Buying real estate anywhere in the world is a major investment and knowing the property market and the true value of a property is key to ensure that you are getting a good value and a sound investment. Whether you are a Barbados, resident, or foreign investor having guidance to the market trends and comparable will assist you in making an informed decision. 

The most formal step is to have the property valued by a registered valuer under BEAVA (Barbados Estate and Valuers Association). Having a registered valuer give peace of mind that your valuation will be done by someone who is continuing their training and following guidelines setout in accordance with the governing body for real estate in Barbados. The valuation will present a formal document which you can use to see a full breakdown of the properties square footage, total land, finishes, defaults and overall characteristics compared to other properties either currently for sale or which have sold creating a bench mark against the advertised price of the property. 

Agent insight is also a great way to approach seeing the true value of the properties you are interested in. When working with your Realtors Agent, ask as many questions as you can to determine which is the best option for you. Let our team go out and find every option for you so that you can compare the properties side by side to see which is the best value. Our training real estate agents will also be able to give guidance with relation to potential income for properties, stipulations which the sales are coming with or potential to wrap up furniture and appliances into the deal. 

Here are some factors you should take into consideration when making your initial choice for finding a home;

Location

One of the most important factors of any piece of real estate is location, location, location, let our team of Realtors guide you to the most suitable area for your new home. Easy access to work, school, family and friends are key factors which play into location but other major factors can be traffic patterns, potential for expansion in the area and surrounding noise factors. It’s always a good idea to know the important information on the areas you are looking at and our team can guide you along the way. 

Size

Both the size of the house and lot your house can impact various aspects of your home’s value. Larger homes though great for growing families can be more expensive to run, this also goes for large lots which provide more space and privacy also come with higher land tax and maintenance cost. 

Age 

Unless you plan to renovate after purchasing, knowing the age of the property and also any renovations or upgrades carried out through the years is key to ensuring you are buying a home that does not come with additional cost out the gates. Though older homes have more charm and character they can come with problems which may result in having to invest further capital into your purchase. Though this is not a deterrent, these costs need to be factored into the overall equation to ensure you know the properties true value. 

Maintenance

Maintaining a property can be a big undertaking and the cost of the home’s monthly maintenance will play a role in your overall purchase power. When viewing potential properties this is a good time to speak to your realtor and let them go over the benefits of standalone properties vs apartment, condominiums and townhouses which would have a communal maintenance fee which can help offset cost. Another tip is to let your realtor put you on to a full-service management company to ensure routine maintenance is completed in a timely and efficient manner. 

Seller’s Incentive

A big factor to consider is the sellers motivation to negotiate and complete. Motivated sellers can create an opportunity to purchase homes below market value which creates an immediate return of equity in the home against your purchase price.  Speak with you agent at Realtors Limited and determine the motivations a seller, this can lead to strong counteroffers and negotiates which allow you to get the best bang for your buck when buying a home in Barbados. 

Though value plays a big part in purchasing a home, remember that what every property you purchase its only a home if you feel at home. Trust your gut on the key factors which you want for your home, have those 3 must haves which you wont live without, and pair that with our experienced real estate agents knowledge to get you the best deal in the market. With over 70 years of proven experience, Realtors Limited is ready to use its knowledge to guide you when ‘Buying Barbados’.