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Housing in Barbados
 
 
 

Buying a Property

Barbados has developed a distinctive structure of services and facilities. It is an attractive place to live, with a vibrant economy in a stable setting with excellent infrastructure. It is no wonder that the world's richest families build elegant mansions on the islands shores, movie stars rent villas and companies have discovered its business benefits.

The popular beach front property of the West and the South coast is home to splendid luxury villas, while new areas of development and investment are opening in the North and East.

The Port St. Charles marina in Speightstown in the north-west of the island offers spectacular luxury villas at the water's edge, while fairway homes and villas are available at the luxurious Royal Westmoreland Golf Club on the West coast and at Rockley Golf Club on the South coast.

If you are purchasing a holiday home, a local property management company can arrange rental of your property when you are not occupying it, providing an immediate financial return on investment.

Procedures For Non-Barbadian Real Estate Buyers

Barbados real estate, land and property are available without restrictions to non-nationals.

A non-Barbadian buyer must first get permission from the Central Bank of Barbados. This step is merely a formality.

Vendors are liable for the property transfer tax which is charged at the rate of 10% of the purchase price.

Since financing is not available for non-Barbadians, you must bring the entire amount of the purchase price into Barbados. When you do, this amount must be registered with the Central Bank of Barbados. The Central Bank guarantees repatriation of this amount on selling.

It is advisable to employ the services of an attorney-at-law and a reputable real estate agent to handle these transactions. Legal fees are approximately 2% of the purchase price.

Renting a Property

Barbados have a healthy and rather pricey real estate market, and the best time to rent or lease is during the months of March and October, when the tourist season is not in full swing. Barbados offers a variety of long-term rentals, both furnished and unfurnished, although much of the rental property comes already furnished. You can find everything from small apartments to luxury full-size homes and condos, and prices vary depending upon a number of factors, especially location and square footage.

There is currently a backlog of demand for rental condos, beach property, and properties that can be repaired. As a result, there is now a basic shortage of multi-family properties and rental units.

For an updated and furnished one-bedroom apartment you can expect to pay from $800 to $2,800 per month. The highest prices are for rentals on the beach. A two bedroom may range between $1,500 and $5,000, and houses will start around $1,500 for a smaller one away from the beach and go upwards based on amenities, size, and location. Most rentals require first and last month's rent and you can expect to pay up to $800 total for utility, phone, and cable deposits as follows:

Air conditioning expenses can add a considerable amount to the cost of electricity, and should be factored in if you intend to use it. It is a good idea to request estimates of electrical bills based upon the previous year's costs, if those are available.

Because housing markets are subject to price changes, it is a good idea to contact local real estate agents for information and updated figures regarding price, availability, and terms. Many real estate companies in the Barbados advertise via Internet sites and are eager to answer questions from potential customers. The prices above are only guideline figures, it all depends on the location of the property, whether it is oceanfront, inland, close to Bridgetown, the capital or out in the outlying districts for instance. Generally, it is recommended that you ask around as much as possible regarding properties for rent.

 

 
 

 



 


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