Tips for Buyers
Considering buying a home in Barbados? If so, here are some useful tips:
- Get your mortgage pre-approved – The vast majority of homeowners purchase their home with some type of loan or mortgage. So why not get started now! Many people overlook this important step and opt to go directly in to property searching. Getting pre-approved is a smart move and offers several advantages. It gives you a benchmark for how much you can afford and narrows down your home search, thus saving you time. It puts you in a better position to make a serious offer when you do find the home that is right for you and which falls within your pre-approved numbers. It makes you attractive to sellers and shows you are serious and that you are in a position to go forward with the purchase.
- Avoid new credit - Do not open new credit card accounts or take on any new debts for at least six months to a year before applying for a mortgage.
- Identify what you are looking for – Make a list and prioritize it into your top 5 "must have" features you would like to have. This can include the size and style of house, number of bedrooms and bathrooms, location etc. You may also like to identify your top "would like to have" features and those you "definitely don't want". This will help you eliminate homes that don't fit your needs, wants and budget. It will also help you spot the homes that deserve greater attention. Another important consideration is resale potential especially if you are buying strictly for investment purposes.
- Finding a Realtor or Real Estate Agent – Now that you have your pre-approved mortgage and you have identified what type of home you are interested in purchasing, the next step would be to appoint a Real Estate professional. Although not always, the vast majority of people engage the services of a professional Real Estate Agent to guide them through the process from start to finish and one who they can trust and is honest, loyal and have their best interest in mind. Consider advice given by your Real Estate Agent who has years of experience.
- Secure the services of a Barbados Attorney-at-Law – You will require the services of a Barbados Attorney-at-Law to do all the legal work for you so why not appoint one now so there will be no delay in getting started. He would also be able to advise you on legal fees and other details. However, before you make your choice, it is very important you choose the right attorney to work for you. Do not simply base your decision on the basis of the recommendation of a friend or family member. Gather as much information as you can about that lawyer before you make your decision. If in doubt, ask your professional Real Estate Agent to recommend the right lawyer to work for you.
- The Hunt is on! – This is usually the most exciting time. After you have provided your Real Estate Agent with all the required information including the "must haves" and "don't wants" and you have gone out to see what is being offered for sale, it is important you inform your Agent of any homes you have seen or heard about that are being offered for sale and that may be of interest to you so he may follow up on your behalf.
- Making an offer – After viewing several homes, you have hopefully found something you would like to seriously consider buying. Before you make an offer, here are some factors to consider: Market conditions. Is the prevailing market a strong buyers' or sellers' market? In a sellers' market the odds could be stacked up against you as there could be bidding wars. However, in a buyers' market the options may be more advantageous to you. Seller's motivation. How motivated is the seller to sell? If his or her motivation is high, this could also be on your side. Length of time on the market. Has the property been recently listed or has it been "sitting" for a long time. Aborted sale. Has a prior deal fallen through? Physical condition. Consider its physical condition - the floors, roof, age, mechanical systems – electrical and plumbing, structure, termite infestation, cracks, covenants, how much, if any, renovations may be needed and the related cost – everything! Valuation report. Remember too, your mortgage application will be subject to a valuation report. This is in order to protect the interest of your lending institution. If you are satisfied this is the property you are interested in buying, then you can make an offer. Making an offer can involve a lot of strategy. You don't want to offend the seller by making an offer that is too low and at the same time you don't want to pay more than is necessary. Your Real Estate Agent should be involved in brokering the offer as he can advise you on a realistic offer that maximizes your chances of buying the property. Your Agent will present your offer to the seller and look after your best interest to ensure a sale is secured.
Coral Stone Realty is pleased to offer our services in buying, selling and renting all types of Barbados Real Estate including residential homes, luxury homes, townhouses, condos, beachfront properties, oceanfront properties, apartments, villas, land as well as commercial properties.
We invite you to browse through our listings of Barbados Real Estate Sales and Barbados Land for Sale.
We look forward to being of service to you.
