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Buyers’ market
WTDFJul09_RE_BuyersMarket
Buyers’ market
But use a BREA agent
Now is a great time to buy property on Grand Bahama, thanks to changes in the real estate market.
Buyers are now looking for the lowest prices, says Donna Laing-Jones, a broker at H G Christie Ltd real estate in Grand Bahama. “The majority of them,” she says, “are looking for investment properties, vacant lots and single-family homes,” and most of them are “purchasing homes up to $1 million or lots to build their homes.”
She said foreign buyers remain very attracted to Bahamian property. Most of them “are looking for the best buys and are taking more time to investigate before making a decision.” They’re mainly interested in properties in Grand Bahama, Nassau, Eleuthera and Abaco, she said.
More locals are part of the buyers market now, too. “I am happy to say that the locals are finally taking advantage of properties being offered by motivated sellers.”
Playing it smart
Finding what you want and negotiating the steps to ownership will be greatly aided by an agent who is accredited by the Bahamas Real Estate Association and a Bahamian attorney, who will assure you of a safe and smooth transaction.
You don’t have to be a resident of The Bahamas to buy a home here. Properties purchased by non-Bahamians are held in freehold, granting you permanent and absolute tenure of your home, so you can use, sell or assign it in your will without any restrictions.
If you need financing, you can make those arrangements back home or use a Bahamian bank, several of which offer mortgages for foreign nationals. Your real estate agent can help you with this.
Some fees are charged for the purchase of property in The Bahamas, as elsewhere. One is a government stamp tax—a one-time fee paid at closing on property conveyances or realty transfers—which is usually split 50-50 by buyer and seller. The seller also pays the real estate agent’s commission, typically six per cent for improved property and 10 per cent for undeveloped land. Fees for an attorney’s services, including title search and permits, are generally 2.5 per cent of the purchase price.
No property taxes are collected from owners located within the Grand Bahama Port Authority area of Freeport/Lucaya, but there’s an annual charge for trash removal, street maintenance and landscaping services.
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