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Bahamas | 36 Posts
Foodie Find | 4 Posts
Island Hopping | 1 Posts
June
20

Eco-Friendly Features - Buying in The Bahamas - Morley

Living in an island paradise gives you an even clearer view of all the ways we humans can influence our environment. The Bahamas is highly active in environmental conservation so that everyone can enjoy the islands' beauty for years to come—and so are our agents.

Nassau and Paradise Island homes for sale often incorporate environmentally friendly features, most noticeable in newer construction. The Bahamas government encourages builders to consider environmental impact and will often provide incentives to homeowners for doing the same.

Click Here to Read More...

August
17

For international home buyers who are in the market for a piece of real estate in the Bahamas, there is a lot to consider before taking the plunge. If you're relocating for work, you'll have to ensure it's an affordable option for you and your family. We've broken down some of the major costs you will face upon moving here, and some other expenses that you'll encounter in your daily life.

Home Prices

Home prices in the Bahamas can vary drastically, depending on your individual or family needs. This includes square feet, number of bedrooms, location, amenities, and more. To give you perspective, we have homes listed for less than $200,000 and upwards of $5,000,000 on our site. 

The islands are a melting pot of culture and people from all walks of life, and the real estate in the Bahamas reflects that. There truly is something for everyone; whether you want to rent a condo on the beach or purchase an island of your own — the option is yours! 

Apartments  in the Bahamas 

On average, the monthly rent for a 900 square foot apartment or condominium in the Bahamas is $1697, but it could be higher depending on the location. 

Apartments typically come furnished, which most ex-pats find to be very convenient as it alleviates the headache of coordinating shipping furniture and other belongings ahead of a move.

Cost Of Living in the Bahamas

Utilities

Electricity and other standard utilities average around 80% higher here than in the United States. For example, one month of utilities (electricity, water ) for two people in a 900 square foot apartment is around $355.  Costs go higher when you include  cable/internet, or you are using your air conditioning 24/7. 

Tax Breaks & Advantages

The tax breaks and advantages in the Bahamas can rectify the cost of living. There is no income tax, capital gains tax, or corporate taxes. 

Fees to Buy Property

There are a few fees involved in purchasing a property here, which are all important to know  when shopping for real estate in the Bahamas. 

  • Transfer Tax (VAT) – 2.5% of the property value, for a property valued at $100,000 or less. 10% of the property value, for a property valued at more than $100,000. 
  • Legal Fees - Each party pays its respective legal fee and 12% VAT thereon. Typically, the legal fee for a party is 2.5% of the purchase price.
  • Real Estate Commission – Brokerages charge 6% of the purchase price for developed land and 10% of the purchase price for undeveloped land. 

For more information on these fees and how they work when purchasing a home, visit our FAQ page.

Cost for Residency

Ex-pats can obtain an annual residency permit for $100 that must be renewed every year if they've purchased property valued at over $250,000. In order to obtain Permanent Residency, international buyers must purchase a property valued at $750,000, and then they can apply.

Transportation

If you have a car at your current location, you can ship it to the Bahamas so it arrives once you're here. You can also buy a used one on the island, or have one imported (but you will pay duty on it). 

Public transportation includes buses (or jitneys) and taxis. Many locals ride bikes. 

Food

Food costs in the Bahamas are comparable to in the United States. A few common items include:

  • A gallon of whole milk is $3.93
  • A dozen eggs are $3
  • 1 pound of chicken breast is $6
  • A hamburger meal in a fast-food setting is $12

While the cost of living may be generally higher, the real estate in the Bahamas is truly one of a kind. There aren't many places in the world that offer everything that our islands do. Bahamas real estate is a worthy investment to make, especially if your future goals include living here or vacationing here. We'd love to have you, regardless!

August
10

Calling all Bahamas homeowners! Whether you're thinking about selling your current home, or have plans down the line, this is a guide to help you throughout the selling process. Bahamas real estate can be a roller coaster, just like in any other country, and we find that the more informed our clients are, the more confident and optimistic they feel when it's time to sell.

Being well versed in the current market and real estate in the Bahamas, we want nothing more than for sellers to feel well-equipped for the process of selling their homes here. Listing a home and going through the entire process in any country can be stressful and overwhelming, and we hope this post will help to ease any stress you have about selling your home in the Bahamas

Select a Qualified Agent

The most important step you'll take in selling your home is selecting an agent. You'll need an agent with extensive market knowledge and practical experience, a network of connections and referrals, and up-to-date knowledge on pricing. 

