What House Can You Afford In Jamaica 🇯🇲?

[@odeciahutchinson]

Everytime I think about the housing market in Jamaica I get anxiety! The housing market in general is stressing....

[@FinessingFinance2024]

The plan of the developers is to price out the ordinary people so that the other big wigs can buy the best houses and rent them out. That way lower to middle income people will mostly be paying rent until they die unless they buy land and build or get "lucky" otherwise.

[@DemetressFairman]

Yea it gets overwhelming but nah mek it cramp the show, when there is a will and a plan there is a way 👊🏾

[@bunnydimples1283]

@@FinessingFinance2024😳

[@SoffyLoves]

​@@FinessingFinance2024 Facts!

[@Thinking.Designing.Creating]

Demetress popped up on the screen with this sunglass and my internal monologue said" this look is giving rich uncle vibes, to spend his weekend on a yacht in Monaco, before he sets off to the vineyards for wine tasting" With that out the way...info always helpful as usual...the nurturing approach is very empowering...

[@Frenchcut11]

😂🤣 @rich uncle vibes

[@DemetressFairman]

I could get use to comments like these 😎, respect everytime 👊🏾

[@tevii3514]

One of the most informative Jamaican content creator

[@FinessingFinance2024]

No doubt. It's a shame most folks are gravitating mostly to suss suss.

[@DemetressFairman]

Thank you 🙏🏾 I very much appreciate this

[@DemetressFairman]

Lol soon start some gossip

[@FinessingFinance2024]

@@DemetressFairman 😂😂😂

[@Mr_Brown876]

Bro, me glad yuh make this video. Got my pre-approval from JMMB, VMBS and NCB but silll looking. Cant find anything that would be affordable for me. Its crazy.

[@DemetressFairman]

Interest rates are crazy now, my advice would be a 15-20 deposit and hopefully that cuts down the monthly or if you have a wife or parents that can pool NHT with, and buy land to build or a fixer that’s within your affordability

[@Mr_Brown876]

@@DemetressFairman yes, thats a good plan.

[@CeretaM]

They want us as Jamaicans living overseas to invest in Jamaica 🇯🇲 but they are making the prices for house almost impossible for us. Kmt. When I am searching and I see the prices I ask myself how on earth are they expecting us to own at lest a retirement home in our country. May God help us🙏

[@BriCeeTho]

Thanks for the advice and breakdown! 👏🏽👏🏽 Very helpful information.

[@DemetressFairman]

Thank you 🙏🏾

[@kiekeyz]

Preciate that content brother. Home ownership is another one of those steps we looking at taking.

[@patriciajackson3907]

Great information and very useful, thanks for this video👍👍👍

[@Frenchcut11]

You should do video on the new developments with all the faulty issues they come with, so buyers are aware. I watched a lot of KZbin videos, got excited and wanted to reinvest in my country Jamaica. I purchased a luxury apartment in Kingston 6 area and I at the community meetings, there were no happy homeowners and I’m surprised things are so quiet in this area on KZbin.

[@DemetressFairman]

Great suggestion! I would love to get in contact with these home owners to hear their take on this

[@kermitarealnigga3730]

Not a Jamaican thing. Hoa run things no matter what country. Never buy hoa.

[@nicklawrence277]

I think you sould do this​@@DemetressFairman

[@boyyobpp]

This happens in every country, when I was purchasing my house I researched issues with new developments and I used USA as my case study... New developments are prone to have issues even when you build it yourself

[@fyah2k5]

Awesome video. Man, best thing that ever happened to me real estate wise was when NHT decided to cover 100% of the purchase price of some of their units. I was struggling to save the down payment, so when I came across this facility by the NHT, I grabbed on. Hesitant at first, but the numbers and opportunity was too good, in my eyes, to pass up.

[@DemetressFairman]

That’s the way NHT should work, but the structure needs to change so that more people in various ages can benefit and also more houses need to be built

[@FinessingFinance2024]

@@DemetressFairman The government needs to seize abandoned lands that they haven't received property tax from for at least 5 years. Then sell those lands and use the proceeds for affordable housing for people.

[@H2O747]

The government and banking institutions will pay dearly for this. There are safer alternatives in the Caribbean at these price points that offers better wages, infrastructure, and healthcare. Jamaica is offering houses at first world country prices but with the gunman, corruption, low wages and zero healthcare. At those prices points you can get some nice houses in Canada which offers safety, free healthcare and a stable economy.

[@almarielewis8072]

Every were is the same

[@micks8072]

Do you know how much it cost to buy an average property in Canada.

[@H2O747]

​@@micks8072 trust me I know. I'm a Jamaican living in Vancouver canada. I'd rather invest my money here than Jamaica. At least people here have jobs, a relatively good economy and a safe country. I own 2 houses in Vancouver FYI. Jamaica is overvalued from an investors perspective. You'd definitely need to do Airbnb to cover the cost of these properties.

[@kwailcamp]

The market now seems to be big lots, luxury apartments or townhouses that I cannot afford or small boxes in gated communities with no space between them, no character or charm. There do not seem to be many alternatives except to build what you want. I do not know if there is a place for me.

