If you are looking to sell property in Barbados, you will certainly benefit from the fact that Barbados has one of the most stable real estate markets among emerging nations. Barbados was severely affected by the financial crisis that caused so much gloom in North America and Europe in 2008, but has recovered appreciably since then. While the property market here looks good, it hasn’t yet reached the tremendous highs of 2007.
Barbados is helped by the fact that it is a part of the Caribbean. Owning a property in the Caribbean has always been something that the richest men and women in the world have dreamed of. Sir Richard Branson is one of the earliest and most prominent foreign investors in property in the Caribbean, and a lot of rich, high net worth individuals around the world have been motivated by his example.
Barbados a very stable place - economically and politically - it has a familiarity to it for British buyers with low crime, good roads, hospitals and schools and excellent communication from US and Europe. It has a depth of culture which means buyers can winter there without going crazy.
Barbados is also much more resilient compared to other islands in the Caribbean, beachfront homes in Barbados have dropped by just 5% in price from their highs in 2008, which is quite impressive. In fact, beachfront properties in Barbados fetch up to US$ 2500 per square feet. This means that an average beachfront residence here in Barbados is worth US$ 4 million to US$ 15 million, which is very impressive indeed.
While a majority of foreign buyers interested in Barbados property are British, Americans and Canadians, we see a growing interest from rich Chinese and Russian investors in the region as well.So, you can definitely benefit if you’re looking to sell property in Barbados.
The first step involved in selling property in Barbados is to hire a real estate agent who has extensive contacts in foreign countries – especially in Russia and China, because that’s where all the money is.
Next, you should dress up your property for the sale, make renovations wherever required. The goal is to make your property presentable without breaking the bank to do so.
Let’s have a look at the financial aspect of selling property in Barbados. The property transfer tax on the property would set you back by 2.5% of the purchase price. The legal fees, which you pay your solicitor, will cost you 1% of the purchase price.
The stamp duty costs 1% of the purchase price, there will be a 17.5% extra expenditure on the VAT and you will have to pay the Land Surveyor’s fee as well, which will be around $300.
Once an offer has been made for the property, you should hire a solicitor to prepare the Contract of Sale, and conduct the negotiations on your behalf with the buyer’s own legal help.
Keep all the important property documents ready and close at hand, as you never know when they will be called for. Also keep your land tax bill, utility bills with you.
Finally, it will probably take a few weeks to a couple of months for the sale to take place. Please be patient through the process.
Please provide all the information regarding your Barbados property in the contact form along with your relevant details and wait for us to get in touch with you.