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By Rachel Pinder
NASSAU, Bahamas – Buying property outside of the country often leaves many investors wondering where to begin. In the aftermath of the global recession, it is more important than ever for investors to understand the benefits of hiring a local real estate agent when the market is where it is.
Investors interested in buying property in the Bahamas, a country that took the recession as a time expand its infrastructure, will find the market is gradually recovering and there is a considerable amount of development in the vacation home market. With high yields on rental properties, tourist arrivals climbing and no income, sales or estate taxes, there are many advantages to investors looking to buy real estate.
“Before investors begin their search, they need to seriously consider if they have the time, resources and energy necessary to accomplish this,” said Rachel Pinder, principle broker at Island Living Real Estate, which specializes in Bahamas condo rental, Nassau apartment rentals and Bahamas rental houses. “If they do not, then they should consider turning to a local real estate agent who can make the whole process more manageable with the knowledge and experience their buyers need.”
Buying Process
Buyers must first determine their buying power by giving their agent basic information about available savings, income and debt. Their agent will then refer them to a lender that is best suited to help them get pre-qualified.
The buyer also needs to deicide if this will be short term or long term investment, whether they will be the landlords or if they will hire a property management company. And lastly, they need to decide which of the following they are more interested in: single-family homes, condos or apartments.
Once that decision has been made, the agent can begin to filter search results with parameters.
Market
Local agents are the experts in the market, they can tell buyers if the market is in an upward or downward trend, as well as job growth and tourism, which can determine the probability of a property staying rented.
Once investors are pre-qualified by their lender, the local agent will refine parameters to include the price range. Through their database, they can tell their buyers pertinent information such as school locations, zoning and utilities. Together, the buyer and the agent will begin touring properties to decide what they do and do not like.
Offers
Buyers can decide on a price that is likely to be accepted by the seller with the help of their agents database. They can conduct home sale searches that are equivalent in size, age and location to the home their buyer is interested in. They can compare what homes were sold for versus what they were listed at.
Financing terms, date of possession, the inclusion or exclusion of repairs, recommended or required investigations and inspections is best handled by a local agent.
Closing
This is where a local agent can really benefit a buyer as the closing process is conducted differently in every country. They can guide their buyer through the process and ensure that is runs as smoothly as possible.
About Island Living Real Estate
Island Living Real Estate has more than 25 years of experience in real estate sales and rentals throughout the Bahamas. Island Living’s main office is located in one of Nassau’s oldest historic buildings on Bay Street, named “Red Roofs.” Red Roofs was built in 1896 and has been home to various families, a Gourmet Deli and now Island Living.
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About the Author: If you would like to learn more about
Bahamas rental
and Nassau
apartment rentals
or you want to know more about Bahamas
rental houses
call 1-242-322-7979.
Source:
isnare.com
Permanent Link:
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