Heritage Properties of Jamaica

Prime Jamaican Real Estate is an understatement when describing The ‘Great Houses’ of Jamaica. One of the island’s most famous and well preserved, right down to its Wedgwood china place settings is Greenwood Great House; close to the border where the parishes of Trelawny and St James, Greenwood has overlooked

Greenwood Great House

the surrounding community for 211 years.
 Visitors often find this 15-room tribute to Georgian architecture even more fascinating than Rose Hall, probably because it hasn’t undergone nearly as much restoration plus it has a more genteel, literary past; an altogether less “scary” history. This magnificent residence was erected between 1780 and 1800 and was home to Richard Barrett a member of the famous ‘Barretts of Wimpole Street’ no less! Richard was cousin to one of England’s renowned and best beloved poets; Elizabeth Barrett Browning whose immediate family was one of the largest landholders of that era. On display within these sturdy old walls, is the Barrett family’s original library complete with many rare books dating as far back as1697, along with portraits in oil of the family, exquisite Wedgwood china, rare musical instruments and a marvellous collection of antique furniture. In the grounds is a well-preserved glass carriage which, in its day was the Barretts’ own horse-drawn hearse. This Great House is one of if not the best, preserved and well maintained in Jamaica. Greenwood, in all its splendor, is open for tours daily and hosts functions at the property by special request. Greenwood Great House, very much alive and well and central to Jamaica’s tourist industry.

And on to yet another monument to Jamaica’s marvellous history and colonial architecture: Marlborough Great House. 

Marlborough Great House

Situated in Spur Tree in the parish of Manchester, Marlborough is said to have been built circa 1795 and designed by one Mr. Forsyth, a Scottish architect. The house is a finely proportioned Georgian residence with regency influences. A significant feature of the building is its high and imposing portico, which raises its large columns right up to the roof, the gutting of which is made of fine copper. The first known owner of Marlborough House was the Honourable Richard Boucher. He was an Assembly Member of the then new Parish of Manchester and he also later became Custos of the Parish. The Bouchers are believed to have been Haitian refugees who came to Jamaica in about 1792. This Great House boasts three bedrooms and 2 bathrooms with a well- proportioned kitchen and dining room with large storage space on the lower level. A one-bedroom cottage together with a four-bedroom cottage also sits on the property. Leading up to the house itself is a dramatically long driveway which ends in the secluded serene picturesque grandeur of the house itself set majestically on just under 10 acres of fertile land famous for luscious fruit-bearing trees. And, Marlborough House is currently still a private residence, very much lived in; it has certainly stood the test of time. Mr. Forsyth of Scotland certainly knew how to build a good, solid house that would last! More Jamaican architectural treasures to come….

Thinking of Remortgaging?

Remortgaging is basically switching your already existing home loan to another building society or other lending institution; you don't have to be in the process of buying a new home. As well, Jamaican home and real estate owners, sometimes remortgage their properties for a larger amount, as an alternative source to obtaining a secured loan and/or in an effort to reduce those monthly payments, especially if you find yourself in a situation where it is becoming increasingly difficult to meet the monthly amount owing on the due date. Jamaican property owners remortgage because they find interest rates on a mortgage can often be lower than those on a secured loan.

Before diving in 'head first ', however, to find another lender, you should meet with your current mortgage company and discuss with them why you are actively considering another mortgage lender and, who knows, they may well come up with a better deal to keep your business, saving you a lot of time and energy. If your mortgage still has a way to go, find out if you can get a further advance from the same lending institution. If you can work a deal for lower interest rates at your current mortgage lender (or another), then you will be saving yourself a good amount of money every year. Using a Mortgage Broker If the value of your home has appreciated over the past few years, which is the norm especially if it is a well maintained property, you might be seriously thinking of remortgaging to get some much-needed cash for whatever reason. And, if you do decide on the remortgage strategy, it's often helpful finding a mortgage broker who should have the entire Jamaican market well within his sights. If you have a good deal with your existing lender, however,and that institution is providing good customer service and seems keen to keep your business, as mentioned already, check to see if you can simply increase the current loan in place and avoid the time, 'bureaucracy' and various fees involved in remortgaging. Ask your mortgage adviser/broker lots of questions as the broker you choose should be able to find the most reasonable rates and then you will be able to compare your lending institution's offer with his findings. Also, when you're comparing deals, you'll need to find out about and take into account valuation, conveyancing and solicitor's fees that may apply. Your broker must also be fully conversant with all and any penalty charges such as early redemption/early exit fees that may be applicable in remortgaging, thus enabling you to make an informed decision on whether to go ahead with another lender or stick with the one in place. But, at the end of the day, whether you decide on an increase in your loan or go for remortgaging, it's the same result: you will owe more money and be in more debt. It's worth remembering that interest rates can change and so can your circumstances, so the whole process and final decision needs careful thought and planning.

