The real estate market in Barbados is very active, which is good news for anyone looking to sell. The first quarter of 2021 has been filled with successful transactions and has been quite rapid. Sellers are finalizing sale agreements in no time with buyers from local and foreign territories. With affordable mortgage rates and great deals, it is no surprise that real estate in Barbados is thriving.
Clients have a myriad of options to choose from that suit their specific interests and needs. The sought-after price ranges for land sales range between BDS$300,000 and under. Houses with asking prices in the region of BDS$1 Million and below are also of high interest to buyers. There are hustle and bustle for houses in the region of BDS$500,000 and under. Customers are also looking to purchase land ranging from BDS$100,000 and under.
If you own land or property on the island and you're considering selling, now is the time. At the moment, there is a huge market for properties in Barbados, and procrastinating can be costly because it is impossible to guarantee its stability. We are experiencing an influx of both local and overseas buyers who are looking to purchase properties. The bulk of our clients are from Barbados, United Kingdom, USA and Canada.
Here are some helpful tips for buyers to avoid unsuccessful purchases and prevent losses:
Although cash buyers do not need pre-qualification, every other buyer should get pre-qualified with a lender before looking for properties. It isn't advisable to sign a sale agreement and pay the ten percent deposit without initial approval from your lender. Note that the ten percent deposit is non-refundable; hence, if you don't get qualified for approval to purchase, the initial deposit amounts to a loss.
Keep in mind that there will be other competitors for the same property that suits your interest. The real estate market scene in Barbados is an active one, so there are others with similar interests and needs to yours.
Before hunting for a house or land, make a list of the specific needs and interests you seek in a home. Making a note of all of the preferences you want in a property and your preferred location helps narrow your search.
Before you sign the sale agreement, it is advisable that you thoroughly inspect the property to make sure that there are no unseen complications or damages. One crucial assessment that is often overlooked when buying land is getting test holes done. You can get test holes done on the land to check the subsurface characteristics (soil quality and composition) and ensure that it can support a foundation for a home. This testing helps so to avoid financial loss in case the land isn't right for a home. You can hire a licensed excavator to dig holes and test the soil on-site. The purpose of this test is to guarantee that your home will stand the test of time.
Do not succumb to the temptation of making a lowball offer because sellers tend not to take such seriously. Make your best offer to increase your chances of getting a counteroffer by sellers. In a recently concluded transaction, the buyer paid BDS$20,000 over the asking price to beat the other bids on the property.
Let's not forget about the long-term rental market!
The market for long-term rentals in Barbados is promising because there are so many requests and not enough homes for clients. The local market has always been active for rentals within the range of BDS$3,000 or less per month. Rental properties below BDS$1,000 monthly to BDS$2,000 monthly tops the list of requests. There are several clients on the ground, all you need to do is put your property on the market.
Our sister company BarbadosExpatHomes.com enquiries have increased threefold. Especially since the launch of the 12-Month Barbados Welcome Stamp Visa. This is an announcement to landlords in Barbados that we are in dire need of all types of luxury rentals, apartments and houses included. Beachfront homes top the most requested list to date!