If you're dreaming of owning a second home in The Bahamas, our agents are always here to advise you. Whether you're focused on the prospect of Nassau and Paradise Island homes for sale, we'll help you find a home that exceeds your expectations.
It's no surprise when foreign buyers fall in love with the beauty of the islands of The Bahamas and want to make our unforgettable sights a permanent part of their lifestyle. Before long, the question arises: Is it better to purchase an existing home or purchase land and build new construction?
Both options have their pros and cons, but we firmly believe that buying an existing home will be the best choice for most of those who want to purchase property in The Bahamas. Buying an existing property is more convenient, allows for quicker occupancy, can be less expensive, and involves a fraction of the logistical hurdles and challenges that building a new home comes with.
Let's take a closer look at the biggest advantages you can enjoy by purchasing an existing home:
- Lower Costs
On the whole, you can expect to pay more when you choose new construction rather than existing construction. While there are many qualified construction companies to choose from, they still need to follow the rules and codes, as you'll learn more about below. Having to import almost all building materials to The Bahamas, adds significant additional cost by way of shipping and importation duty costs.
- Fewer Worries About Building Codes
The Bahamas government encourages international investment. Existing homes have already undergone and passed the multiple Bahamas building code inspections required to protect the natural landscape and ensure weather safety. Buying a parcel of land for new development can also be full of unexpected hassles in getting the requisite approvals and ensuring the proposed plans meet or exceed the building codes.
- Less Time Spent Waiting
From the time you start working with an architect, it may take up to 2 years to the completion of the new construction in The Bahamas. You are not able to inhabit the structure until it is near 100% complete and a Certificate of Occupancy is granted, which may face delays related to weather or global supply chain issues. Many buyers find the wait inherent in new construction and the frustration from construction management from abroad to be unacceptable.
- Fewer Weather Risks
As a tropical island locale, The Bahamas is subject to weather events that are only partly predictable. The Atlantic hurricane season is a time of uncertainty each year. While a completed structure will be strong enough to withstand hurricane-force winds and rain, it is much more difficult to secure half-finished construction. Approaching hurricanes result in delays caused by preparation and clean-up and possible damage to your investment.
Get Expert Advice on Real Estate in The Bahamas
Certainly, there are situations where nothing but new construction will do, and all the potential setbacks are worth it. Before making that choice, discuss your options with the team here at Morley. We focus exclusively on real estate in The Bahamas.
Our agents start by learning about you and your needs. We will gladly introduce you to a wide variety of homes that may suit you even better than new construction—and won't involve the long wait times, grueling permitting process, and unexpected issues. We will gladly refer you to home inspectors and home improvement contractors. You may be living in your new home in weeks.
Contact us to find out more or get started today. We look forward to helping you.