Island Living Real Estate Blog

NASSAU, BAHAMAS – As the Nassau real estate market continues to improve, we have been able to add some exciting new properties to our listings. Our team enjoys the chance to match the wants and needs of buyers and sellers.

If you are looking to build your dream home on the beaches of the Bahamas, our San Salvador property offers110 feet of beachfront beauty. All utilities are available, and the island has good paved roads. It is close to the airport and Club Med. You can view a video showing the property on our Facebook page. Other lots are also available in the Bahamas, and we will be happy to help you find one.

Our team recently visited the Caves Heights development, and this offers a spectacular opportunity to purchase a luxurious ocean view condo. The private community features four buildings, with community swimming pools, fitness center, and tennis courts among other amenities. The property is adjacent to a retail development for easy access to shopping and restaurants. Contact us for more information about buying one of several floor plans available.

Looking to invest in Nassau real estate?  Our Palm Cay and Balmoral properties also have nice condo offerings available. New properties are routinely featured on our website, and many of these homes would make great investment properties. The market for Luxury Property and Bahamas Condos for sale opportunities is growing, and we can help you tap that.

All of our brokers are licensed by the Bahamas Real Estate Association. We provide expertise in real estate sales, home rentals, property management, appraisals and Bahamas relocation services.

We’re a Bahamas beach properties agency with a mission to develop long term relationships with customers by providing service that distinguishes us and enhances buying and selling experiences. Our agents live and work in the Bahamas, so we have in-depth knowledge of the market as well as a commitment to ensure our clients and their friends are satisfied when they buy or sell a home with us. Like us on Facebook to keep up with current activities.

© 2013 Sinai Marketing, Inc. Authorization to post is granted, with the stipulation that Sinai Marketing and Island Living Real Estate are credited as sole source. Linking to other sites from this press release is strictly prohibited, with the exception of herein imbedded links.

NASSAU, BAHAMAS – If you are a Bahamian or permanent resident thinking about buying your first home, now is the time to act. The government’s Stamp Tax exemption for first time home buyers remains in place until June 30, 2013, offering significant savings. As members of the Bahamas Real Estate Association, we are encouraging the government to extend the exemption to stimulate the market and make buying in the Bahamas more affordable. There is no guarantee that will happen, so potential buyers should take advantage now.

Many Bahamas property for sale meet the qualifying value of less than $500,000. If you are looking to invest in your first home, the professional Realtors at Island Living Real Estate can help you find desirable homes for sale within your budget. We can also explain how the Stamp Tax exemption will benefit you. As an example:

According to real estate for sale professional, typically, buyers and sellers must share the Stamp Tax fee 50/50. If the home involved costs $300,000, the Stamp Tax duty would be 10 percent, or $30,000. Each party would owe the government $15,000. As a first time buyer, you would be exempt from the tax, saving you that $15,000. (The exemption is for Bahamians or permanent residents for whom the home will be a primary residence at least nine months of the year.) That additional expense is often a great burden to those purchasing property for the first time.

Our team knows the Bahamas well, including private islands, and one of our greatest rewards is finding the perfect first home for a buyer. With the help of the Stamp Tax exemption, some prime properties in Nassau will be more affordable for those entering the real estate market.

There is also some tax relief for home owners who are up-to-date on their property taxes. While the government’s property tax amnesty/incentive program is not perfect, it offers limited assistance. The five percent rebate over three years for those whose property taxes are current is better than what the BREA expected. We are happy that the government is at least considering the affordability of Bahamas real estate.

At Island Living Real Estate which is a well-known realtor in Nassau, licensed brokers and agents can provide more information about taxes on Bahamas homes for sale and how those fees affect buyers and sellers.

© 2013 Sinai Marketing, Inc. Authorization to post is granted, with the stipulation that Sinai Marketing and Island Living Real Estate are credited as sole source. Linking to other sites from this press release is strictly prohibited, with the exception of herein imbedded links.

