Buying A Fixer Upper or Unfinished Home; 5 things to know about renovating and 5 Fixer Uppers in Barbados. | Blog | Realtors Limited

Buying A Fixer Upper or Unfinished Home; 5 things to know about renovating and 5 Fixer Uppers in Barbados.

Buying A Fixer Upper or Unfinished Home; 5 things to know about renovating and 5 Fixer Uppers in Barbados.

Investing in a fixer upper is a great way to score a deal and transform it into your dream home, rental property or flip it for big bucks! Considering a fixer upper? Here are 5 things to know and 5 properties you will love!

 

  1. Be realistic about what you can take on.

A minor fixer upper like new tiles and a fresh coat of paint can work wonders but other projects require more money, time and effort. Often the biggest returns come from the bigger projects. More risk = more reward. Decide how much of your own time you can give to this project or consider spending more to hire a team to manage the project for you.

 

  1. Secure the right team of contractors.

Renovating in Barbados can be challenging, but just like in other parts of the world it’s all about who you know. Ask your friends, family or our team at Realtors for preferred contractors. Word of mouth can go a long way on a small island. Consider working with a designer or architect who can help you manage the project and provide recommendations of their own as well as assist with cost saving during the project.

 

  1. Set a Budget

Be sure to negotiate a mortgage or loan that not only covers your monthly payments but your renovation budget too. Be realistic about how much you can spend out of pocket each month and consider renovating room by room, month by month (especially if you plan on living in the home while you renovate). We recommend adding an additional 10% cushion for going over budget.

 

  1. Develop a Timeline

Once you have found your fixer upper and are ready to close the sale, your work begins. It may be a couple of weeks until the keys are yours but use your time wisely and create a plan before you have full access to your property. Request blueprints, start meeting with your designers, start sourcing tiles, testing paint swatches, choosing furniture etc. The beginning of a project is the most exciting time, channel your passion into developing a detailed project list and timeline to allow for minimal delays along the way. 

 

  1. Work with a Real Estate Agent.

Real estate agents can provide you with insights on how well properties in the area rent and their rental rates; which can be useful if you are converting the fixer upper into a rental property. At Realtors we do our research so we can answer any questions you may have about the property before you make your purchase. Our team of agents know the market and can show you multiple fixer upper options based on your budget and interests.

 

 

Five Fixer Uppers on the market now!

 

Rendezvous Ridge 12, Christ Church

·      5 bed, 5 bath - $600,000 USD

·      Covered Area: 4,445 sq. ft. Land Area: 15,824 sq. ft.

·      Fabulous location in an established neighbourhood. Plenty of flat land, great for adding a swimming pool and deck, and making this your forever family home.

 

 

Gemswick, Atlantic View, St. Philip

·      4 bed, 3 bath - $225,000 USD

·      Covered Area: 2,138 sq. ft. Land Area: 7,745 sq. ft.

·      Stunning ocean views. Currently being used as two separate apartments. A little TLC can drastically increase the property value or monthly rental income. A great investment!

 

Chancery Lane, Park Road, Christ Church

·      3 bed, 2 bath - $267,500 USD

·      Covered Area: 1,600 sq. ft. Land Area: 13,474 sq. ft.

·      Family home in the established Chancery Lane neighbourhood, a couple minutes from the beach. Set on a large flat lot leaving room for expansion or an upgraded outdoor space.

 

 

Coles Road 1, St. Philip

·      3 bed, 2 bath - $249,500 USD

·      Covered Area: 2,182 sq. ft. Land Area: 7,094 sq. ft.

·      This house is aggressively priced for a quick sale and represents a good solid investment opportunity. The property with modest upgrades and cosmetic enhancements and landscaping would greatly increase in value and improve it’s curb appeal.

 

Rendezvous Gardens 18, Amity Lodge, Christ Church

·      3 bed, 2 bath - $175,000 USD

·      Covered Area: 807 sq. ft. Land Area: 5,280 sq. ft.

·      A quaint home in the established and central Amity Lodge neighbourhood. This home needs updates but is a fantastic investment thanks to the many amenities within walking distance. This area is known to rent well.

 

Click the names of each property above to see more photos, details and their location on a map of Barbados. Interested in viewing one of these homes, or would you like to see other fixer uppers on the market? Contact our Realtors Limited sales team at info@realtorslimited.com

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