Wednesday, November 4, 2009—Nassau, Bahamas— While this is the time of year that many people are in their holiday shopping mode, November also traditionally is a time of year when many people in the market to buy a second home begin looking at Bahamas homes for sale.
Those in the market for a second home in the Bahamas will find themselves with a variety of options to choose from right now, said Rachel Pinder, principle broker of Nassau’s Island Living Real Estate and an expert in Bahamas real estate for sale.
A variety of new communities are either in the works or recently have been completed, including Baker’s Bay on Abaco, Columbus Cove and Palm Cay on Nassau and Ocean Place on Paradise Island.
Before jumping into second home ownership, however, there are some factors to consider, Pinder said.
Can You Afford It?
First, it’s important to know whether owning a second home makes sense financially. Second homes need to be sound financial moves, Pinder said. This is the case with any home purchase but is particularly true for a second home. Consider possible expenses and extra costs involved with second home ownership.

For example, if you don’t live in the area, you will most likely want to hire a property management company to care for the property when you’re not there and possibly to rent out the home when not in use by you, according to http://www.nolo.com/
Try Before You Buy
Some second home buyers prefer to rent before they purchase. This is particularly helpful when buyers are considering purchasing in a community that offers amenities to residents.
“A lot of communities nowadays provide security, swimming pools, restaurants, water sports and other opportunities,” she said. “Renting in the community gives potential home buyers a chance to use the amenities and make sure everything is up to their expectations.”
The longer you’re able to visit, the better the insight, Pinder said.
Don’t be afraid to visit several times before making a purchase, she said. This holds particularly true for out-of-country home buyers. Because a second home frequently serves as a vacation home, it should be in an area that provides opportunities for the recreational and leisure activities you enjoy.
Protect Your Investment
Be sure to have the home inspected before you purchase it, so that any repair issues are known going into the deal and can be addressed before closing, if necessary, according to the nolo.com article.
Purchasing title insurance can be a good idea, in the event there are debt claims or past ownership problems that arise after closing.
Homeowners insurance also is required if you carry a mortgage on the home.
A Professional You Can Trust
None of this is easy if the potential home buyer hasn’t selected a good real estate professional, Pinder said.
“It’s so important to select someone you can trust,” she said. “This is a significant investment and the process isn’t always simple, so having someone with whom you feel you can work well and who knows the real estate ropes is paramount.
A good Realtor should be able to educate a home buyer on various legal requirements and financial details.

Additional Tips for Purchasing Bahamas Real Estate
Hire a reputable attorney to help with the transaction process.

• Open a bank account in the area where you intend to purchase.

• Visit sites for various Bahamian organizations, such as government offices, local newspapers and Chambers of Commerce. This enables you to learn about the area and gain “local” knowledge.
• If possible, speak with other second home owners in the area you’re considering buying a home. These homeowners can offer valuable information from an insider’s perspective. Ask your Realtor to assist in locating homeowners.

• Speak to a tax expert to learn what taxes will be associated with owning a second home.

If you would like additional information on Bahamas condos for sale or purchasing a second home in the Bahamas, or you would like to learn more about the services offered by Island Living Real Estate such as Bahamas Property, Bahamas rental property and Bahamas investment property, please visit their Web site: http://www.islandlivingrealestate.com/.
About Island Living Real Estate
Rachel Pinder is the principle broker of Island Living Real Estate. Along with her team of brokers, Hazel Wicky, Brenda Knowles and Anthony Wells, the company has more than 25 years of experience in real estate sales and development throughout the Bahamas.
Bahamas Realtors are available to assist buyers and sellers with all their real estate needs.
Island Living’s main office is located in one of Nassau’s oldest historic buildings on Bay Street, named “Red Roofs.” Red Roofs was built in 1896 and has been home to various families, a Gourmet Deli and now Island Living.
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