NASSAU, BAHAMAS – Island Living Real Estate is proud to announce the addition of Cristobal Gomez as a full-time member of our team. Cristobal is a Nassau native, whose family has operated a local tile company since the 1930’s. After graduating from the University of Tampa in 2009, Cristobal returned to help with the family business and learned the skills of property management from his successful father by managing several commercial properties in the downtown area.

In 2012, Cristobal decided to pursue a real estate career and joined Island Living Real Estate as a sales apprentice/property manager. After successfully completing the Bahamas Real Estate Association’s “Practices and Principles of Real Estate” course, Cristobal is now a full-time agent.

As an estate agent, Cristobal will be handling Bahamas homes rental and condos for sale, as well as apartments for rent. Nassau is also home to many commercial properties, and he plans to specialize in property management for these clients. He knows how time-consuming it can be for business people to juggle the details of operating commercial properties, and he looks forward to helping them make the most of their time and energy.

“Property management services allow property owners to operate their businesses or handle other responsibilities, while we oversee their investment,” said Rachel Pinder, principle broker with Island Living Real Estate. “Cristobal’s experience in this area allows us to extend more of these services to our customers.”

Island Living Real Estate is a full-service professional firm with significant experience in Bahamas rental property and luxury homes for sale. We work with buyers and sellers and have a specialty in handling waterfront property and investment real estate. We enjoy helping first time buyers locate their starter homes or condos for sale as well as people seeking apartments for rent in Nassau.

Our brokers and agents are 100 percent certified by the Bahamas Real Estate Association and are active in the association and the community. Cristobal has taken a particular interest in the Nassau Downtown Partnership and a business crime watch program. He is also an athlete who enjoys running, fishing, and soccer.

“We are excited to have Cristobal bring his experience and enthusiasm to our firm,” said Pinder.

© 2013 Sinai Marketing, Inc. Authorization to post is granted, with the stipulation that Sinai Marketing and Island Living Real Estate are credited as sole source. Linking to other sites from this press release is strictly prohibited, with the exception of herein imbedded links.

NASSAU, BAHAMAS – The New Year typically represents new beginnings and resolutions. Is it time for you to make a fresh start and buy a home instead of renting? Bahamas realty expert Rachel Pinder, principle broker for Island Living Real Estate, offers some tips on evaluating what’s best for you:

• Do you plan to stay in the same vicinity for at least five years? Are you ready to commit to the area? A house will increase in value, but it will take several years to pay for the investment. Bahamas Property is typically a good value over time.

• Do you have enough cash on-hand for a down payment or to pay three months on a mortgage? You don’t want to get behind financially from the start.

• Do you have a secure job? If you have a stable position, this could be a good time to make an investment in your housing.

• Do you have good credit? If not, spend the next year focused on improving your credit rating and then reevaluate.

If you answer “yes” to these questions, the time may be right to purchase a home. Pinder points out these advantages:

• You can build equity. While rental rates may climb, once you buy, the balance on your mortgage decreases as you make payments and you begin building equity in the home — even if its value doesn’t grow.

• You can save money over time. While renting usually costs less up-front, putting dollars into a mortgage is like having a “forced” savings plan. When you pay rent, you walk away with nothing; making a mortgage payment is like paying yourself, because you will own the house at the end of the term.

• You can customize your home. When you own a home, you can renovate, paint or make other changes to reflect your own style. A comfortable home with décor that is attractive to your tastes can build lasting pride and pleasure.

• You can enjoy a less restrictive lifestyle in your own home. You can plant a garden, set up a basketball hoop, add a pool, or make other improvements that would be prohibited in a rental property.

Important first steps in buying a home are researching the market and getting advice from those who know it best. “A broker can help you assess your situation and then identify homes in the market that meet your needs, wishes and budget,” said Pinder. “Our role is to help you get the information you need and to help you through the buying process.”

Nassau Real Estate Agent and Bahamas Real Estate team also specializes in buying and selling luxury property in the Bahamas, including homes on private islands. Individuals who are looking for a vacation home or investment property will find expert assistance from these Bahamas realty professionals.