Without the valuable insight and knowledge you gain from having a seasoned agent representing you, your home could sit on the market for an extended period of time, or you could get offers much less than you're hoping for.

Agents offer a lot of value to sellers — They leverage an extended network of agents, colleagues, and residents to make sure their clients' property gets as many views and as much foot traffic as possible. They will also launch marketing campaigns for your home — including a digital listing, social media promotions, print ads, and more. All of these will factor in to ensure your home gets the proper exposure to find interested buyers. 

It's simply not worth the risk to embark on the journey of selling in the Bahamas without an experienced, knowledgeable license BREA agent in your corner. Trust the experts, you won't regret it! 

Get Your Property Buyer-Ready

Knowing firsthand what features and amenities make your property desirable is the first step in making a successful sale in the Bahamas. These can include any updates you've made to the property that enhance the value, so be sure to mention these to your agent so they can make sure they're included on the listing. Living in the Bahamas is something buyers already know they want if they're shopping for a home, so make sure yours stands out! 

It's also of vital importance that your home and surrounding property are looking their absolute best — from landscaping, fresh paint, a deep clean (inside and out) and staging are all ways to get your home to shine when listed online, and more importantly, when buyers come to see for themselves. 

Manage Your Expectations

While your agent plays a role in this as well, it's important to be aware of the current market and how homes similar to yours are selling. Do your due diligence and research the current climate so you know how it may affect your sale.

Your real estate agent should provide you with a comparative market analysis, which will help when determining an appropriate price for your property, and give you detailed insight into what homes similar to yours are selling for. 

As the islands continue to attract international buyers and investors to its idyllic shores, the demand for real estate in the Bahamas skyrockets. The search for a laidback lifestyle is in high demand for many people around the world. If you own a home in the Bahamas and are interested in selling, now is an ideal time to do so. 

If you have questions or need advice on how to go about making your home buyer-ready, please reach out to us! Our multi-generations of experience and market knowledge can assist you with preparing your home, finding the right buyer, and closing at a price you're happy with.

August
3

If you're thinking about making an international move and the Bahamas is on your list, we highly encourage you to seriously consider this tropical paradise for your future home. From warm beaches to the gorgeous water and picturesque resorts, to the occasional celebrity sighting… the Bahamas has something for everyone. 

With that said, if you are looking at properties for sale in the Bahamas, we highly recommend carefully researching an agent  to help you with your search. Real estate in the Bahamas can be tricky, and you need someone in your corner who knows the lay of the land and can help you find the perfect abode for you and your family. 

While moving here may seem like the easiest decision you'll ever make, we put together a list of positive and practical reasons why relocating here is worth the money.

1. It's a smart investment to buy in the Bahamas 

The Bahamas Government maintains an investor-friendly outlook on real estate and welcomes international investors to buy property in the Bahamas in order to stimulate tourism and boost the local economy.

Because of this, Bahamas real estate is a smart place to invest. The opportunities here are plentiful — Whether you want to relocate and purchase a long-term home, buy an investment property and treat it as a vacation home, or create an AirBNB property; these investment options aren't as readily possible for many families living in other countries. 

2. The Bahamas are just a quick flight away from the "real world"

Maybe you (or your spouse) travel for work, and you need to be able to get back to the US easily. Maybe you have family or other responsibilities in the states, but still want to enjoy all that the Bahamas has to offer. The good news is that traveling from the Bahamas is quick and easy; we're located just off the coast of Florida.

3. There are major tax advantages to living in the Bahamas

If you're looking for a country where you can get impressive tax breaks, the Bahamas is a great option. There is virtually no income tax here. There are no taxes on capital gains, individual income, personal inheritances, or dividends. 

Property taxes for owner-occupied residences are as follows:

  • On the part of the market value that does not exceed $250,000 — Exempt
  • On the part of the market value that exceeds $250,000 and does not exceed $500,000 — 0.625%
  • On the part of the market value that exceeds $500,000 and does not exceed $5,000,000 —1%
  • On the part of the market value that exceeds $5,000,000 —½% ($60,000 annually cap)

Tax breaks can be a huge advantage for families, business owners, and investors. The tax advantages listed above are worth considering when you make your move!

