So now the big decisionto buy a home has been made , the next question that arises of course is what next? At The Law Offices of Deanna McFarlane, our experienced team of Attorneys have the breakdown for you at affordable rates. Conveyancing transactions are more than just a simple transaction, and  because we care about you, our clients, we've put together a checklist to be going through when making this exciting decision.

Let's take a look as set out below:-

1. To Buy or Rent?

That is the question. The truth is, it really boils down to weighing the pros and cons, and the financial resources available. In Jamaica, the rent varies depending on the location of the homes as well as the buying of the property. There are advantages for renting, for example, the management provided maintenance in some instances. However, it is said there is no greater joy than in owing one's home. It must be reminded, that in renting, one could be in fact paying for the landlord's mortgage for that property, whereas some argue, that money would be better spent in putting towards mortgage payments after acquiring one's home. Food for thought, indeed.

2. Financial Resources

It's well known that buying or renting a property can costs more than "a penny" as the adage goes.  It is prudent to consider whether you can afford the monthly payments until the mortgage is paid off/or rent and other questions to jog your memory are:

a. Do I have a steady job?

b. Does my income sufficient for monthly payments and additional payments?

c. Do I have enough saved for a down payment and a few months extra?

d. Do I have any outstanding loans or competing loans that may impact my ability to meet my obligations?

e. Can I afford taxes and any incidental expenses that may arise from whichever option I choose?

This list is by no means exhaustive but certainly a guide to get you thinking.

3. How much of a downpayment is needed?

In Jamaica, the downpayment is usually 10% of the sale price when buying a home. Above such is usually considered exorbitant or "pricey". It is prudent to consider that in whichever jurisdiction, due diligence should be used in investigating the downpayments demanded by the Vendors in purchasing a home. Indeed, this is where a good conveyancing attorney protects the client when making such a significant transaction.

4. Mortgages

Let's face it, buying a home is expensive. It is important to do due diligence when selecting a mortgage company. The team at The Law Offices of Deanna McFarlane has reliable, trustworthy insight into selecting a good mortgage institution.

Now that we've got the memory buzzing, feel free to contact the conveyancing team today. After all, working with a trustworthy and knowledgeable conveyancing counsel helps you understand what you are agreeing to. We look forward to hearing from you soon!. Let us know your thoughts. We love hearing from our clients.