The Bahamas is a prime destination for buying or renting a vacation house that’s why Bahamas real estate is a booming business. Searching for that perfect house can be a challenge, but by knowing some of these real estate tips, there is no doubt that you will eventually find your new humble abode.
Tip #1: Get yourself a Bahamas realtor
Like in all things real estate, it is always advisable to first get in touch with several realtors, especially since it’s Bahamas real estate – something you may not really be familiar with. It is good to keep your options open and eventually have a shortlist on hand. It is important to secure a healthy relationship with your realtor as he/she will assist you with your specific and immediate housing needs. The realtor community in the Bahamas is quite small so it would be relatively easy for anyone to find the best realtor that they can work with. Just make sure that your choice is someone who is licensed by the Bahamas Real Estate Association.
Tip #2: Choose a real estate location that suits your needs
Location, location, location. Whether you’re dealing with New York real estate or real estate in the Bahamas, choosing the right location to suit your needs is of the utmost importance. If you want to be surrounded by the luxuries and amenities of “civilized” life, you may want to choose buying property in one of the main islands such as New Providence or Grand Bahama. If you want to be near the waters and seclusion, you may want to see if there is available property near or on the beautiful beaches of Abaco . If it’s a quiet retreat you want with less people and infrastructures, one of the Family islands would be a much better choice. Of course, the price of the property also changes according to location. Since the main islands are much more populated with amenities and infrastructures galore, the prices there are pretty steep. Properties on the Bahamas Out Islands such as Acklins and Crooked Island, on the other hand, are much cheaper in comparison.
Tip #3: Get to know the co-brokers in the Bahamas
Real estate Bahamas has a moderately small community so it’s wise to familiarize yourself with co-brokers. Realtors in the Bahamas work closely together so if you happen to stumble upon a house you like that is not handled by your realtor, it is fine to tell your realtor so he/she can further assist you. This way, you don’t have to deal with different appointments with different agents.
Tip # 4: Be aware of the hidden costs of buying real estate in the Bahamas
Don’t forget to be aware of possible hidden costs when buying real estate Bahamas. There are usually registration fees and stamp taxes that you will need to pay along with the property’s price and your lawyer’s fee (a requirement for all transactions in Bahamas real estate).
Real estate in the Bahamas is a premium industry that has continuously provided luxury vacation homes and booming investments to people all over the world. Don’t be intimidated by the challenging and sometimes confusing process of buying a house. Tapping into Bahamas real estate, whether for investment or personal use, will definitely be a delightful experience.