Tag Archives: caribbean living

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

Advertisements
Tagged , , , ,

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

Tagged , , , , ,

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

Tagged ,

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

Tagged , , ,

Robert De Niro’s Barbuda Hotel Project “Very Much on Track”

Robert De Niro’s major planned resort on the island of Barbuda is “very much on track,” according to Antigua and Barbuda Tourism Minister Asot Michael.

The project, which was announced at the end of 2014, is the brainchild of developers De Niro and James Packer, both of whom are frequent travelers to Antigua and Barbuda (De Niro is a frequent guest at the Jumby Bay private island resort).

The $250 million resort project is at the site of the former K-Club resort, and will be branded as the Paradise Found Hotel.

deniro

“Since these developers have announced their project in Barbuda, it has generated huge amount of free publicity for our destination,” Michael said. “It has also attracted other high net-worth investors such as former New York Mayor Michael Bloomberg who recently visited Antigua and Barbuda and later had his own private seaplane join him here in exploring both our islands.”

When the project was first announced, De Niro was named a special economic envoy for the country, and has helped pitch investment for the country in the United States.

It’s not the first hotel project for the Hollywood legend, who has developed several hotels under the Nobu brand with restaurateur Nobu Matsuhisa.

“Both developers Robert DeNiro and James Packer stayed here for Christmas in a demonstration of their love for our country and their wholehearted committed to this project,” Michael said.

Indeed, Packer stayed in Antigua recently with his fiancee, Mariah Carey.

“In spite of the delays and roadblocks, presented by the naysayers, the project continues,” Michael said.

Source: Caribbean Journal

Tagged ,

Grenada’s Real Estate Market Is Booming

The small real estate market in Grenada is booming, according to a new report from Century 21 Grenada Grenadines.

The country’s real estate sector saw a 71 percent increase in sales volume last year compared to 2014.

Overall real estate sales in Grenada totaled $40.753 million last year, up from $23.8 million in 2014, with the average transaction value in 2015 at $84,772 — itself an increase of 64 percent over 2014. The company cautioned, however, that individual large sales can skew the average, meaning the transaction value increase wass “not due to an increase in the values of the individual properties.”

That came from an average of about 40 real estate sales every month.

That was driven in large part by buyers from the United Kingdom, who represented 81 percentage of the total value of foreign-buyer-purchased real estate last year.

grenada1

Grenada also saw strong growth in Grenada’s commercial sector.

Indeed, there was a concomitant 46 percent increase in approvals for new construction of commercial units and increased occupancy in a number of commercial complexes.

graph

Both residential and commercial have been buoyed by Grenada’s citizenship by investment program, which has generated “increased recognition of Grenada as a luxury destination,” the company said.

“We are projecting continued year-over-year increases of sales volumes in 2016,” the company said.

Source: Caribbean Journal – February 3rd, 2016 | 11:14 am

Tagged , , , , ,

Port Antonio, Jamaica

Photo by Marcin Sylwia Ciesielski/shutterstock.com

Most charming of Jamaica’s north coast towns, Port Antonio once owed its fortunes to the banana trade — and nowadays is a laid-back escape from crowded all-inclusive resorts

Streetscape

Perched on a promontory between two sheltered bays — West Harbour and East Harbour — Port Antonio is a compact town of about 15,000 inhabitants, and the capital of Portland Parish. Unlike other towns on Jamaica’s popular north coast, Port Antonio’s semi-isolation — thanks to its rugged, hilly surroundings — has preserved it from the worst ravages of mass tourism. Instead, it has a slightly sleepy charm, and the town centre is easily explored on foot. Chief monuments include the Georgian red brick Portland parish church, the late Victorian parish courthouse, and the remnants of eighteenth-century Fort George, later incorporated into the buildings of the historic Titchfield High School. Look out too for DeMontevin Lodge, an ornate late-Victorian residence resplendent with gingerbread detailing. Scores of celebrities stayed here over the decades, including Queen Elizabeth II, and you can too — it’s now a guesthouse.

Venturing out

A scenic drive west along the coast — with the glistening Caribbean Sea on one side, lush foliage and flowers on the other — brings you to the gorgeous sheltered beach at Frenchman’s Cove, a private resort, and the Blue Lagoon, one of Jamaica’s natural wonders. Local lore says this flooded limestone sinkhole is bottomless. Scientists have rather prosaically measured its depth at 170 feet. Submerged springs feed cold freshwater from below to meet warm sea tides above.

Trivia

Port Antonio is the original home of two celebrated Jamaican poets of different generations: Edward Baugh, a longtime and beloved professor at the University of the West Indies, and his prizewinning former student Ishion Hutchinson, now based in the US. Considering Port Antonio’s small population, having two native writers of their calibre should give the town bragging rights as a literary hotspot.

Appetite

Coronation Bakery on West Street is justly celebrated for its fresh-baked loaves of traditional Jamaican bread — ask for the hard dough. Some of Port Antonio’s highest-rated restaurants are in the town outskirts, or along the nearby coast. Mille Fleurs has gorgeous sea views and organic produce; Mike’s Supper Club offers nightly jazz sessions and white-glove service; the rustic Soldier Camp Bar and Grill is the place for downhome Jamaican fare. At any of Port Antonio’s restaurants, if in doubt, order the seafood, which should be no more than a few hours removed from the nearby blue waters.

Souvenir

Musgrave Market, along West Street in the shadow of the Port Antonio cenotaph, and busiest on Saturday mornings, is a buzzing warren of stalls selling fruit, vegetables, household items, and also local craft — look out for baskets and various decorations made from straw. You can also find almost every conceivable garment in the colours of the Jamaican flag. The upscale Gallery Carriacou, inside the boutique Hotel Mockingbird Hill, sells work by local artists and refined versions of traditional crafts.

Listen

The Jolly Boys, Jamaica’s most famous mento band, formed in Port Antonio back in the 1950s, and the original lineup included musicians who had previously entertained at Errol Flynn’s Hollywood parties. Their popularity rose and fell over the decades, as the band evolved through various splits, fallings-out, and reconfigurations. Their 2010 album Great Expectation, released by Port Antonio’s Geejam recording studio, became an unexpected international hit, leading to tours, music videos, and a revival of interest in mento. The Jolly Boys are now the house band at Bushbar restaurant at the Geejam Hotel — the best place to hear them live in their home town.

History

The town dates back to the sixteenth century, but Port Antonio’s boom years began in the 1880s, when it was the main harbour for the mass export of Jamaican bananas. To ensure the famous banana boats carried profitable cargo both coming and going, entrepreneurs promoted Port Antonio as a tourist destination. Wealthy Americans and British arrived in droves — such as the millionaire Alfred Mitchell, who came on holiday, fell in love with the tropical landscape, and built an immense sixty-room mansion, though skimping on materials. When the Mitchell house began to literally fall apart, locals dubbed it Folly Mansion, and its ruins across East Harbour are still a noteworthy landmark.

The banana trade declined in the 1940s, but a different kind of boom started with the arrival in 1946 of Hollywood star Errol Flynn. He promptly acquired Navy Island, a sixty-four-acre retreat in the mouth of the town harbour — and thus began Port Antonio’s years as a quiet retreat for film stars and occasional royalty.

Co-ordinates

18.17º N 76.45ºW
Sea level

Caribbean Airlines operates regular flights to Norman Manley International Airport in Kingston and Sangster International Airport in Montego Bay from destinations in the Caribbean and North America
Source: Caribbean Beat Magazine

Tagged , , ,