If you own a buy-to-let property in Jamaica and want to sell, you have two options: sell it with tenants in place or vacate it first. While selling vacant may attract a broader range of buyers, including homeowners, selling with tenants can be a smart move, especially in areas with property shortages. The price difference between the two options is often small, so selling with tenants could save you time and hassle.
Here’s what to consider before you list your property:
Your Tax Position
In Jamaica, investment properties are subject to capital gains tax when sold. While the rates aren’t too high, they can add up depending on your profit. Understanding your tax liability is crucial, as it will affect your final payout. If you’ve made improvements to the property, you may be able to offset some of the tax costs. A local tax expert can help guide you through any exemptions or allowances.
Your Finance Position
If the property is mortgaged, check for any penalties for selling before your mortga…
