Thursday, May 10, 2018

Tips For Buying Luxury Caribbean Real Estate

By Mark Evans


There is no one style, size or design that embodies a luxurious home. Therefore, the definition varies between individuals. When it comes to buying such a property, then what really matters is individual taste and preferences. However, there is a general guide that should be followed when investing in luxury Caribbean real estate. Below are a few tips to guide you.

First, do your research well. If you have been there for a vacation and you loved the experience, then that is a good start. However, that is not enough time for you to decide on the best location to invest in. If you want a house that you can rent, then you need to understand what drives the local market. Hence, you should know your reasons for buying first.

Have a financing plan. Some sellers can reach an agreement with the buyer to allow them to pay in installments. However, in most cases, you will be required to pay the full amount upfront. You need to find a lender in advance so that you can acquire a loan once you identify the right property for you.

Arm yourself with an experienced real estate agent. Language can be a big hindrance when searching for a house in the Caribbean. Having a professional handle the process for you makes the work much easier because you will not have to worry about such problems. Because an agent knows the local housing market better, they will offer valuable advice.

Get a real estate attorney. Laws vary from country to country and you may not be well versed with the laws of every Caribbean island. A local lawyer would be better suited to interpret these laws for you can offer the best legal advice. Hence, the most important qualities to look for in an attorney are experience and expertise in real estate purchases.

Check your eligibility to buy property in the islands. It can be disappointing having to go through such a lengthy process only to be told at the final stage that you cannot buy the house. Every island has some mandatory requirement for overseas buyers. For example, in some, you may have to acquire a unique taxpayer registration number.

Get a valuation and survey report. It is not easy for an outsider to determine whether the property is valued appropriately. Hence, you will need the help of a professional. Apart from determining the legal issues regarding the property, the report will also be critical in determining the true market value of the house.

Understand the actual cost of buying. Remember that the cost of the house is just that; there are additional costs to incur. For example, you will be required to pay for land transfer taxes, valuation and survey, real estate commission fees, and attorney's fees. In some cases, these fees can be quite high.

Practice patience. Buying property in a foreign land is not easy. Sometimes, the process can be so lengthy and government bureaucracy can derail things even more. Hence, you need to know that it might take time.




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