Imagine you own a mango tree that’s been giving you fruit for years. Now, you’re moving away, and you have two choices: sell the tree and get paid all at once or let someone else pick the mangoes and pay you every month. That’s the same decision homeowners face when they move—should they sell their house and get a lump sum of money, or rent it out and earn income over time?
Jamaicans have always valued land ownership. From the days when freed slaves worked hard to buy their own land and build communities to today, where real estate is still one of the best ways to create wealth, owning property is a big deal. But when it’s time to move, what’s the best option? Let’s break it down.
Is Your Home a Good Rental Property?
Not every house is easy to rent. Some homes will have people lining up to move in, while others might sit empty for months. Here’s how to know if your home is a good rental:
Location, location, location! If your house is in a high-demand area like Kingston, Montego Bay, Ocho Rios, or Negril, you’re more likely to find tenants quickly. If it’s in a more rural area, it might be harder to rent out.
Condition matters. A house with a leaky roof, broken pipes, or old electrical wiring will need repairs before it’s ready for tenants.
How far away are you moving? If you’re leaving Jamaica or moving far from your rental property, who will handle maintenance and tenant issues for you?
“If your home is in a good area and doesn’t need much fixing, renting could be a great way to build wealth,” says Dean Jones, Realtor-Associate® at Coldwell Banker and Founder of Jamaica Homes.
Are You Ready to Be a Landlord?
Being a landlord isn’t just about collecting rent—it comes with responsibilities. Think about this:
What if your tenant doesn’t pay? Imagine lending a friend your bicycle for a fee, but one day they stop paying. Chasing them down for money can be stressful. The same happens with tenants.
Things will break. From burst pipes to broken fridges, you’ll need to pay for repairs.
Do you know the rental laws? Jamaica has laws that protect both landlords and tenants. If you don’t follow them, you could face legal trouble.
“Being a landlord is like running a small business—you have to be ready to solve problems and manage your property well,” says Jones.
Understanding the True Costs of Renting
Many people think renting out their home means easy money, but there are extra costs to consider:
You still have to pay your mortgage, property taxes, and insurance. If rent doesn’t cover these, you’ll have to pay the difference.
Landlord insurance costs more. It’s pricier than regular home insurance, but it’s necessary to protect your property.
Repairs add up. Expect to spend at least 1% of the home’s value on maintenance each year.
Vacancies happen. If no one is renting your home for a few months, you’ll have to cover all the expenses yourself.
Property managers take a cut. If you don’t want to deal with tenants, you’ll need to pay a property manager, usually 10% of the monthly rent.
When Selling Makes More Sense
If renting sounds too stressful or costly, selling may be the better choice. Here’s why:
You get paid in full. Instead of waiting for monthly rent, you receive a lump sum of money at once.
No tenant worries. You won’t have to deal with missed payments, maintenance issues, or property management.
Jamaican real estate values are rising. If you sell now, you might get a great price for your home.
You can invest in other opportunities. Whether it’s buying another property, starting a business, or saving for the future, selling gives you financial flexibility.
The Jamaican Perspective on Homeownership
Land in Jamaica has always been more than just property—it’s a source of independence and wealth. Communities like Accompong, founded by the Maroons, have protected and maintained their land for generations. Many families still pass down homes from parents to children, ensuring financial stability for the next generation. Whether you sell or rent, your decision should fit into your long-term financial goals.
What’s the Best Choice for You?
There’s no one-size-fits-all answer. If you’re looking for steady income and don’t mind handling tenants, renting can be a great option. But if you prefer a clean break and financial flexibility, selling might be the way to go.
“If you’re unsure, talk to a real estate expert. They can guide you to the best choice for your personal and financial future,” says Jones.
So, would you rather sell your mango tree for a big payday or let someone pick the fruit while paying you over time? The choice is yours—just make sure it’s the right one for your future!
Disclaimer: This article is for informational purposes only and should not be considered legal or financial advice. Always consult with a qualified real estate professional, attorney, or financial advisor before making decisions regarding your property.