone’s control.
  • The period of closing for a cash purchase is determined by the buyer and the seller. However, this can be as quickly as 30-45 days depending.

WHAT ARE THE COSTS ASSOCIATED WITH SELLING A PROPERTY?

  • Government transfer taxes & registration fees (5% and 0.5% respectively of the selling price)
  • Government stamp duty (4% of the purchase price), which is shared equally between seller and buyer
  • Real Estate Sales Commission (approximately 5% to 7%)
  • Attorneys fees (approximately 3% of purchase price, or as negotiated)

I hope you found this information useful/helpful. If you have any follow-up questions or concerns, please feel free to contact me. I can be reached via the comments section below, LinkedIn direct message, email at p.roper@century21jm.com or whatsapp at 1-876-862-5848. Please feel free to send me a LinkedIn Invitation to connect & join my network.

Source: Paula Roper Bacchas is a Realtor Associate at Century 21 Heave-Ho Properties. Located at 31 Upper Waterloo Road, Suite 10, Kingston 10, Jamaica West Indies . You can contact me at 1-876-862-5848, Send me an Invitation to Connect on LinkedIn, Like my Facebook Page: https://www.facebook.com/PaulaSellsRealEstate/?ref=hl or visit my website at www.paulasellsjamaica.com or email at p.roper@century21jm.com

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How to Move to Barbados

how to move to barbados

Yes, it’s possible to move to the Caribbean, whether you want to add a second home or turn your Caribbean beach dream into a reality. Now, moving to the Caribbean means different things for different people and different price points — and that’s why we write our How to Move series, answering common questions about making the move. To help you think about it, we talked to Jason Applewhite, Operations Manager for Barbados’ One Caribbean Estates real estate brokerage to learn more.

Why should I move to Barbados?

Apart from the obvious appeal of the beautiful beaches, high average of 300+ days of sunshine a year and the natural appeal of the destination, Barbados enjoys a positive image in the global marketplace as a sound International Business Centre and has been effectively attracting Foreign Direct Investment for decades. Some of the main factors which have contributed to investors choosing this destination are:

¬ Attractive Fiscal environment/social stability
¬ Ease of access to housing market (no entry taxes and landholding license requirements)
¬ High Quality Construction
¬ Well developed and established amenities and amenitized world-class developments including Golf, Polo & Marina (Yachting/Sailing)
¬ Persons who invest in excess of US$2 Million automatically qualify to apply for a SERP (Special Entry and Residency Permit) towards obtaining residency status in Barbados

Companies looking to thrive in a highly competitive global marketplace invest in Barbados to capitalize on the business-friendly environment, strong human capital, high-quality infrastructure, tax advantages, investment protection, and overall good quality of life.

barbados 2

And can I live there? What are the residency laws, etc.?

As mentioned before, Barbados is a highly hospitable destination with strong human capital, high-quality infrastructure and an overall good quality of life. Persons who wish to take up permanent residence in Barbados must provide tangible evidence that they are not likely to become a charge on the nation. Applications should be made to the Immigration Department.

What are the advantages of living permanently vs. part time?

This is a rather broad question…and the specifics are varied. The United Nations Human Development Index ranks Barbados 57th and apart from the hospitality of the people the overall standard of living is high. To reiterate… the island has an excellent education system, a good healthcare system, affordable housing, sound telecommunications and all utilities available island-wide. So ultimately I’d have to say that there is less of an opportunity for one to benefit from these ‘perks’ if they are domiciled here rather than to miss out on them.

barbados wind

How much does the average home cost? 

This is a very broad question but across the different sectors of the real estate market the following are price ranges which outline/distinguish the distinctions between your ‘average home’ and a ‘luxury home’. The average home as we would perhaps define it falls into the Middle Income bracket as it relates to pricing. The pricing is set out according to the different sectors/sub-sectors:

Low – Middle Income (Modest Housing) US$75,000 – $275,000
Middle – High Income (Up-Market Housing) US$300,000 – $750,000
High-End – Luxury Market (Luxury Housing) US$800,000 – $1,000,000+

How much does a beachfront condo cost?

The ‘average’ cost is relative to the following factors or characteristics which include: configuration and size, and for the ‘typical’ beachfront condo this would be a 2-3 bedroom unit and relative to what the current available inventory on the market is and the size and price are as follows:

Size: 1,600 – 2,200 sq. ft.
No. of Bedrooms: 2-3
Price: US$850,000 – $1,600,000

How much does it cost to build a home?

Building cost for the ‘average’ home with basic finishes can be low as US$75 per sq. ft. going up to US$150. Anything above this price range ventures into the higher-end & luxury segment of the market.

barbados bay

What are the real estate taxes like?

Real Estate taxes are calculated on a tiered basis and this responsibility overseen by the Barbados Revenue Authority. The land tax year runs from April to March. Rates vary between nil and 0.75 percent of the value of the property, depending on the value, with a maximum land tax payable of BDS $60,000. The seller will have prepaid the land taxes before completion and a buyer will be responsible for the months between completion and March of the following year.

What are income taxes like?
Income Tax is levied on: The profits of a trade or business earned by an individual in a fiscal year; and the income earned by any other individual in a calendar year. Income Tax is levied on the income of persons resident or non-resident in Barbados. There is no tax on capital. The system of taxation is based on self-assessment

Liability for Income Tax

Resident
A Resident is a corporation managed and controlled in Barbados; or a non-national individual who is present in Barbados for more than 182 days in a calendar year. A resident corporation is subject to tax on its world income. A resident and domicile individual is subject to tax on his world income. The resident but not domiciled individual is subject to tax on his income derived in Barbados and on his income from foreign sources remitted to Barbados, or from which a benefit is derived in Barbados.
Non-resident
A Non-resident is a corporation whose place of management and control is outside Barbados; or a non-national individual who is present in Barbados for less than 183 days in a calendar year. A non-resident is subject to tax only on income derived in Barbados.

calimbo, barbados

Can I work in Barbados?

All non-nationals desirous of working in Barbados are required to register with immigration prior to commencing employment. The employer or ‘sponsor’ has the responsibility to make the application on behalf of the employee. The application fee is $300.00 BDS but the final fee will vary dependent on the category of work and the length of time requested and in accordance with the international standard code fee regulations.

What’s health care like?

Compared to most developing and developed countries around the world and particularly in the Caribbean, it is good.

Can I bring my car? What’s the duty?

Yes you can, the costs vary depending on where you are coming from and the value of the vehicle.

Source: CaribbeanJournal.com – February 19th, 2016 | 11:09 am 

For more information on moving to Barbados or any other Caribbean island, contact the Ray C. McMillan Mortgage Team or visit www.RayMcMillan.com

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