With wages generally flat or in decline (especially relative to inflation), and the cost to rent a one-room apartment being as high as $50,000 depending on its location, buying your first home may not seem so promising just now.
Instead of blowing your money on an overpriced apartment, you could beat the housing blues by adding a section to your parents’ or other family member’s home if he / she will agree for you to do so. In many instances, parents will be more than happy to help their children in this regard, and will readily give permission for this to be done.
Today, it’s almost impossible to buy a house on an entry-level salary, especially here in Jamaica, where property prices and rent rates seem to be on the rise constantly. Adding an apartment or new section your family member’s house will save you the cost buying land and then building on it. Obviously, that’s a very attractive option in these times.
Did you know also, that the National Housing Trust (NHT) can also help you with house extension plans:
- An applicant can get up to $3.5 million to borrow and the amount is subject to how much he / she can afford.
- The applicant will need to submit the title for his / her parents’ home, an approved building plan, a surveyor’s report, and proof of age and income among other documents.
- He/ she must also have permission from the house owners to do the addition, and the owners must visit the NHT to give permission to register a mortgage against their property. All persons involved are advised to visit a lawyer who will explain the implications of the transaction.
Note however, this type of loan does not suit everyone. Where there is possibility of conflict in the family over ownership and especially when there are several children who could have an interest in the property, contributors should think carefully before entering into this housing arrangement. However, if you are interested in finding out more about how to go about borrowing to build on your parents’ or relative’s property, or about any other NHT loan, call 1-888-991-2232 or visit any NHT office.
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