With the financial situation of many Jamaicans being unenviable, owning their own piece of property may seem only like a distant dream. Besides being portrayed as a symbol of wealth, the ability to purchase housing is also seen as a sign your life is moving in the right direction. But, even if you can finally afford to buy a home, it doesn’t mean you should. There are reasons why, when contemplating whether to rent or own in Jamaica, one should go with the first option. Although, there are also advantages in favor of the second. We’ll introduce you to both to help you decide which choice is the one for you!
To Rent or Own in Jamaica – that is the Question?
Some people prefer to rent, while others prefer to own. But if we’re completely honest, it’s always better to have something that’s entirely yours, and that includes housing. Unfortunately, though, that’s not always possible. Not only because the money is lacking, but for reasons of other nature, as well. For example, you may be out of town often, in which case, being a homeowner might prove to be nothing but a burden. Still, it’s essential not to be rash as the decision to purchase Jamaican real estate or not isn’t one to be made in a day. Give yourself enough time to weigh the option of staying a tenant and becoming a property owner because, trust me, arguments support both!
Caption: It’s hard to say if it’s better to rent or own in Jamaica, considering there are arguments supporting both options.
Owning Properties in Jamaica
Most people choose to buy homes because they offer them security and stability that renting can’t. For example, when you are a tenant, your landlord may decide all of a sudden that they want to sell their property. That puts you in an impossible position, where you must move out on short notice. However, when you live in your own house, you don’t have that kind of concern. You don’t have to worry about anyone kicking you out of your place. Furthermore, properties build equity over time, making them a pretty good investment in the long run.
Another plus of owning is that your mortgage rate will remain the same from the moment you take it out to the moment you pay it off. We can’t say the same for your rent, though. As a tenant, you are left at the mercy of your landlord. It’s only a matter of time before they increase your rent, and who knows if you’ll be able to afford it.
Of course, not everything about being an owner is so great. There are additional expenses associated with it. The ones that could discourage you from investing in real estate altogether! Property tax, for instance, is something you’ll be responsible for paying once you acquire a new place. There’s also the possibility of that tax increasing over the course of you paying off the mortgage. Then we have other responsibilities that come with owning properties. You’d be in charge of keeping up with maintenance and repairs, which, honestly, could drain your savings significantly.
Caption: When we compare the mortgage rate and rent, the first is a clear winner. It stays the same for years, while rent is subject to change.
Renting Properties in Jamaica
You’d be surprised by the number of people that decide to rent instead of buy. And there’s nothing wrong with that! Perhaps, they aren’t ready to dive into investing waters just yet. Maybe their jobs don’t allow them to purchase anything because they move a lot. It’s also possible that they are constantly traveling, thus complicating the whole house maintenance and other homeowner responsibilities.
Foreigners looking to stay in Jamaica for the time being, or permanently, for example, are also better off renting. They could have a hard time securing a mortgage in the country, and not everyone can afford the all-cash option. In addition, moving into a rental spares them the headache of looking for housing in a market they know nothing about. However, you must prepare yourself for the moving process early on if you are yet to become a resident. Make sure you’ve got your documents ready. Also, try to find yourself a job before you’ve officially moved. Pack not days but weeks in advance, and hire a moving company experienced in dealing with overseas relocations.
There are plenty of people that talk of renting as ”pouring money down the drain.” In a way, they are right. Still, that whole ”wasting money” gives us peace of mind. Peace of mind which many believe is priceless. For instance, if anything were to go wrong in the place, it would be your landlord’s job to fix it. You wouldn’t have to pay a dime for it, nor waste a minute of your time dealing with it. Not to mention the stress you would be spared of.
Beware if you were to ever be offered an outstanding deal on an older home in Jamaica. You are better off staying a tenant than investing in it. Why so? Well, because the older the house, the higher the probability of it requiring extensive work. Consequently, the more work, the lighter your wallet. I trust that isn’t something you wish, is it?
Caption: When presented with the choice, foreigners almost exclusively choose to rent.
Alt. tag: Jamaican houses built upon the sea
To Rent or Own in Jamaica: The Final Verdict
Nobody can tell you for sure if it’s better to rent or own in Jamaica. It’s only you that can be the judge of that. Before making the ultimate decision, however, explore your own finances. Ask yourself how much house you can truly afford and whether you’d be able to cover the accompanying costs. Being an owner isn’t something to be taken for granted and comes with plenty of responsibilities. If you believe you are not yet ready to become that, then it’s wiser to stay a tenant for a bit longer. Otherwise, you risk getting yourself into something you can’t get out of as easily.
Meta description: Those contemplating investing in housing may wonder if it’s smarter to rent or own in Jamaica. This article shines a light on both options.