© 2013 Sinai Marketing, Inc. Authorization to post is granted, with the stipulation that Sinai Marketing and Island Living Real Estate are credited as sole source. Linking to other sites from this press release is strictly prohibited, with the exception of herein imbedded links.

NASSAU, BAHAMAS – For those who are considering investing in a rental property, one Bahamas realty professional says low home prices coupled with low interest rates make this the perfect time to take the leap.

“Believe it or not, the Bahamas real estate market is on a path to recovery,” said Rachel Pinder, principle broker at Island Living Real Estate, a company that specializes in Bahamas Condos for sale. “Most experts agree, with money cheap to borrow and houses cheap to buy, the time to invest is now.”

Though being an investor seems like an easy move to make, there are many factors that first-time buyers must take into consideration, the Nassau rentals provider said. These factors include:

• Choose a property that suits your goals. Decide whether you want to be a landlord or if you are going to hire a property management company. Do you want an apartment, condo, home or land to develop?

• Find a real estate agent. Real estate agents are an important piece of the puzzle when buying property, especially for first-time investors, said the rental house specialist. Experienced agents understand the market and can show you properties that will help you make the most of your investment. An agent can also come in handy for investors who live outside of the area they are buying property in, as they can find the perfect property to show them before they make the trip.

• Location is key. If your goal in buying a property is to rent it out, you have to pick the right location, said Pinder. While the initial home purchase may be greater in a highly populated area, you will experience a higher number of renters, as they tend to gravitate toward homes in popular locations. The more you have to offer, like communities with amenities or areas close to shopping, the more likely you are to attract renters.

• Your real estate professional has a list of preferred professionals they use, which they are happy to provide to you. There is a lot of responsibility that comes with owning a rental property, so it’s important to have a lot of help at your fingertips. If you choose to be the landlord, build a relationship with people who can handle issues as they arise such as a plumber, maintenance professional and a pool person. The more support you have, the better off you will be, said Pinder.

Before looking for a property and making the investment, take the time to educate yourself about the market, but don’t go it alone. Real estate agents are your most valuable tools. Not only can they find you ampany Luxury property in Bahamas, but they can look up comparable rent prices, set you up with a property management co and much more.

“Finding an Bahamas investment property is only the first step,” said Pinder. “Next you have to find renters, handle contracts, address issues and be available for the renter. If you don’t have the time, experience or desire to be on call, a property management company can really save you time and headache.”

© 2012 Sinai Marketing and Island Living Real Estate. Authorization to post is granted, with the stipulation that Island Living Real Estate and Sinai Marketing are credited as sole source. Linking to other sites from this press release is strictly prohibited, with the exception of herein imbedded links.

BAHAMAS – The purpose of a home appraisal is to determine the estimated market value of a home, condo, property, land, etc. It is used to assist people in making a decision, such as selling, buying, insuring or lending. They are also used to determine how much money the property owner has to pay in taxes.

“It’s important to have an accurate idea of a home’s value. However, an appraisal may not be relevant after a few years, or even months, as the changing real estate market can cause home values to fluctuate,” said Anthony Wells, broker/appraiser at Island Living Real Estate, which specializes in real estate in the Bahamas.

Appraisers can be hired by homeowners, buyers, real estate agents and lenders. The appraisal process can take anywhere from a few days to a couple of weeks, depending on the appraisal’s complexity. A major appraisal component is the home’s physical inspection, which includes the appraiser taking measurements and making notes about the home’s condition. The inspection includes the home’s interior and exterior, as well as any buildings on the same property such as a garage or shed.

“The most interesting thing to note about an appraisal is that it is subjective, in that no one appraiser will arrive at the same value as another appraiser on the same property,” said the Bahamas rental property professional. “However, the values will only slightly differ.”

After the home is inspected, the appraiser researches the market, and compares similar homes in the area that have recently sold. During this process they take into account market trends and consider the home’s appeal in the area it is located.

The purpose of the appraisal is not to determine the exact value, but to inform the bank whether the mortgage the property owners, buyers or sellers are applying for is supported.

