Tag Archives: maintenance

Safeguarding Your Property

Your financial wealth is not determined solely by the amount of money you have in your savings account; the value of the assets you have accumulated over time is another factor. Many people believe that purchasing a home would be an important acquisition that would boost their net worth.

Owning a property can provide you with a physical sanctuary that will give you the peace of mind to excel in your other financial endeavours. Knowing that you and your family will always have a place to call home can also give you the impetus to work harder to protect this important legacy.

Whether you direct your money into the ownership of property, place funds in formal investment options, or invest your resources in operating your own business, it is important to consider all the possible challenges that could arise which could jeopardise the preservation of your wealth. Continue reading Safeguarding Your Property

Homeownership Challenges

According to recent news reports, mortgage interest rates are set to rise drastically as a result of the interest rate increases on Bank of Jamaica (BOJ) securities. Financial institutions will have to raise the interest rates paid on deposits in line with market rates, and therefore they will be forced to charge more for loans.

How will these developments affect Jamaica’s housing market? According to real estate industry experts, increases in mortgage costs will have a negative impact on both existing and prospective home owners.

BOJ data revealed that up to June 2008, the amount of mortgage loans in arrears for three months and more had risen by some 71 per cent over the previous year. Delinquency rates are expected to grow even more as the cost of homeownership increases.

In addition, most consumers’ income levels are not moving up to match these increased finance costs, so many hopeful homeowners may not have the cash flow required to qualify for a mortgage. Continue reading Homeownership Challenges