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  •  “ We often hear young professionals being encouraged to save for their pension, but to add to that, we are also encouraging young persons to start saving for that house deposit once they start working,” Assistant Environmental Planner at the HAJ, Zanetta Scott told JIS News.
  • “Buy now, buy as early as you can to avoid facing inflationary pressures, don’t wait if you can help it. Once you can afford something (a home) now buy it, because a starter house isn’t necessarily the house you will retire in,” Mr Jones explained.
  •   Some of the possible merits of being a young homeowner include having real estate asset, lower mortgage rates with longer payment plans and more predictable housing costs.

The Housing Agency of Jamaica (HAJ) is urging youth and young professionals to start planning for homeownership. The housing agency shared with JIS News that having adequate funds for a house deposit continues to be a major deterrent for youth and young professionals becoming homeowners.

The Agency is encouraging youth and young professionals to explore financial products that will enable them to invest and save wisely for homeownership.

“ We often hear young professionals being encouraged to save for their pension, but to add to that, we are also encouraging young persons to start saving for that house deposit once they start working,” Assistant Environmental Planner at the HAJ, Zanetta Scott told JIS News.

“It’s easier to reach a goal once you have a goal,” Senior Public Relations and Marketing Manager at the HAJ, Richard Jones, who was also present during the interview added.

Mr Jones, also stated that youth and young professionals who are able to purchase a home should act promptly as real estate appreciates quickly.

“Buy now, buy as early as you can to avoid facing inflationary pressures, don’t wait if you can help it. Once you can afford something (a home) now buy it, because a starter house isn’t necessarily the house you will retire in,” Mr Jones explained.

He noted that a single young professional earning between J$150,000-$200,000 per month should be able to afford a J$6-$7M home.

Mr Jones was pleased to announce that come 2019, the HAJ will be developing three new housing schemes that will be attractive for young professionals.

Some of the possible merits of being a young homeowner include having real estate asset, lower mortgage rates with longer payment plans and more predictable housing costs.