For many people, buying a holiday home in their favorite place is a dream come true. The Caribbean often features at the top of people’s dream list. It’s not hard to understand why. It is one of the world’s most beautiful destinations. If this is something you are considering, read on to find out what you need to know.
- Leg Work
Before buying a property anywhere in the world, there is a lot to think about. Often, vacations give us an idealised view of a destination. Especially if we’re used to luxury holidays. The everyday reality may be quite different.
Things to consider:
- If you intend to rent out your holiday home, it will need to be close to popular amenities.
- Can they provide adequate health cover and services?
- What emergency response services do they have?
- Is there access to the internet?
- Where To Purchase
If you have been visiting The Caribbean for a while, you may already have an idea of where to purchase a property. But it is still worth looking around. If you’re looking for a thriving and lively place, consider Jamaica or Aruba. But if you prefer a lesser populated island, then look at purchasing real estate in Nevis or St Kitt.
- The Process
You may have experience purchasing property in your own country but the processes are likely to be different in The Caribbean. Therefore, it is important that you hire an attorney who can walk you through the process.
To begin, you will need an Alien Landholding Licence. This usually takes about a month to process. You can also expect to pay registration fees and stamp duty.
You may also want to acquire Citizenship by Investment, which is fairly easy to obtain. Again, your realtor and attorney will be familiar with this process.
Always speak to the professionals. They do this on a daily basis and can navigate you away from any pitfalls.
Before you begin looking for a property, consider how you are going to finance it. Some Caribbean islands will require you to have all of the money available. However, for others, it is possible to obtain a mortgage. Speak to a lender in advance and seek pre-approval.
Find out about whether you are eligible to purchase before getting the ball rolling. Some islands require that you are present when you sign the documentation. Rules will vary, depending on where you purchase, but some islands have mandatory requirements. Make sure you’re aware of them.
- Hidden Costs
Familiarise yourself with all of the costs before going ahead. In addition to the cost of the property, you should also account for the following:
- Attorney fees
- Real estate fees
- Valuations and surveys
- Land transfer taxes
- Other fees that some islands may request
Working with the right real estate business and attorney will help you navigate all of this.
Buying a property in the Caribbean is a fairly straightforward process. But it is important that you obtain the necessary professional guidance. Do your research and follow the processes, and you could own your dream home in a short space of time.