If you want to purchase a property in the Bahamas, there are several options to finance your purchase. Most major banks in the country offer mortgages to Bahamians and permanent residents. Some offer up to 25-year terms and only require a 10 percent down payment. However, foreign nationals may face additional restrictions.
In addition to upscale luxury homes, you can find stunning waterfront properties in the Bahamas. For instance, the Ocean Club Estates has private beach access and a world-class marina. Residents of this gated community enjoy full-service options and the exclusive amenities of a private beach and swimming pool. For those who don’t feel like living in a condominium, you can purchase an oversized three-bedroom penthouse.
As a licensed broker, Larry Roberts has over 50 years of real estate experience. He is a past president of The Bahamas Real Estate Association and a member of the Society of Industrial & Office Realtors. Previously, he served as the managing broker of NAI Bahamas Realty Commercial. In his new role as the director of Bahamas Property Fund, Larry specializes in commercial property transactions.
Whether you’re buying a house in The Bahamas or looking to rent it out, there are several steps to make the process smooth and easy. First of all, you should check the property’s title. If there are any abstracts missing, this would reduce the marketability of the property. Another step is to verify the history of the property.
If you’re looking for a beachfront property, The Bahamas is an excellent choice. The country’s property prices are still affordable, making it easy to buy a vacation home. The rental yields are moderate to good. Moreover, buyers from wealthy countries typically purchase their properties in cash. Secondly, ocean club estates bahamas is relatively safe compared to many other places.
Finally, you can choose from a variety of financing options. A large number of real estate development projects in the Bahamas have opened up the market for foreigners to purchase. Foreigners are now allowed to buy free title property, making it even easier for investors. There is a wide range of investment opportunities and financing options available, making the Bahamas Property market more accessible than ever.
You can find an accredited local realtor in The Bahamas by visiting the National Association of Realtors or the Bahamas Real Estate Association. Many members of BREA have NAR accreditation. In general, you should stick to BREA members if you’re buying property in The Bahamas. And remember to hire a local attorney to ensure the title documents are in order.
The cost of purchasing property in The Bahamas is moderately priced. The average transactional cost is 15 percent to 20 percent of the net price. This amount covers legal fees, recording fees, and real estate agent commission.