8 Factors When Buying Real Estate in the Caribbean
When you have the desire to make the move to the Caribbean and set up your life in a foreign country, it can be challenging and time consuming.
Before we dive to deep into the blog today, make sure you swing by our new ‘Resources‘ page and see if we host any resources that can be helpful on your journey of purchasing in the Caribbean. In case you are not aware, Ushombi does not host any commercial real estate.
In recent years, many people have been looking to buy properties in the Caribbean. The region offers a variety of stunning landscapes, beautiful beaches, and a laid-back lifestyle. However, before you start looking for that perfect Caribbean property, there are some important factors you should consider.
We have put together a quick checklist of 8 factors you need to consider before you purchase. Make sure you visit the other blogs we have put together about things you need to know before you purchase. Do not fall into the trap of being attracted to cheap properties. Take our tips and purchase wisely. Be sure to take advantage of our vetting guide here.
One of the more popular destinations for Americans and Canadians to purchase in the Dominican Republic. This blog can save you a lot of time and a major headache, so take a look!
While there are many factors to consider before purchasing Caribbean real estate, here are a few of the most important ones. Purchasing real estate in the Caribbean can be a good investment, but it’s important to carefully consider a few key factors before making a decision. Here are some things to consider:
8 Factors When Buying Real Estate in the Caribbean
Location: Look for a location that is safe, stable, and has a strong economy.
Property Type: Consider whether you want a single-family home, a condominium, a vacation rental, or other type of property.
Purpose of Purchase: Determine whether you are buying the property as a primary residence, a vacation home, or an investment. You will also need to think about your fixed expenses such as rent or mortgage payments when considering your budget for buying a property in the Caribbean region. The cost of living varies from country to country, so do your research as this can make a difference on your budgeting for the next few years.
Fixed expenses such as electricity bills can be high since most of the Caribbean islands rely on expensive imported fossil fuels for power generation.
Legal and Financial Considerations: Make sure you understand the local laws and regulations regarding real estate, and consult with a lawyer and financial advisor to ensure that the purchase is financially feasible and legally sound. Caribbean countries have different tax structures which can affect how much money you will need to spend each month on fixed expenses such as rent or mortgage payments. Some countries also charge high taxes on foreign buyers which may not be attractive for those who are looking for an investment property.
The taxes in the Caribbean islands are low, but it varies from island to island. For example, there is no income tax in Antigua and Barbuda and Grenada, but there is a 10% sales tax on goods and services in St Lucia and Trinidad & Tobago. There is also no inheritance tax in the region. Caribbean countries have different tax rates for foreigners and locals. You need to know how much you will be charged for living in the country and how much you will be taxed when it comes to buying property or investing in other sectors.
Services and Amenities: Consider the availability of utilities, public transportation, healthcare, and other amenities in the area.
Maintenance and Upkeep: Think about the ongoing costs of maintaining and managing the property, including property taxes, insurance, and repairs.
Potential for Appreciation: Research the local real estate market to understand the potential for appreciation in the area.
Cultural Fit: Take the time to visit the area and get a sense of the local culture and community to ensure that it is a good fit for you. Some cultures in the Caribbean place more emphasis on family and religion than others. This can be an important consideration if you want to live in a country where these values are highly regarded and respected. It is important to know the culture before moving in. This will determine what type of lifestyle you can expect and how you will deal with day-to-day life.
A cultural factor to think about is whether you are a lone traveler or not. If you are, then it might be hard for you to find your way around and also find people who can speak your language.
Miami Also Has A Very Attractive Culture
For all the best properties in Turks and Caicos make the jump here!
In this next section we are going to highlight some of the realtors around the Caribbean so you can get to know them and learn how they can help you accomplish your property investment goals in the Caribbean.
Caribbean Realtors
Susann Rottloff of The Agency Riviera Maya has properties all over the Riviera Maya and can assist you in accomplishing your property goals. Susann is a major asset for The Agency, with stunning business skills plus her German work-ethic blended with the love for her work and a massive understanding of the local market conditions make her the perfect Buyer´s agent for International as well and local clients.
Susann offers this beautiful 2BR condo in Akumal at $356,000 USD
Siwá Élevé was born as a high-end architectural project that seeks an eclectic mix of materials with decoration to combine an innovative and luxurious concept. Check out Siwá Élevé in Tulum here.
Check Out This Luxury Property In The Bahamas
As the Managing Director of The Agency Bahamas, Danny Lowe puts his wealth of local knowledge and eye for exceptional quality real estate to work for every client—from international buyers and sellers to local investors and developers.
If you ever have any questions about purchasing property in the Caribbean feel free to drop us an email through our ‘Contact Us‘ page.
