Thinking of Buying An Investment Property In The Caribbean: Who Can Help?
Plenty of savvy investors make the decision to invest somewhere in the Caribbean every year. On the island of Barbados alone, property is the asset class of choice among 61% of investors, and is much more popular than funds and other options. And it’s easy to see why: people are always looking to live in this part of the world – the weather and lifestyle offers a timeless appeal.
When deciding on investing in the Caribbean, many professionals may be part of your decision making process. Here are a few you may need in the very early stages…before the architect, before the engineers, before the decorators!
Real Estate Agents
Caribbean properties tend to be sold through real estate agents. If you want to access the full range of the market, using estate agents is going to be an inevitable fact in the decision to invest. Not only will their understanding of the domestic laws and regulations regarding purchases by non nationals, nationals etc be beneficial but, they will also prove a good source of knowledge on local culture. As is the case with purchasing a property as your own residence, real estate agents are always going to emphasize the most positive aspects of a property. But with an investment property, you’ll be responsible for re-selling or letting it out further down the line – so you need to do even more due diligence.
In the Caribbean checking to see whether natural disasters have affected the area you choose is important before you locate an investment property to purchase. You will never go wrong by asking your chosen agent to confirm that your new place isn’t in a flood zone or prone to other known natural phenomena.
Walking up to your existing bank or residential lender and asking for a mortgage to cover a Caribbean holiday property is probably a dream that’s too good to be true. Unfortunately, it’s going to take a lot more effort to get hold of your dream place. A mortgage broker with experience of international trading will come in very useful here, as they can also help you cut costs in the long term. Investing in property is a big financial commitment, and there will be plenty of upfront costs to pay – such as legal expenses, treasury fees taxes and sometimes, more. Finding a trusted broker means you might be able to access cheaper interest rates, for example, which will make things easier on your wallet.
The linguistic scene in the Caribbean is complex, and several different languages and dialects are spoken. In the Bahamas, for example, the major language is English – but in Martinique, the most widely spoken one is French. Depending on where you end up looking for property, you may find that you come up against language barriers regularly. Online translation services aren’t as reliable as skilled human translators are, so it’s always wise to hire someone to give yourself the best possible chance of not accidentally signing up to an unfriendly contract!
The Caribbean is a diverse place, and if you’re thinking about heading over here for property investment purchases then you’ll have a lot to consider. You’ll need the help of a number of specialists, ranging from translators to brokers; engineers to landscapers – but if you can set that up, you’ll be sorted and on your way!