Email Post to a Friend: Buying a Condo in The Bahamas

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October
31

Buying a Condo in The Bahamas - Morley

Our agents are always at work showing off the best Nassau and Paradise Island homes for sale. Whether they come from the U.S., an EU country, or elsewhere, most buyers wish to purchase a conventional standalone home. We are happy to assist them. However, that is not your only option!

If you choose, you'll find there's also a robust market for condominium homes here in The Bahamas. A condominium is a building divided into several units. Each unit is individually owned by the tenant. They may be purchased outright by the tenant or held in a "lease to own" agreement for some time.

The concept of the condominium home is very much the same in The Bahamas as in most other countries. Developers create residential communities with beautiful surroundings and amenities. You own your unit and contribute a monthly fee to the upkeep of common areas.

A condominium can be extremely convenient because you are not responsible for most of the upkeep you would be as a homeowner. In many cases, your responsibility ends at your walls. Even utilities like water and power are ultimately the responsibility of the property management agency.

In some cases, you may be able to move into a condominium in The Bahamas much faster than you would be able to move into a house. This is especially the case when you consider moving into an existing residence rather than new construction within the Bahamas Islands.

But is the condominium market in The Bahamas very different? Here's what you should know.

  • Find a Real Estate Agent Who Understands Condos
    Your agent should know what to look for and what to avoid when it comes to buying a condo. After all, the agent is your #1 ally throughout the process. He or she should understand your goals and help you find properties that match the future lifestyle you want in The Bahamas.

  • Scrutinize Your Ownership Agreement Carefully
    When considering a condominium, you will receive a written covenant that includes all the information needed to make your decision. This will lay out all association fees you will be expected to pay in addition to your mortgage. Read it carefully, ideally with an attorney's help, to avoid surprises.

  • Speak with Other Residents of the Complex First
    The opinions of your future neighbors can help you a great deal in making an informed decision about a complex. Residents generally have no incentive to be anything less than completely truthful, and if there are common complaints within the community, they likely hold more than a grain of truth.

  • Compare Your Options for Condo Financing
    Most buyers do not purchase a condo in The Bahamas outright but get mortgage financing just as they would with a standalone residence. Generally, fewer lenders offer financing for a condo, so it is even more important to take a close look at your options before you commit.

  • Ask About Special Assessments
    A "special assessment" is an extra charge that the condo association may impose on occasion so it can invest funds in a substantial improvement of the grounds. Special assessments go on for a limited time, but they can significantly affect your finances, so be aware of them in advance.

When buying any property in The Bahamas, it is crucial to have the right expertise on your side. At Morley Realty, our experienced team is here to help you every step of the way. Contact us to find out more or get started.

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