Module 1: Is Returning, Buying or Building in Jamaica Right for You? (Free Preview)
Free preview module. This first module helps you decide, with clear eyes, whether to return, buy, build or invest, and what to put in place before you spend a dollar.
Lesson 1.1: Name your goal
Most people in the diaspora are doing one or more of these. Be honest about which one comes first, because the steps, costs and risks are different for each.
Return: move back permanently, now or at retirement
Buy: land or a home for family, retirement or a future return
Build: a new home on land you own or plan to buy
Invest: rent, short-term stays, development or resale
Exercise: write one sentence for your goal and one date by which you want to have achieved it.
Lesson 1.2: A reality check after Hurricane Melissa
Rebuilding after Melissa has put pressure on the same limited supply of building materials and skilled workers that everyone else needs. Reports from Jamaican media describe shortages of skilled workers, shortages of items such as cement and roofing materials, and higher construction costs. Plan for this instead of hoping it will not affect you.
Expect delays and price changes during construction
Build a contingency into your budget; a quantity surveyor can advise how much for your project
Book good tradespeople early and agree start dates in writing
Lesson 1.3: Set a budget and a timeline
List every cost, not just the price. Typical headings:
Land or home price
Taxes, registration and legal fees (covered in Modules 2 and 4)
Survey, valuation and due diligence
Design, approvals and construction (Module 5)
Insurance, caretaking and annual property tax (Module 6)
Moving, travel and living costs (Module 7)
Timelines vary. As a guide from published sources, a straightforward purchase often takes a few months, and building approval for a single residential lot takes at least eight weeks before construction can start. Treat these as planning figures and confirm current times with your attorney and the local authority.
Lesson 1.4: Assemble your team before you commit
An attorney who acts for you, separate from the seller's attorney
A licensed real estate professional; always ask for their licence and verify it
A commissioned land surveyor
A registered engineer or architect, and a quantity surveyor if you plan to build
A trusted person in Jamaica who can visit the site for you
Module 1 checklist
I wrote down my goal and target date
I listed all cost headings and added a contingency
I know which professionals I need and have started interviewing them
Next: Module 2, Money, Banking and Budgeting, for Academy members.
Educational content only. It is not legal, tax or financial advice. Laws, fees and procedures change, so confirm current details with your attorney and the relevant agencies. Steadfast may receive referral fees from partners, and this is always disclosed.
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