An accurate appraisal gives the owner substantial bargaining power when selling or refinancing their home, the home rental specialist said. It eliminates buyer complaints that claim the asking price is too high.

Here are some tips on how to ensure you are getting an accurate appraisal:

• Review your old appraisal. An old appraisal lists flaws in the home and other concerns that were previously listed. With this knowledge, homeowners can address the issues that resulted in a negative assessment.
• Provide documentation. Documents like a land survey that shows the appraiser the size of your property and a recent selling price will give them a reference point. Provide a list of upgrades that have been done since your last appraisal, as these will increase the appraisal value.
• Make repairs as needed. Sellers should focus on fixing issues that could affect the home’s value, such as damaged baseboards, leaky toilets, holes in the drywall, leaks in the roof and untidy yards.

“The best advice I can give to homeowners is for them to be there during the appraisal,” said Wells, who also offers apartments for rent. “You are the spokesperson for your home, so you should be there to answer questions and point out unique selling points that the appraiser may not have considered.”

To see if your home’s appraisal value is fair and accurate, you can visit the appraiser’s office to review information on comparable home sales and verify that the information regarding your property is correct, believes the Abaco Bahamas real estate agent. Real estate professionals can also be valuable tools for sellers, as they can provide you with information about market conditions that offer insight into your property appraisal.

© 2012 Master Google and Island Living Real Estate. Authorization to post is granted, with the stipulation that Island Living Real Estate and Master Google are credited as sole source. Linking to other sites from this press release is strictly prohibited, with the exception of herein imbedded links.

BAHAMAS – A cost-effective way of owning a home for less is buying a fixer-upper. However, before you commit to purchasing, Rachel Pinder, principle broker at Island Living Real Estate, urges you to weigh the costs, as some renovations can be more expensive than you bargained for.

“These days, if you find a run-down home in a good neighborhood for less than market value, it’s a hard opportunity to pass up,” said Pinder, who specializes in Bahama real estate. “But there is a lot of risk involved in fixing up a home, which is why it is important to have a professional assess the home before you sign the paperwork.”

After a professional gives you a run down of the home, you need to map out how much you can afford, how much you want to offer and how much you need to invest in fixing the home.

Decide what you can do yourself
Most home improvement projects cost more than budgeted and take longer than expected. Sometimes the results can look less than professional. Things like painting, stripping wallpaper and changing light fixtures are simple. It’s the electrical, flooring and plumbing that are best left to experts.

“You may have the desire to tackle home improvement projects on your own, but lack the skills,” the Nassau Bahamas rental professional said. “This is where professionals come in handy. But before you hire someone, you need to decide whether you can stand living in a construction zone and if you can afford it.”

Factor remodeling projects and repairs into the offer
Bring a contractor to the home to get an estimate of how much the repairs and/or improvements will cost. If you’re doing it on your own, make a supply list and total the cost. Once you know your out-of-pocket cost, add another 20 percent for unforeseen problems. This will give you a rough idea of what you should offer.

Look into financing for the home
You will need to have money for a down payment for Nassau Properties, closing costs – unless seller agrees to pay for them-and repairs. Get yourself pre-approved and keep the cost of repairs in mind, but don’t over extend yourself. Make a list of repairs that must be done before moving in and then make a list of tasks that can be taken care of later. If your upfront costs are going to drain your savings, the house may not be worth it.

Research the market before making an offer
Find out what the fair market value of the property is – what the house would be worth if it was in good condition-then subtract the repair and remodeling costs.

“The best way to know if the home is right for you and your wallet is to have it professionally inspected,” said the provider of Nassau apartments for rent. “If you’ve only factored in surface repairs such as new floors or windows, but the inspector finds the home needs a new roof, it may be best to back out of the deal.”

In some cases you can ask the seller to make repairs or give you cash at closing to pay for the repairs, but this can only be done if you included inspection contingencies into your offer, said Pinder.

There are a lot of advantages to buying a fixer-upper, however it is important that you work with Nassau Realtors to determine if the investment is right for you.

