Fri | Mar 29, 2024

Growth & Jobs | Save towards your house deposit - HAJ

Published:Monday | November 12, 2018 | 12:00 AM

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

Assistant environmental planner at the entity, Zanetta Scott, said having adequate funds for a house deposit continues to be a major deterrent to becoming a homeowner.

As such, the entity is encouragingyoung 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 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.

Jones said that come 2019, the HAJ will be developing three new housing schemes that will be attractive for young professionals.