For most people. buying a home will be the most significant investment they will ever make in their lifetime. So before you take the plunge into home ownership make sure you have the answers to these questions:
Do I have steady income?
You won't even get approval for a mortgage if you don't have a steady income and a reasonably steady job history. So if you've just started working it might not be a good time to apply for a mortgage. But that doesn't mean you can't start preparing. Build up other parts of your financial portfolio so that when the time is right you are fully prepared.
Have I saved enough money?
For some mortgages, buyers need as much as 15-20% of a home's price. Some down payments are
If you are looking to invest in real estate in The Bahamas you've picked the right place to own a second, or third home. The Bahamian real estate industry has a history of delivering high-quality service.
The International Persons Landholding Act makes buying and holding real estate in The Bahamas an uncomplicated and easy process for non-residents looking to buy property through all stages of the process.
They will show buyers what the market has to offer and guide you through all the necessary paperwork, regulations and related fees.
They can facilitate your purchase and recommend vital related services, such as locating a real estate lawyer and local banks that offer mortgage and loans to non-residents.
A Permit to Acquire Property is required by all non-Bahamians acquiring an interest in land if the property is undeveloped land with two or more adjoining acres. A Permit is also required if the intended use is not as an owner-occupied property.
Non-Bahamians Acquiring an interest in land if the property is undeveloped land Acquiring an interest in two or more adjoining acres Bahamians are also required to apply for a permit where the intended use is not as an owner-occupied property. Process: (Can be done by your attorney).
Complete the entire Form 3.
Submit Form 3 to the Secretary to the Investments Board, along with the list of documents identified below.
As applicable, the application is also reviewed by the
Assessments are used by the Real Property Tax Valuations Unit to determine the value of a property and its related Property taxes. An assessment can be initiated by the property owner or by the Real Property Tax Unit. A Real Property may fall in the one of the following categories:
Eligibility: All Property Owners. Process:
If a request is made by the owner of the property, the following forms must be completed and submitted to the Real Property Tax Valuation Unit: a. Property Tax Application Assessment form and b. A Declaration of Real Property Tax form
In regards to owner occupied properties, the owner is also required to complete an
The real estate agents commission: Residential developed property is 6% of the gross sales price. Undeveloped property is 10% of the gross sales price.
Bahamas Government Stamp Duty (Tax on the conveyance of real property). This tax is split between the Vendor and the Purchaser
This graduated tax is as follows: Property value less than $20,000, the rate is 4% Property value is equal to or greater than $20,001 and is less than $50,000, the rate is 6% Property value is equal to or greater than $50,001 and is less than $100,000, the rate is 8% Property value is equal to or greater than $100,001 the rate is 10% Legal fees. The Vendor is responsible for their own