What To Expect When Purchasing Real Estate In Barbados | Blog | Realtors Limited

What To Expect When Purchasing Real Estate In Barbados

What To Expect When Purchasing Real Estate In Barbados

You have made the decision to purchase a piece of real estate on the beautiful island of Barbados, but where do you begin? First time buyers have many questions such as: How long will the process take? What documents will you need? What insider tips should you be mindful of? We picked the brains of our experienced team of real estate agents and outlined below a guide which can be used by potential buyers to navigate the Barbados market.  

There are many things to keep in mind when beginning your search. We highly recommend working with a licensed real estateagent who will help narrow down your search based on your budget, ideal location, type of home and your other requests. All Realtors Limited agents are trained and registered with the Barbados Estate and Valuers Association. 

“Choose a Realtor who will work hard for you and is committed to excellent service during and beyond the sale.” This is Realtors Limited agent Lisa Hunte-Marquez top tip for having a smooth buying process. Lisa always encourages her clients to “ask lots of questions so that you are well informed throughout the process to make sound decisions.” Buying property is an exciting milestone moment, take your time and choose the property that is right for you.

 

Tips for buying in a development

Barbados has many new and exciting developments like Apes HillHarmony Hall GreenRoyal WestmorelandSandy Lane EstateSugar Hill, and Vineyard. Realtors Limited agent Jason Miller advices new home buyers “to be aware of any restrictive covenants, before purchasing in new up and coming developments across Barbados.” Some examples of common covenants include keeping your land well maintained, not building over two storeys or using certain building materials, and not conducting trade in residential buildings. The main purpose of covenants is to maintain the standard and appearance within the neighbourhood or development. 

Tips for buying land

Buying a lot of land to build your dream home? Realtors Limited agent Luther Miller reminds buyers to “obtain latest land tax bill and a Plan of Land, certified by a Land Surveyor from the seller or their agent.” Always ask the seller or their agent “to show you the landmarks to make sure there are no encroachments or any right of way.” Obtain any prior valuation, if available. These documents will be needed by your attorney-at-law in order to complete the sale in a timely manner. Our team of agents can help you with acquiring all required documentation and reviewing the information to make an informed purchase. 

 

Creating a seamless purchase process

Purchasing in Barbados requires patience. “The process is long and can be an emotional rollercoaster, but our team will guide you through the entire process from start to finish” says Lisa Hunte-Marquez. 

Realtors Limited sales administrator plays a very hands-on role with clients from start to finish and encourages buyers to have a mortgage assessment done before starting your home search.  “When looking for your dream home, determining a budget for your purchase is a key step before you contact a real estate agent and start your home search. It is important to get a mortgage assessment done to ensure you know your maximum budget. Also speak with your preferred attorney which will help the process move along much faster” – Jefferson Clarke

Tips & Take Aways

Buying real estate will be one of the biggest under takings of your life and whether you are a local Barbadian or a foreign investor there will always be many steps to completing your purchase. Whether its HOA fees, test holes, engineer reports, lawyers or paperwork using a reputable local real estate company with trained staff will allow you to take the stress out of the process and ensure you get the perfect property for you. 

Contact our team at info@realtorslimited.com to get started.

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