[@rawminimalist9043]

Get a fixer upper, youtube university for Diys

[@taneishsimpson16]

Our housing market in Jamaica is terrible most of us are not being paid adequately to purchase a home and still have financial stability.

[@micks8072]

That's not limited to just jamaica. Almost every country, if ur just earning above minimum, it's difficult to buy,

[@4evahodlingdoge226]

@@micks8072 In Jamaica it's not just those earning above the minimum, it's majority of working people being unable to buy anything nor even afford rent.

[@ericalewis3122]

i'm a nursing student and i'm currently doing research on how i could own a house when i'm officially working, and based on the possible paycheck that nurses are getting now and the cost of houses it's crazy, cause i would still not be able to afford one .. sad

[@michellepennant9692]

Great video I learn so much in just alittle time..

[@DemetressFairman]

Glad to hear it!

[@MTS28]

Your video came up on my recommendations today......I'm glad it did!😉

[@FinessingFinance2024]

The plan of the developers is to price out the ordinary people so that the other big wigs can buy the best houses and rent them out. That way lower to middle income people will mostly be paying rent until they die unless they buy land and build or get "lucky" otherwise.

[@DemetressFairman]

The more I search, the more I’m leaning g towards building

[@rawminimalist9043]

​@DemetressFairman I'm so afraid to build here, I'm a woman 35 and I think that alone makes me a target, then I got an American accent that's why I'm leaning toward a fixer upper.

[@taneishsimpson16]

I found this video to be very informative

[@angelafoster-howell4497]

Very informative video.Thanks much.

[@teddylifestyle3732]

You also have a third scenario, first time home owners that are not interested in living in the home but rather purchasing it to be a rental property

[@Zei-21]

This was so good bro thank you could you do one on the closing cost +deposit for eg 30m 40m house

[@HowardJones-d6w]

Great job

[@DemetressFairman]

Thank you

[@ListedInTheSouth]

Demetress, you are a wealth of information.

[@DemetressFairman]

Thank you

[@1badchargie539]

Well said video.

[@leroykenyon6157]

Good advice

[@Everblesstravels]

Greeting to you from everbless family TV supporting from Jamaica

[@DemetressFairman]

Greetings 👋🏽

[@sandragoulbourne]

Well done

[@dell7990]

The Jamaican people must also know that, they must have a high level of Education to be able to afford a mortgage in Jamaica.

[@DemetressFairman]

Generally a high level of education and the right job fields leads to bigger incomes, so you aren’t wrong.

[@rawminimalist9043]

So it would still be hard if I made 1 million jmd per month?

[@micks8072]

​@rawminimalist9043 in reality I mill jmd is not really money it's like someone earning 25,,000 a year in uk that can't buy a property

[@rawminimalist9043]

​@micks8072 it can if I get a mortgage or build. That's a little over 6000 usd per month, I could pay a 3 k mortgage, buy groceries, pay bills and still have 1k left for savings. Meanwhile working on increasing income same way.

[@traphall]

@@micks8072the month say 1 mil per month me G not year 😂. 1 Mil per month can more than get a mortgage and pay it comfortably

[@evelinsrestaurantJa]

Great video

[@kewannaYaady]

Great vid again 👍, Which tools do you use to manage your personal finances daily ?

[@FinessingFinance2024]

Do more videos on the housing market Demetress. Look at the views for this upload in just a few hours. 😂😅

[@DemetressFairman]

Might just have to

[@kezziiiii_]

What is the name of the area or parish where the clips of houses are being shown at 6:53 and 8:19 in the video?

[@danielrobertson8582]

Really good quality video. Could you please do a affordability breakdown of my friend, ychop chawgie. He makes strangely enough, 47 million a year. How much would his loan rate from the bank be?

[@DemetressFairman]

Thats alot of cash, I don’t know who that is but he can afford anything really. If the income is consistent he could afford a 1mil a month mortgage 🥹 basically can buy ANY scene house and afford up a 50mil to 100mil house.

[@vickeywhite9629]

Very interesting

[@ccsportzlab961]

80% of Jamaicans arnt making 250k per month gross so that means 80% of Jamaicans that work in Jamaica cannot afford an home

[@DemetressFairman]

But yet we see so many homes been built whether in rural or urban areas. People are putting in the work and increasing their incomes in order to build or buy. Whether getting extra jobs or pooling resources together with a partner or whatever route you choose. It’s not impossible but still possible.

[@Kofi.86]

Exactly

[@boyyobpp]

In the real world JMD $3,600,000 annually is technically $240,000.00 per month, if you factor in the mandatory taxes and it can be less if this person pays pension. So the affordability budget would reduce a bit more especially if you include living expenses

[@DemetressFairman]

The calculation uses gross figures not net

[@boyyobpp]

@@DemetressFairman yes true... Just highlighting that being able to afford a certain loan at gross doesn't mean you can manage it at net

[@jasonmcphee3369]

Hey that cex io how is it bow today

[@mym8330]

I'd like to live next to Asafa

[@DemetressFairman]

So would I 😀

[@micks8072]

All you need is roughly between 180,000 to 250,000 pm

[@thaliakhi9398]

Hey demetress!!!