Jamaica - Community Living

What exactly does that title mean - ‘community living’? In Jamaica today, community living is just another catch phrase for being resident within a ‘gated community’. Gated communities are thriving, not only in Kingston but throughout the island and are surely today’s prime real estate in Jamaica. Drive around any of the upscale residential areas of Kingston: Norbrook, Liguanea (especially Millsborough Avenue, Paddington Terrace) Russell Heights, Long Lane, Old Stony Hill Road and the roads leading off and a proliferation of well-established gated communities and many others in various stages of completion can be seen. Gated communities got their start in the 70’s and have flourished ever since. So, it’s safe to assume that developers would not be building these enclaves at such a rate if they were not in such demand. A recent visit to a development in progress in Millsborough Avenue and interview with developer, Michael Millwood. Mr. Millwood is building 18 spacious homes where, not long ago, there was only one large, single residence. He said that nearly all of the homes under construction had been sold already and from his years of experience in constructing such communities, this is and has been the norm. The homes are often sold well before they are finished. Corporations buy them not only as sound investments but as suitable residences for their top management and in particular, for expatriate residents in Jamaica who come to fulfill 2 or 3 year contracts and sometimes, opt to make their home in Jamaica even when their contract is finished. Of course, Jamaicans want to own their own home as well and the trend is, to make it one within a gated community – their current popularity knows no bounds! The big attraction for homeowners to live in and form part of, a gated community is security. The ready-made, built-in security is a huge pull for the homeowner. The idea of entering and leaving one’s place of abode without any fear of being held up either at the gate or possibly alighting from one’s vehicle or even at the front door, cannot be emphasised enough and this goes for Jamaicans and ex-pats alike. As well, those dwelling within feel they can rest assured that the constant monitoring of all those who enter and depart the community is another reason to feel safe, secure and at peace. So although outsiders might think that their absolute privacy may be compromised in such a setting, insiders benefit from ‘quiet enjoyment’ of their property with all the security they need in place and this factor alone acts like a magnet; to be part of such a community in a country like Jamaica which does have a serious crime problem. Security is the most salient factor in the Jamaica’s ever expanding gated communities but it’s not the only plus. There are other features of the gated community which are attractive – the maintenance of the grounds and the privacy when one enters one’s own home. There is usually communal land within the community as well for entertainment purposes, often with a well-kept swimming pool. The houses (and apartments) themselves may sometimes look fairly small from the outside but inside they are remarkably spacious and well laid out. Homes in such developments are not cheap, however, and can cost anywhere from J$15-30 million plus depending greatly on the size and location of the community. It’s safe to assume that these properties will certainly continue to appreciate as, even the most casual observer cannot fail to notice the speed at which these developments are springing up in Jamaica. Their popularity does not look like diminishing any time soon and, the gated community under construction visited recently was the fourth such development in Millsborough Avenue.

Affordable Living? Affordable Real Estate? Is there such thing?

Downsizing, cutting corners, call it what you will but, every year after the dreaded Annual Budget, we all try and find ways of ‘affordable living’. One thing remains constant; when it comes to Jamaica real estate (like most Caribbean property) it holds its value and if you can hang onto it, do! This is true even in the hardest of times and despite occasional political unrest together with a fairly constant high crime rate, simply because Jamaica is such a beautiful land with an idyllic climate. The tourism industry, through it all, not only stays afloat but keeps relatively strong. So if you’re trying your utmost to survive; struggling to keep your head above water – don’t sell that gorgeous property – yet! Real Estate in Jamaica will continue to increase in value and be sought after for years to come, especially as waterfront and island homes are becoming harder to find.

