The Bahamas is an ever-growing popular destination for savvy real estate investors looking for a tropical paradise to call home and with 700 islands to choose from you are sure to discover your tropical oasis. However, purchasing property in another country can be quite different. Below is an easy 5-step guide to help you navigate the process.
1. Research the market:
Before you get into the real estate market, it is always wise to research the market. Doing so will give you a sense of what your money will buy.
2. Find a licensed local real estate advisor:
A good real estate agent is an invaluable resource when it comes to buying property in the Bahamas. They provide you with expert advice and help you navigate the buying process, making the transaction seamless. Find an agent with experience and a good reputation. Here are a few to consider. Did you know the Bahamas has an MLS (multiple listing service)? That means once you find a realtor you know and trust they have access to share and show you all the listings throughout the Bahamas eliminating the need to contact multiple agents!
3. Determine your budget:
If you’re planning a cash purchase, determine how much you are willing to spend on a property. If you're planning to finance your purchase, seek financing first. Foreign buyers can obtain financing through their hometown bank or through several local Bahamian banks.
4. Consider the costs:
Costs associated with owning a property vary greatly. While real property taxes and insurance are low in the Bahamas, HOA (homeowner association) fees vary greatly depending upon the amenities they offer.
In the Bahamas, a law firm typically handles the closing documents. Once your real estate agent secures an accepted offer on a property the law firm of your choice drafts the sales agreement and does the title search, due diligence, and closing documents.
With the right research, guidance, and preparation you can be on your way to owning your own piece of paradise in no time! Start your search today. If you have any questions, please feel free to send us a note, we would be delighted to help you call The Bahamas home.