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JIS News

Story Highlights

  • The Housing Agency of Jamaica (HAJ) is advising young professionals to start planning early for homeownership.
  • Speaking to JIS News recently, Assistant Environmental Planner at the entity, Zanetta Scott, said that having adequate funds for a house deposit continues to be a major deterrent to becoming a homeowner.

The Housing Agency of Jamaica (HAJ) is advising young professionals to start planning early for homeownership.

Speaking to JIS News recently, Assistant Environmental Planner at the entity, Zanetta Scott, said that having adequate funds for a house deposit continues to be a major deterrent to becoming a homeowner.

As such, the entity is encouraging young people 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,” she said.

Senior Public Relations and Marketing Manager, Richard Jones, for his part, is advising young people who are able to purchase a home to act promptly as real estate appreciates quickly.

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

“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 now, buy it, because a starter house isn’t necessarily the house you will retire in,” he said.

He noted that being a young homeowner offers benefits such as lower mortgage rates with longer payment plans and more predictable housing costs.

Mr. Jones told JIS News that come 2019, the HAJ will be developing three new housing schemes that will be attractive for young professionals.