Buying into a lifestyle
WHAT-TO-DO - FREEPORT/LUCAYA & GRAND BAHAMA ISLAND - JULY 2007
Buying into a lifestyle
Second home market is hot
Looking for a more relaxed lifestyle? A comfortable retirement or holiday home? Grand Bahama may be the perfect spot for you.
Baby boomers are now tapping into an ?exceptional? market for second homes, particularly beachfront properties, says Donna Jones, district manager for H G Christie Real Estate in Grand Bahama.
Buyers coming to Grand Bahama are looking for a relaxed lifestyle, says Jones, but price is also a factor. Home prices are much lower than they are in Florida, and up to 50 per cent lower than comparable properties elsewhere in The Bahamas.
?Grand Bahama is more affordable [than] Nassau, Exuma and the Out Islands. And I would say we have the best [brokers] right here ? well educated and very informed.?
In The Bahamas, as elsewhere, a good real estate agent, one accredited by the Bahamas Real Estate Association (BREA), is the most important person in making a deal.
It?s vital that buyers provide agents with as much information as possible on their budgets and lifestyle preferences, says Jones.
Steps to ownership
A BREA agent, along with a Bahamian attorney, can steer you safely through the steps to home ownership here.
You don?t have to be a Bahamian to own your own home. Property is held in freehold, not leased, which means it is yours to use, sell or assign in your will without restriction.
You can arrange financing back home or use one of several Bahamian-based banks that provide mortgages to foreign nationals?just ask your agent.
The real estate agent?s commission is paid by the seller. The usual fee is six per cent for improved property and 10 per cent for undeveloped land. Lawyers generally charge about 2.5 per cent of the purchase price for their services?including title searches and permits.
As in other countries, there are fees associated with property purchases in The Bahamas. Stamp tax is a one-time fee paid at the time of purchase. The buyer and seller usually split this bill.
Unlike other parts of The Bahamas, there is no property tax levied within the Grand Bahama Port Authority area of Freeport/Lucaya. However, there is an annual service charge for services such as trash removal, landscaping and street maintenance.
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