© 2012 Master Google and Island Living Real Estate. Authorization to post is granted, with the stipulation that Island Living Real Estate and Master Google are credited as sole source. Linking to other sites from this press release is strictly prohibited, with the exception of herein imbedded links.

BAHAMA – If you’re ready to upgrade to a larger home or wanting to move to another island in the Bahamas, there are many decisions that must be made first.

Before you begin your home search Rachel Pinder, principle broker at Island Living Real Estate, suggests you speak with a local agent of real estate for Bahamas about your options.

Homeowners can’t simply trade in their home like they would a car, so few options are available:

• Sell your current home first
• Hold on to your first home until you buy a new one and pay two mortgages until the other one sells

“This is a dilemma that many homeowners face, especially if they are looking to move within a certain time frame,” said the Bahamas homes for sale professional.

Most of the time owning two homes is unrealistic, which is why an agent can be a great asset to your plans. Here are a few tips from Pinder:

• Negotiate a rent back clause. This will allow you to rent back your home for a period of time after closing that will allow you to find a new home without paying two mortgages. In today’s housing market, it’s a fail-safe protection you can’t afford to leave out.
• If all else fails, sell first. Some buyers will not accept a rent back clause and the decision must be made whether you want to buy or sell first. The answer is simple: sell first. It’s not worth the risk of keeping your current home and being trapped with two mortgages for weeks, months or years. If you have to find a Bahamas rental condo or home to use before you find the right property, so be it.
• Price to sell. The real worry for people shouldn’t be that they fell a few thousand short of their asking price, said Pinder, the Bahamas rental property broker. It should be not being able to sell at all. Price aggressively to ensure it will sell quickly and make up the difference when you buy.
• Do the math. With mortgage rates as low as they are today, buyers can take out a larger loan than expected and pay less per month. But before you up your standards, remember that a bigger home comes with bigger costs in utility and upkeep, so work the numbers first.

“Buyers who realize that the pros of selling first outweigh the cons of selling later will be in a much better place,” the luxury property specialist said. “Even though it’s not the most ideal time to sell your home, life can intervene and with the help of a knowledgeable Bahamas Real Estate agent, the whole process can be much more manageable.”

© 2012 Master Google and Island Living Real Estate. Authorization to post is granted, with the stipulation that Island Living Real Estate and Master Google are credited as sole source. Linking to other sites from this press release is strictly prohibited, with the exception of herein imbedded links.

BAHAMAS – Homeowners looking to sell their home, despite the market, are always on the hunt for ideas on how to make their home stand out from the rest.

Rachel Pinder, principle broker at Island Living Real Estate, suggests undertaking upgrades and renovations, as they can make all the difference to a potential buyer who has many homes to choose from.

“Before homeowners begin to make a to-do list of projects, it’s important for them to know that not all projects bring the same return on their dollar,” said Pinder, who specializes in Bahamas property. “Just because it’s an expensive project, doesn’t mean it will pay back more. Even the simplest of improvements can yield a large return on investment.”

The Nassau realtor has put together a list of projects that have been identified by potential homebuyers as worth the money:

1. Kitchen and/or bathroom facelift: Start with the basics, the homes for sale professional said. Instead of installing all new countertops or cabinets, change out old hardware on the cabinets, buy new towel racks, paint the walls a new color, add a frame to the existing mirror, install new lighting fixtures or update an old appliance with faux stainless steel film.

   “These may seem too small to make a difference, but the homeowners don’t know what your old kitchen or bathroom looked like, so give a few of them a try,” said Pinder.

2. Additions: If your home is lacking in space, an addition could pay off. Common additions include a new family room, bedroom, bathroom, a new wooden deck or a second story.
3. Energy efficient windows and doors: Today’s homebuyers are all about green homes, said Pinder. If your windows and doors are old and waste energy, it may be time to upgrade them. Some home insurance policies will even offer you a better rate if you have energy efficient windows and doors. It’s a great selling point.
4. Insulation: In the tropical climate of the Bahamas, you can never have too much insulation, said Pinder. This goes hand in hand with green improvements and the new homeowners will appreciate the savings in their electric bill.
5. Keep it simple: Apply a new coat of paint to the outside of the home and try to keep a neutral color scheme inside. Get an inspection done by a professional and make any repairs they note, as this will help bring you to the closing table faster.