[@4evahodlingdoge226]

Basically unless you're rich don't buy in Kingston- got it.

[@beingsu3]

I'm proposing a challenge for you, do what can a Jamaican teacher can afford in the following category (early childhood, primary/prep, high school & tertiary) thank you 😊

[@xtremeeclean1776]

How about some overseas? How can we go about a purchase?

[@suuie]

Jamaican in America is running up the price these house are selling for America prices

[@dream_77707]

U forgot inflation???? Price of material raise.. so therefore price of housing follows

[@suuie]

@@dream_77707 the cost of labor is still cheap labor is the main reason why housing prices are so high in America the wage is $3000 per week or more for labor in Jamaica it’s 100 to 200 per month 20k to 30k can build one of these small houses and they sell it for 400k 500k 600k

[@DemetressFairman]

Honestly buying land and building seems like a better bet but that’s just my opinion

[@kwacou4279]

Jamaicans in America move to Florida. It's Jamaicans in the U.K. and Canada driving the market. especially from the U.K. 1 British pound = 205.78 JA. USA $1 = 150JA. Remember, Canada and Britain have no warm areas to retire.

[@noblegirl1991]

​@@kwacou4279. They are from the United States as well

[@bnepaul9268]

Listen what if you are buying cash, without morgage

[@DemetressFairman]

Then you bigger than this convo 😂 you in big leagues.

[@lynfoster7870]

If workman wasn't such thief everyone could build a small house without stress

[@DemetressFairman]

Yea that’s the downside of building

[@shaneseoneida]

This was great but my math couldn't keep up with the scenarios you provided, other than the fact that I know I'm more in John's range. Is there a way to contact you privately so you could help me calculate what I would be able to afford? Awesome video! Keep them coming. I knew I didn't do wrong by subscribing 🫶🏽🙏🏽

[@syn-techcooling7282]

Can you redo this video in US dollars for understanding better?

[@Jade-vc3ix]

Honest to God..who are these people building these houses for? Can you imagine being unable to afford a house in your own country and renting from foreigners

[@gingi931]

Videos informative. U stop do work out videos

[@countrylivinglifestyle]

But who making 3.warra warra million in Jamaica on average?

[@rawminimalist9043]

Doctors in JA don't make that much?

[@Ben-Ken]

Too many new developments with uninspiring, cookie, cutter homes. All look exactly the same in the same color.

[@sammay9410]

Yes. Same boring look and layout. They don’t even vary the front-facing design between for example the 2 and 3 beds so there’s some variation on the street.

[@shanekane9803]

everything over price in jamaica

[@nesq4104]

These home looks absolutely horrible

[@Mark-if1yu]

Who came up with this house poor. All my life people as being spending their money on cars dress jewelry. It far better to be house poor. Why is that so?. Government economy is dependent upon you shopping tax revenue. Here in America 75% of the federal government taxes comes from sales recipes AKA consumption. As long as you can afford the house payments buy the biggest house you can in the nicest area you can. 75% of all people on earth as no money management skills if they did far more people would be very rich. So the only thing that will make them very rich is that house. Be house poor. The richest people in the world don't have money they are poor because there money is in stocks, bonds, gold sliver and real estate. The only way Jeff Bezos can spend 100 million dollar is to borrow it from a bank or sell some stocks. Because even with a net worth of 200 billion dollars he doesn't have 40 million in a bank account sitting. Am very comfortable be house poor 1% poor.

[@FinessingFinance2024]

You make some good points.

[@DemetressFairman]

That line you said “ as long as you can afford the payments buy the biggest house you can in the nicest area you” that’s the goal but most people over leverage and don’t find a way to increase income, so they live just for the house. All I’m saying is buy/build what you can afford.

[@jermainsmith9747]

Well said!.

[@Mark-if1yu]

​@@DemetressFairman house poor is someone who has enough money to pay there's bills and a little for emergencies. Here is another logic to my statement. House poor the biggest house in the nicest area you can afford. Salaries is not keeping up with inflation anywhere in the world. So if you choose a 30 million dollar house when you can pay for a 40 million dollar house with no social play money in your budget. Let's just say you need a yearly salary of 4 million to buy the 40 million dollar house just words speaking this is not the actual math. 5 years later the same house same SQ footage is 46-48 million now you need to make 6 million per year to buy the same house but your only making 4.5- 5 million dollar yearly. Now you can't afford the very same house that you could . Your interest rates would be locked at 40 million monthly payments at X dollars. Again meanwhile if if you had bought the house when you were making 4 mil per year now your making $500K more than you did when you buy the home so you have a little bit more money. So if they do nothing to increase their salaries it will increase automatically over time. And not get me wrong your 100% correct in you assessment. Am saying a little pain and sacrifice will pay off 10-15 years down the road.

[@DemetressFairman]

@@Mark-if1yu no i get what you are saying and i think we are on the same page, i just dont want the excessive over leveraged position and struugling to manage everything else in their lives.