Properties take centre stage on TV show
WEALTH Magazine Home Sweet Home is the most recent addition to the Wealth Magazine family. Bursting on to the television scene on September 30, 2012, the show had viewers locked in with its first episode showing bits and pieces of wonderful Jamaican culture, homes and attractions. Jamaican real estate can be seen as the gem of the Caribbean and plays an integral part in Jamaica's revenue. The episode started off with a bit of history behind Jamaican real estate, from 1962 to the present.
Low-income, middle- income, high-income and luxury properties will have a chance to be stars as the episodes continue. Many of the luxury homes, which could go for over $100-million, are mostly bought by foreigners looking for a peaceful spot on the rock to relax while on vacation. Some introductory terms related to the industry are also provided so that we gain a better understanding about real estate. For example, the "buyer's market" happens when there is a lower demand for the property and as such, the buyer can negotiate more with the seller to settle on a price convenient enough for them. The "seller's market" occurs when there is a high demand for homes and so the seller is better able to get the price they're looking for.
Expert Century 21 Realtor Debbie Cumming advised that we here in Jamaica, are in a "full-fledged buyers markets. That means it's a great time for buyers to purchase simply because property prices are down ... mortgage interest rates are in single digits ... mortgage institutions are aggressively lending." She also advised that the laws have been changing from a 90 per cent mortgage up to a 97 per cent mortgage and this will make a huge difference in the number of people who can go in and apply for a mortgage.
Dr Kevin Rhyme from the Department of Geography and Geology at UWI, Mona states that the "Golden Triangle" is always in demand for housing as location is a big part of real estate. The "Golden Triangle" refers to the areas of Kingston and St Andrew such as Barbican, Mona and Constant Spring to name a few. He also made mention that there have been an increasing number of new developments outside Kingston such as New Harbour, Portland and areas of Montego Bay giving rise to new areas of interest for home ownership.
The show promises to provide 13 fulfilling episodes with useful information on buying a home, using local resources and professional assistance to make more informed decisions about real estate. The aim is to build the confidence of those who may have felt doubtful about owning their own property one day and help those that seek additional information.
Minister Without Portfolio for Transport, Works and Housing (Housing) Hon Dr Morais Guy states that he considers the Wealth Magazine Home Sweet Home television show as part of the partnership to better inform potential homeowners on what the real estate of the Jamaica has to offer.
The author works for Wealth Magazine.