Living in the Caribbean is the dream for many who have visited its shores. If you are considering purchasing property in the Caribbean for holiday-use or as a second-home, here are 7 tips to ensure the process goes smoothly:
1. Do your research
While your recent vacation in Anguilla or Barbados may have been just the ticket, do not make your decision to buy Caribbean property based solely on this. Conduct detailed research into each island’s infrastructure – education, health care, transportation, banking etc. – to ensure your chosen island home is best suited to your needs.
2. Location, location, location
Once you have decided on an island, your next step will be to become more acquainted with its property offering. While it is everyone’s dream to own a home right on the beach, you should also evaluate the location's on-site amenities i.e. pools, restaurants, fitness facilities, spa etc.
3. Local knowledge is power
Each Caribbean island has its own unique set of laws and regulations that govern the purchase of land by non-nationals. The knowledge of an insightful local, real estate agent or development representative will be indispensable as you navigate this new terrain, helping you to avoid common pitfalls and often recommending reliable service providers you’ll need to help complete the purchase.
4. Closing the deal
Once you’ve found your Caribbean dream property, it is usually advised that you hire a local lawyer to assist with the closing process. Your real estate agent or development representative will be able to recommend one or you can reach out to a fellow expat for their personal recommendation.
5. Secure financing
6. Be patient
This is the Caribbean and ‘island time’ is a real thing. Cultural differences and bureaucracy can delay the process of buying property. Be patient and stay in the loop by keeping in close contact with your real estate agent and attorney to ensure that everything is proceeding as planned.
7. Protect your investment
If you intend to use your new Caribbean property as a holiday home or as an investment property, consider appointing a property manager who can solicit rentals, pay your utilities and conduct general maintenance around the property in your absence.
DISCOVER THE CRANE RESORTS DIFFERENCE
Buyers in the market for a Caribbean second home are invited to consider Barbados' award-winning AAA Four Diamond Crane Resort, The Crane Private Residences and new sister property, Beach Houses; developed by Crane Resorts.
Owners can choose exceptional oceanfront property for long-term or second home living, or enjoy a well-established luxury shared ownership opportunity.
● World-class Amenities & Services
● Exceptional Value
● Secure Investment
● Proven Rental Experience