Ask The Experts
Key things to consider when buying Barbados Property
Q: As a foreign national, what are some key things to consider when buying property in Barbados?
A: Barbados continues to be a favorite with buyers looking to invest in a second home: either as a holiday retreat or with plans for relocation. In addition to the beautiful beaches and friendly people, there are a number of reasons for Barbados’ appeal: the Special Entry & Reside Permit (SERP) by the Immigration Department for high net-worth non-nationals purchasing property on island; a high standard of infrastructure and a safe and wonderful environment in which to live. Here is a list of some of the key things to consider:
Is Financing required?
It is very important to know what level of purchase is feasible. Therefore, it is recommended that you have that discussion with your home bank prior to starting your search. However, don't be discouraged if you arrive on island without financing pre-approval in place. Your agent can put you in contact with mortgage brokers or banks on island to advise you and start the ball rolling.
Do you have a preference of location?
Based on your lifestyle, budget or personal preferences, you may decide to commit to one location over another. The briefs below give some insight into the differing natures of real estate based on varying locations around the island.
The West Coast encompasses some of the most expensive homes on the market. Prestigious Sandy Lane Estate with its stately mansions remains one of the most desirable addresses in the Caribbean. Two world championship golf courses are nestled inland at the Royal Westmoreland Golf Resort and Apes Hill Golf Club. Both developments, along with the Sugar Hill Tennis Resort, offer a range of homes to suit most budgets. Land lots where you can build your dream home, are also available.
The South Coast, with beautiful beaches and a wide array of shopping, dining and business amenities, has steadily gained popularity in recent years. Condominium developments like Sapphire Beach, offer high-end facilities at a lower price than can be obtained on the West Coast.
The East Coast of the island, with its rugged landscape and pounding Atlantic waves, is the haven for surfers, hikers and photographers from around the world.
Do you want to be on or off the beach?
Beachfront properties are the most in-demand in the rental market since they command the highest rental yield. Having the beach at your doorstep is everyone’s dream and there is quite a selection of beautiful homes available, from attractive bedroom apartments to luxurious beachfront estates.
However, an inland home should not be ruled out. Many of these enjoy ridge-front positions with amazing sea views - perfect for sunset cocktails by the poolside, while others are positioned to take advantage of lovely countryside or gully views with changing scenery of tropical flora blooming at different times of the year. A pristine beach is usually a mere 5 or 10 minutes away by car.
Will you want to put your property on the rental market?
This prospect will help you to cover your annual running costs. Keep in mind that if the property is not currently on the rental market, it will take time to become established and generate repeat clientele. To find out more about the rental market in Barbados, contact Blue Sky Luxury, The Holiday Home Experts.
Filed Under:Buying, Investment, Legal