With all the gloom, doom and worldwide recession, Jamaica has still managed to make tremendous strides in creating an environment conducive to enterprise development and as such, has maintained a strong international profile so, the secret is out, Jamaica is a destination for trade and investment in all sectors and some of the world’s leading companies have made Jamaica their home. This all bodes well for those who have invested in local properties and real estate. Hang on to your land – it can only appreciate. Now, away and apart from Jamaica real estate, we think there is indeed such a thing as affordable living on a day to day basis and we base such a claim on the following facts. Take your average Jamaican box lunch, still remarkably cheap especially if you convert it into US$ or sterling. The ubiquitous box lunch is going, on average, for about US$4.00 or £2.70p!! And, the Jamaican box lunch is a life saver: good Jamaican cooking and extremely filling. When our local vegetables are in season, they are a steal – literally! Local lettuce is going for J$50 to J$60 for 2 nice ‘heads’ in a pack as one example and, we can all still find and head off to a free beach on a sunny day; all we need is our bus fare/gas money and enough for a, you’ve guessed it, box lunch! And then a day out in magnificent Hope Gardens is still entirely free! Let us not forget a good friend somewhere cooking a huge pot of ‘Saturday soup’ which is invariably delicious and is accompanied by plenty of lively debate thrown in, on the verandah, of course. Beyond the image of a tropical paradise, the country’s people have a solid reputation as innovators (especially when “money tight”) and trend setters. Jamaicans are ordinary folk who often rise to great heights; their vibrant energy and indomitable spirit set them up for achievement in all spheres of life, be it culture, commerce, politics, public service and last, but by no means least, sport. So, whether its real estate or living life, Jamaica, still great value for money! Food, still cheap…

How to Flip Jamaica Real Estate

Can you flip Jamaica Real Estate?

Of course you can, property in Jamaica is no different from anywhere else, you apply the same principles. The idea is to make a quick turn around, and as much cash as possible.

Try not to take on more that you can chew. For your first flip, try something simple, like a coat of paint, changing fittings or even and new bathroom or kitchen.

BeforeBuying: Set a budget, along with an emergency fund. Make sure you stick to this, as you don’t want to be eating into your profit.

Check out the local real estate market, it won’t be long before you become an expert on price. You can always ask a real estate agent for recent property sells in the area. By the time you have done your research, you should know, how much a potential neglected property would fetch, once fixed. Make sure you get a builders report on your Jamaican real estate, before purchasing, as you don’t want to find structural problems or any damage, and the whole flip project turning into a nightmare.

Do not over capitalize: Location, location, location is very important. Know your potential buyer, as this well help when fixing the property. Keep colours simple, as this is a property you are selling, so try to keep your own personal preferences out of it. This is where some flippers make a mistake, they fix the property with what they like, but not everyone has the same taste, so keep away from patterns and keep it simple. You don’t need to buy the most expensive fittings, as it won’t make a difference on the selling price. Remember you do not want to over capitalize!

If you have a mortgage on the property, remember the longer it takes to flip, the more it is costs, so set a time frame.

Setting the price: Now you have fixed up your property, you need to set a price. Don’t set your price too high, as you will push yourself out of the market. Invite three real estate agents to look at the property, ask for an appraisal, this would be a good place to start.

Never get attached as this is a business, the longer you hold out, the less you could be making! So when you finally get an offer that puts you ahead, consider selling. Maybe your will be looking out for you next Jamaica real estate to flip.

Google Sidewiki entry by Anne

Great site, very useful directory.

in reference to: Real Estate Board - JAMAICA (view on Google Sidewiki)

JAMAICA PROPERTY FINDER

User friendly, easy access around the site. Useful information for potential sellers, on how to present their home and how to select an agent... Click on resources and find lots of tips. Happy browsing..

in reference to: Jamaica Property Finder (view on Google Sidewiki)