After you’ve made the needed renovations to your home and you are ready to put it on the market, Pinder suggests a few tips on home staging:

• Make the home smell wonderful. Get the air conditioning unit professionally serviced and cleaned. Before potential buyers arrive use plug-in fresheners in various rooms, light a few candles and spray the furniture with a deodorizer.
• Clean the floors. Whether you have carpet, tile, wood or laminate, the floors should be professionally cleaned. Its money well spent, said Pinder.
• De-personalize the home. Clean out closets, remove picture frames and remove anything that makes the home yours.

  “Homebuyers want to be able to visualize themselves living in the home and it’s hard to do that when they are surrounded by family photos and personal items” said the Bahamas private islands realtor.

• Create an outdoor living space. Adding a sense of space for entertainment and comfort in the backyard adds value to the home. Stage the backyard with chairs, tables and greenery. Be sure to pull the weeds and mow the grass before homebuyers arrive.

“Taking the time to make a few improvements to the home as well as staging it can get you one step closer to selling your home and in this market, every little bit helps,” said Pinder as a Bahamas rental properties pro.

© 2012 Master Google and Island Living Real Estate. Authorization to post is granted, with the stipulation that Island Living Real Estate and Master Google are credited as sole source. Linking to other sites from this press release is strictly prohibited, with the exception of herein imbedded links.

BAHAMAS – When it comes to purchasing real estate, whether for a seasonal residence or to use as a rental property, you don’t have to be restricted to investing locally, said Rachel Pinder, principle broker at Island Living Real Estate, a company that specializes in real estate in Bahamas.

“Buyers are making the mistake of investing in their city and are missing out on tremendous opportunity to invest abroad,” said Pinder. “People invest where they live because it’s what they know.”

Pinder lists a few of the top reasons why people prefer to invest locally and also examines why you should look beyond your city limits.

1. The area is familiar. They know comparable home values, rents, what the market is like and what they can expect to pay in taxes and government fees.

   “A lot of investors don’t realize all of this information is available online for properties outside of their market,” the Bahamas private islands agent said. “They can probably get more information online than from living in the area they are investing in.”

2. Ability to see properties firsthand. People who are making such a large investment want to be able to see the property they are going to buy. While it’s unrealistic for them to travel back and forth to look at every property, there are agents available in the area who can wade through the properties for them.

   “If someone is interested in a property that we have available, we can easily visit the property and give the investor photos and videos for the “hands on” feeling they are looking for,” said Pinder, who offers homes for sale and rentals in the Bahamas. “We can visit as many properties as they are interested in and help them narrow it down, so if they do come down, they don’t have to waste their time going from one place to another.”

3. They want to be the property manager. A lot of investors like the theory behind being a property manager for one or all of their properties, but as the property becomes occupied, the investor becomes overwhelmed.

   “People think they are saving money by handling their management of their property,” said Pinder as a Bahamas Property provider. “What they neglect to factor in is the time and energy it takes to maintain a property and keep occupants happy. When you purchase real estate from us, we offer property management services to take away the headache.”

In some markets, investing where you live makes sense, but in a market like the Bahamas, foreign investors have the upper hand. This is proven true with the Bahamas’ International Persons Landholding Act of 1993, which guarantees property purchases made by foreign investors will be automatically approved if the property is located on a single island in the Bahamas and does not exceed five acres. Properties amounting to more than half of the land mass of a cay or small island, or those that include marinas or airports, are exceptions to this approval.

There has never been a better time to invest in the Bahamas and with Island Living Real Estate on your side, you can rest assured you are well taken care of from property search to occupancy, said the provider of property management in Nassau Bahamas.

© 2012 Master Google and Island Living Real Estate. Authorization to post is granted, with the stipulation that Master Google and Island Living Real Estate are credited as sole source. Linking to other sites from this press release is strictly prohibited, with the exception of herein imbedded links.