PURCHASING REAL ESTATE IN THE BAHAMAS
Purchasing real estate is very exciting even though it may seem like a daunting task to a first-time buyer or to someone not familiar with the laws and the steps involved with making a purchase. These tips will help you navigate the process of property ownership:
First and Foremost – Know your budget.
Maybe you have an inheritance of cash from a loving family member … or you have diligently secured enough cash to pay for your property outright. This would be ideal. Not many people fall into this category. The first step then, is to visit a financial institution -your bank, credit union or a reputable mortgage loan company to pre-qualify yourself for the amount you need. After the interview they will assess how much you can borrow and comfortably repay, based on your current income and expenditure levels.
Each bank has their own lending practices and can make adjustments on interest rates, number of years of the loan, depending on your qualification. You will need funds for a deposit when making an offer, and for closing costs at the close of the transaction.
Your debt-to-income ratio should not exceed 41% of your gross monthly income and your housing debt should not be more than 30% of that. The 30% will determine what you’re able to afford.
Organize your needs and your wants.
Have a clear idea of what you need from a home. Stick to your budget, and distinguish between Value items and Luxury items The life-style you live will determine what you are in search of. How many rooms do you need for yourself or family, will you have pets, is a pool important, tennis court? Having a needs list helps in choosing the best home for your budget.. If buying vacant land, determine the view, size and location, or for commercial use, you may require a high traffic, highly visible street this will help narrow down prospective properties.
Choose a Real Estate Professional Agent
For most people, buying real estate is one of the biggest investments of a lifetime therefore, having a dependable agent whom you trust is most important. At Bahamas Choice Real Estate, our Estate Professionals are dedicated and determined to finding you the best property for your budget and to guiding you through the market from your first search to closing signatures.
Choose a Qualified Real Estate Attorney
A good Real Estate attorney will prepare and review the Sales Agreement while ensuring that you comply with the Laws governing the real estate sector. Most banks have their selection of attorneys and appraisers, so make certain that you can use your own attorney at certain institutions.
Make the offer. This can be a maze of “buyer”, “seller”, “chattels”, “deposit”, and “completion”. We’ll be happy to prepare the paperwork and go through it with you before submitting it. Remember, the seller may reject or counter your offer, so at this stage, avoid setting your heart on the home you hope to own unless you can offer asking price. You’ll probably have to write a deposit check to the seller’s broker that proves the seriousness of your offer.
Get all necessary inspections done. A home inspector will check for signs of harmful materials like asbestos, lead paint and mold. They’ll also check for evidence of pests, faulty wiring and leaks. This is a crucial part of the home purchase. Not having an inspection done means that you could be stuck with unforeseen issues and no recourse. There are several inspectors in the area that we’d be happy to recommend.
Do a final walkthrough prior to the final signing. We will be happy to do this with you, ensuring that everything agreed upon is completed.
From the first interview that determines your requirements to the moment that you receive the keys, we are with you. Don’t hesitate to contact us to find out more about how we can make buying real estate a smooth and fun process!
Our Estate Professionals are familiar with the Islands of The Bahamas and will work to find your special place on whichever island the search may lead!
Our Mission: ‘Convert Customers into Lifetime Clients’
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Our Focus: ‘Completing the Mission and Vision.’