Invest in Barbados - Buying a rental property | Blog | Realtors Limited

Invest in Barbados - Buying a rental property

Invest in Barbados - Buying a rental property

Investment properties can be a rewarding way to generate additional income. Barbados has many opportunities for locals and foreigners to invest in real estate. Whether you are looking to purchase a second home that you use for 6 months out of the year and rent the remaining time, or purchase and apartment block to rent out long term, we have options for you. Read on for 8 properties listed for sale now and 5 things to consider when deciding on a rental property. 

 

Five things to consider before choosing a property to purchase:

 

  1. Short Term or Long Term

Are you hoping to list your property for short-term rental with nightly rates or long-term rental with monthly rates? Short term rentals require a more hands on approach, with more effort going into finding guests and cleaning between stays. You may approach a property management company like Realtors Limited to help with this. Once you determine the type of market you hope to get into you can narrow down your search and run your numbers for estimated annual revenue. 

 

  1. Averages in the area.

Rental income is the real reason you are investing in property, so do your homework and look at the areas average rent and average occupancy. Make sure you budget your mortgage payments, taxes and other expenses when creating your estimates. 

 

3.     Amenities offered

Consider what your potential tenant or guest may need during their stay at your property. The more useful amenities you can offer, the more attractive your rental property becomes. Visitors to the island usually choose a property with a pool or easy access to the beach. Locals look for easy access to supermarkets, their workplace or public transportation. Purchasing a rental property in a condo or community is an easy way to offer more on-site amenities like a shared pool, 24/7 security, fitness centers and restaurants.

 

  1. Renovate to raise your rates 

A simple paint job can freshen up a room and allow you to increase your rental rates. If you have a higher renovation budget, we recommend updating dated kitchens and bathrooms. Working with a smaller budget? Update the soft furnishings. A new bedroom quilt and cushions can completely change the look and feel of the room. With rental properties, less is more, get rid of any clutter and focus on the spaces or items that will be used most. Our team can recommend a local design team to help you with your renovations and interior upgrades. 

 

  1. Location 

The neighbourhood you choose will determine the types of tenants you attract and your occupancy rate. If you buy near UWI (University of The West Indies) for example your tenants will most likely be students. If you buy on the water or in a resort community like The Crane you can attract short term rentals and visitors to Barbados. Choose a location that is near the amenities that your target tenants may need whether it is access to public transportation or restaurants. This will help your location rent well and keep your guests impressed. 

 

Here are 8 properties listed for sale in Barbados that would be great at generating rental income. Click the names of the properties listed for more details and photos for each of our sales properties. 

 

Four properties that would be great for long term rentals:

Mullins Heights Apartments, St. Peter

8 bedrooms, 5 bathrooms - $1,200,000 USD 

Mullins Heights Apartments is a fantastic multi-dwelling property that offers investors the chance to own an income generating property just minutes’ walk from one of Barbados’ best beaches. The property is being offered for sale fully furnished and features (2) 2-bedroom, 1-bathroom apartments, (1) 4-bedroom, 3-bathroom apartment. There is an additional area in in the basement that is currently used as a laundry room and office with storage this area could easily be converted into another 2-bedroom, 1-bathroom apartment.

The property has a myriad of amenities including large communal pool, roof deck with ocean views, guest bar and lounge area, individual kitchens, and entrances as well as ample parking both onsite and on the road.

Mullins Terrace #61, St. Peter, Barbados

9 bedrooms, 10.5 bathrooms - $1,570,000 USD

Mullins Terrace 61 is a charming complex comprising of three attached townhouses just steps away from the famous Mullin’s Beach on the West Coast of Barbados. There are three, 1840 sq feet townhouses that rent well at $3,500 USD / month. 

The complex itself is well manicured and fully enclosed for added security. There is a communal pool with gazebo which can be used for entertaining by tenants and owners. With its close proximity to Mullins Beach and Speightstown, #61 is a fantastic investment property for someone looking to purchase a multi-unit residential dwelling that can be used for short term or long-term rentals.

Heywoods Park 76, St. Peter

7 bedrooms, 5 bathrooms - $1,250,000 USD 

Heywoods Park 76 is a newly built apartment block consisting of (2) 3-bedroom, 2-bathroom apartments and (1) 1-bedroom, 1-bathroom apartment. This well laid out property is built on a sloping, elevated lot is located on the West Coast of Barbados, overlooking Heywoods Park, Almond Beach Village and Port St. Charles Marina. Each apartment is on a separate level creating private and unique spaces perfect for holiday or long-term rentals. The property is close to many amenities and beaches within Speightstown which makes this an excellent investment opportunity for any person looking to purchase real estate in Barbados.

Sliver Sands, Ocean Manor, Christ Church

13 bedrooms, 9 bathrooms - $990,000 USD

Ocean Manor is a fantastic investment property being offered for sale on the South Coast of Barbados in the highly sought-after area of Silver Sands. The property consists of two buildings a main home, divided into 3 apartments,  and a block of three townhouses, one is a three bedroom and the others are two bedrooms. The townhouses all have private balconies with ocean views from the second floor. The property has ample parking for tenants and is in an ideal location a few minute’s drive from Oistins.  

 

 

Four properties that would be great for short term, holiday rentals:

Clarence House Apartments

20 bedrooms, 20 bathrooms – 11,750 sq ft covered, 15,890 sq ft land.

Clarence House is a stunning two-story apartment complex featuring (8) two-bedroom apartments and (4) one-bedroom apartments set in the quiet neighbourhood of Jamestown Park on the West Coast of Barbados. Guests can enjoy the large communal pool. Clarence House has a fabulous rental history.

 

The Crane Private Residences

3 bedrooms, 3 bathroom – 2,048 sq ft covered

The Crane Residences is being offered for sale with a selection of 1-Bedroom, 2-Bedroom and 3-bedroom condominiums available for purchase. The Crane is one of Barbados’ most sought after developments, this luxury resort is nestled on one of the top ten beaches in the world. The development has man amenities including 24-Hour Front Desk, Kids Club, Duty Free Shopping, Art Gallery, Grocery Store, 24 Hour Security, 5 Swimming Pools, 4 Onsite Restaurants, Tennis Courts, Fitness Center, and a Full-Service Spa.

 

Ocean 2 Beachfront

1 bedroom, 1 bathroom – 837 sq ft

For Sale – Ocean 2, One Bedroom Beachfront Residences offer a prime location nestled on the South Coast of Barbados on the popular Dover Beach. Ocean 2 comprises of both 1- and 2-bedroom residences which have been designed to fit into a 4 star luxury resort setting making for a perfect turnkey purchase. Owning a residence at Ocean 2 also comes with even more extras including access to the 3 large pools, swim-up bar, state of the art fitness centre, and oceanfront restaurant.

 

Beach View, Ylang Ylang South Villas

3 bedrooms, 3.5 bathrooms – 2,152 sq ft

Beach View is located on the West Coast of the island on the Caribbean Sea. The Ylang Ylang Villas are located in 2 - two storied buildings comprising of ten 3 bedroom ensuite Villas on the east side of the Property.  These villas are overlooking an exquisite tropical landscaped gardens and the beautifully designed infinity pool. There is a restaurant open daily for breakfast, lunch & dinner, a gym a spa and salon on the premises.

 

Interested in learning more about a particular property or finding another property that suits your unique needs? Email us at info@realtorslimited.com – we are happy to help you with your property search.

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