Most homes for Sale in Barbados are of a high quality, architecturally designed and move in ready; however there are quite a few steps to be taken between selecting the perfect home and purchasing it. Government taxes, Lawyers, negotiations can all be very daunting for a first time investor and can sometimes lead to the investor overlooking the most important Factors to be considered when deciding on their perfect property. We have taken the time to list a few below:
1. THE QUALITY OF THE NEIGHBORHOOD:
The best neighborhoods will help your home hold value and makes it easy to sell when you decide to move on. Also if your intention is to earn from your investment, it will also determine the rate you can charge as well as the potential clients that the property will attract. Of course the neighborhoods will differ and should be looked at based on your longterm goals for the property. If it is to be primarily your residence then choose a neighbourhood close to your interests and future goals. Neighborhoods with high homeownership rates are more stable. If it is an investment then choose a neighborhood that will turn over the highest yields.
Other things that MUST be taken into consideration are general services provided. How often Is the trash collected, streets paved and well-maintained? Beware of warning signs such as vacant non maintained homes, broken streetlights and cracked sidewalks. Also how close is the nearest fire and police stations, fire hydrants and Hospitals. Nearby public safety services add to a sense of neighborhood security. Also, a firehouse nearby might mean lower homeowners insurance premiums.
3. HOMEOWNERS ASSOCIATION AND HOA FEES:
If you purchase a property in any type of planned development such as a condominium or a gated community, you are required to join the Homeowners Association (HOA) and pay monthly or annual fees for the upkeep of common areas and the building.
Homeowners' associations can be an asset especially when they prevent your neighbour from painting their property house pink, or building a rocket in the backyard. An HOA can also be your worst enemy when you are expected to cover expensive maintenance that you don't think is necessary or impose rules that may be too restrictive. Before you purchase a property subject to HOA rules and fees, make sure you know exactly what you are getting into. Carefully consider the impact purchasing a property in a planned development as the HOA fees might end up costing you as much as a standalone property that you didn’t think you could afford
When buying a house in Barbados, consider the security of the environment as well as that of the house. Does the house have functional locks at the right places? Does it have security cameras and alarms? More importantly, what is the crime rate of that environment? Are there people sitting on their porches? Walking dogs? Taking their kids on a walk? If residents are willing to get out and walk around the neighbourhood, that’s a good sign of its vitality and safety. Block watches and neighbourhood meetings are signs of a close and secure community.
Our local real estate agents can guide you through all of the steps above and ensure all investors find and secure the perfect property that match their requirements in a timely fashion.