Date Archives: December 2021
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Breaking Down Closing Costs for Buyers and Sellers
Our agents have helped simplify the process of buying real estate in The Bahamas for thousands of people. Whether you choose Nassau and Paradise Island homes for sale or buy elsewhere on the islands, the process is very worthwhile.
And it is much easier than it may first seem!
It might surprise you to learn that real estate transactions in The Bahamas aren't that different from what you might be used to. Transactions take about three to six months to complete and require the assistance of a qualified real estate agent and local real estate attorney.
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What Type of Home Is Right for You in The Bahamas?
Considering the wonderful tropical climate, proximity to the United States, and low taxes, The Bahamas is a delightful place to call home. Find your dream home among these Nassau and Paradise Island homes for sale and find out why a home in The Bahamas is a highly sought-after asset.
If you're thinking of purchasing property in The Bahamas either as a primary or vacation home, here's a guide that will help you find a home that's right for you.
So, what's your style?
13
Why You Should Consider a Short-Term Rental Investment
Want to know more about living in The Bahamas? Our agents are here to help.
In a previous post, we discussed how you can take advantage of unique government programs to relocate to The Bahamas. People from the United States and all over the world have already leveraged these welcoming laws to make their long-term – or permanent – move.
There's no secret about the many reasons to move to a tropical paradise like The Bahamas. Beautiful beaches and mild weather are only the beginning. The cost of living is attractive, and tax obligations are straightforward, especially compared to the United States.
Whether living on the islands or not, many homebuyers decide to rent their properties to help them with the carrying costs of ownership. The Bahamas benefits from a robust short-term vacation rental market. You'll find many different options sure to be suitable for your needs.
With the right real estate agent on your side, the process is easy and convenient.
Where to Look for Short-Term Rentals in The Bahamas
Nassau and Paradise Island homes for sale are always in demand, but some property owners prefer to cater to international clientele desiring a short-term stay. Enthusiastic new visitors arrive every day – thanks to year-round warm weather, September has become the peak of the season.
Some of the best places to look for Bahamas short-term vacation rentals include:
- Paradise Island
Paradise Island has the distinction of being the #1 tourist destination in a country already known for its splendid hospitality. A purchase here means you'll be right at the center of dining, nightlife, and watersports. Convenience to amenities enables a higher rent than might otherwise be possible. - Grand Bahama
The Grand Bahama is just 55 miles from Florida's coastline, making it a common debarkation point for tourists from the Sunshine State. While it also has a wide range of amenities, it is relatively slow-paced and quiet compared to Paradise Island. The main city, Freeport, includes an international airport. - Eleuthera
Eleuthera is known for its beautiful pink sand beaches and is full of natural wonders such Queens Bath, a collection of natural pools created by crashing, incoming waves. Nearby Harbour Island homes for sale are close to a charming downtown featuring distinctive architecture and authentic cuisine that vacationers will love. - The Abacos
This 120-mile long chain of islands offers all sorts of unexpected benefits and surprises. Each island is truly a community and experience unto itself. The most populous island is Great Abacos, but the entire chain is home to less than 20,000 people. It works best as a personal getaway location, and these Abaco homes for sale would fit the bill.
Buying Your Vacation Rental Property in The Bahamas
The Bahamas has no restriction on foreign real property purchases, and some 80% of all buyers come from the United States. Generally, transactions are approved quickly and without issue, if the parcel is less than 5 acres.
Property acquisition costs can be significant. They include a transfer tax when property changes hands and legal fees pertaining to the transaction. The buyer's share of soft costs usually amounts to about 7.5% of the purchase price. This does not count the real estate agent's fee.
Bahamas residents don't pay taxes on income, inheritance, gifts, or capital gains. The principal form of tax revenue is Value Added Tax (VAT). That said, annual property taxes are assessed based on assessed value, just as in the United States.
Contact us to discover more about real estate in The Bahamas.
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7 Traditional Bahamian Dishes to Try
With the gorgeous beaches, bright sunny days, and frolicking families found in The Bahamas, it's no wonder that Nassau and Paradise Island homes for sale don't stay on the market for very long. It's not just about the beaches and culture, though — it's also about the delicious island dishes that get people to sit up and take notice. Since we're guessing that many people out there haven't been lucky enough to taste these delights, our agents recommend seven traditional Bahamian dishes that will take your tastebuds for a ride.
- Conch Salad
If you're not familiar with conch, that's perfectly okay — many people aren't until they reach The Bahamas. Conch is a sea snail and a very tasty one at that. A conch salad consists of diced conch meat, green peppers, onions, and tomatoes. This colorful and refreshing dish is usually topped with a marinade of lime. Lemon and orange juice can be used making it an absolute citrus delight.