Millions of people dream of owning a piece of heaven in the Caribbean. However, some can’t afford it, and then some can afford it but don’t know what it takes to buy property in the Caribbean.
Here is a collection of tips that can help anyone interested in investing in a property in the Caribbean. By the time you are done reading this article, you will have a better understanding of the local property market, how not to get scammed, and, most important of all, how to get the best value for your money.
Just because you’ve spent a week or two vacationing on the Caribbean island, it doesn’t mean you are an expert in the area. Always look beyond the postcard experience and consider how good the local infrastructure is (roads, electricity, internet, water, phone, etc.), safety, crime rates, big development plans in that region, and so on. If you plan to rent the house, check if it is close to amenities such as restaurants, shops, etc. On the other hand, if you are buying a retirement home, make sure that there are health and other support services nearby.
#2 Find a reputable real estate agent
The best ones have an in-depth knowledge of the local real estate market and can help you make a list of suitable beachfront homes for sale in the Caribbean that are within your price range. Furthermore, the best ones know all the property laws and shortcuts that can help you bypass red tape. That can save you a lot of time and frustration.
#3 Find yourself an attorney
As a foreigner, it is highly recommended to hire an attorney to help you make an offer once you identify a property you want to buy. When choosing an attorney, look for a referral from an expatriate that has completed a purchase in the Caribbean.
#4 Check whether you are eligible to buy property in the Caribbean or not
When it comes to purchasing a property in the Caribbean, know that each country has its laws. For example, in Jamaica, you need to have a taxpayer registration number issued only by their Tax Administration Department. That needs to be completed before the purchase procedure starts. In St. Lucia, you need to be physically present on the island to sign the conveyance paper, which is an essential part of the purchase procedure. Other Caribbean countries have their requirements and conditions that need to be met to complete the purchase procedure.
#5 Obtain a surveyor’s report
Taking care of your tax obligations is a must, as it is valuation and surveyor’s report. The valuation is there to determine the property’s market value, whereas the surveyor’s report is to reveal if there are any legal issues attached to the property. Your real estate agent and your attorney can help you obtain these essential documents.