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Re-investing in Jamaica Real Estate:
To Build Or To Buy Jamaica Real Estate.
The build on own land schemes is a popular Jamaica real estate option that is perfect for saving on costs. However before you begin this process steps have to be take before the actual construction to the Jamaica real estate. After running the figures you will discover it is worth more to buy an existing Jamaica real estate and make personal modifications or to build on new Jamaica real estate.
The process of just buying a Jamaica real estate lot and get some building permits and start building is not possible anymore. There are several steps and issues to consider before building on Jamaica real estate. When buying the Jamaica real estate check the zoning to see what type of structure can be built on it. If it is zoned for residential Jamaica real estate , one must consider if it can be hooked up to sewer and water or is capable of supporting a septic system and well. Septic systems on Jamaica real estate can be an expensive venture depending on the depth, location and the need for a secondary pressure tank.
Building on Jamaica real estate in an unincorporated area usually requires a secondary pressure tank. Then there is the cost of bringing in other utilities such as electricity, propane tanks and phone lines to the Jamaica real estate can be prohibitive. This is especially the case in the rural areas of Jamaica.
Jamaica real estate contractors are required to carry out tests to determine if the site is suitable for the required septic system. This involves digging a hole to determine if the ground water rises to the point where a septic system would contaminate it. This test is done during the rainy season. Grading a Jamaica real estate lot can be a major cost of building a structure. Many Jamaica real estate lots are priced seemingly low because the high cost of grading and site preparation in order to build on the land.
Obtaining a loan on land usually requires a lot larger deposit. Jamaica real estate mortgagors consider it raw land, and usually require 50% down usually with a shorter term and a higher rate of interest. Worldwide Realtors advises that in order to ensure that you make the correct option to buy big Jamaica real estate or to buy small Jamaica real estate and develop you must first look on the maximum capital gains you can achieve from the sale of the Jamaica real estate after you are done.
If your gain is a positive one then you must meet with the following people at the location of the Jamaica real estate, a project planner, a civic engineer, a plan review technician and your architect to spearhead the project.
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