4. The Bahamas are very family-friendly 

If you're looking for a spot to put down roots for your family, and instill important values in your children like culture, curiosity, and the beauty of the great outdoors— look no further! The Bahamas has it all, from sandy beaches with plenty of water sports and activities, premiere private schools, and an ex-pat and local community that will make you feel right at home. 

5. The lifestyle is much more relaxed 

If your life is high-stress, chaotic, or you don't feel like you get to spend enough time with your family, a move to the Bahamas could change all of that. Local residents and ex-pats alike have adopted the laidback lifestyle, which can be a healthy, positive change for many people. If this is the reason you are considering relocating, you'll find exactly what you're looking for here.

If you are looking at homes for sale in the Bahamas, we understand it can be overwhelming to know where to begin. If you need guidance or advice on navigating the home buying process in the Bahamas, don't hesitate to reach out to us. We'd be more than happy to help you find the perfect home for you and your family. 

June
30

When you're selling your home it can be tempting to try and go it alone. Maybe you don't want to work with a real estate agent to try and save some money, or you just think it won't make much of a difference. Although there are people who decide to go it alone with some degree of success, there is much to consider to guarantee the very best outcome for you and your family. The truth is there's a lot that goes into selling a house you may not have considered. Depending on your level of experience with buying and selling homes you may not know even the basics of how things work. Agents do more than just bring in potential buyers and show up to have documents signed. They know all the ins and outs of both buying and selling a house.

If you're trying to sell your home you really do need to consider all your options to make your sale a success and that includes using a real estate agent. The reasons you need an agent to sell your home are the same no matter where you are. Having a good agent to sell your home is invaluable. Here are some important things you should take into consideration when deciding whether to get a real estate agent to sell your home.

Real Estate Agents Have More Experience

Unless you're selling houses every day along with your normal day job, you won't have as much experience as an agent. Experience can make a huge difference in getting your house sold quickly or having to drop the price because it has remained on the market for an extended period. Real estate agents are trained to know how to navigate the market.

They've prepared for this, taken and passed exams, they have done this before. This experience is valuable and worth the costs involved. Your end goal is the sale of your house sold and in a timely manner, and not lose money in the process. The agent's goal is the same as yours, they just know how to do it faster and better. They are equipped with information on all aspects of the sale from regulatory law to the best place to look for buyers.

Real Estate Agents are Professional Negotiators

Selling your house can be emotional. It's somewhere you've lived your day-to-day life as a family or maybe even grown into as a family. If you've put a lot of work into it, you can have an extra attachment because you know the amount of sweat equity involved in that work.

An agent is removed from all of that. Their main goal is to get your house sold and, if negotiations are involved, without the emotional ties that can prevent the making of a good deal. They aren't going to make a deal without your approval but are better able to guide and advise objectively.

Real Estate Agents Understand Contracts

Closing paperwork can be complicated. A buyer may have an agent with them during the closing, but, of course, that agent is there only to look after the buyer's best interests. You will need someone on your side, too. Sometimes last-minute issues surface right as someone is about to sign on that dotted line. For someone that doesn't deal with closings often these can be dealbreaker situations. The agent will be well versed with the language and structure of contracts, disclosures, and the proper closing process, start to finish. They will know what needs to be disclosed and what to do if something comes up as paperwork is being signed.

Real Estate Agents Can Give You Pricing Advice

Much like negotiating, pricing your home can be hard to separate emotion from. You know how hard you worked to get your home ready for sale, or the work you've put in over your years of ownership. It's difficult to keep that out of your mind entirely while settling on a price to list your home. Agents can help with this, as they know the neighborhoods, they know the market, and they know comparable housing prices. All these things factor into making sure you're pricing your home effectively. This is an invaluable resource to have when trying to make a sale.

Selling your house is not as easy as you might initially think it will be. There are many reasons you'll want to have a real estate agent on your side. From negotiation to fielding interested buyers there is much to consider. Hiring an agent to assist with the sale of your home is likely to take a lot of stress off of your shoulders, and may very well be the best decision you make during the entire process.

April
7

Palm Cay Marina | Photo by: palmcay.com

Located on the eastern shores of New Providence, Palm Cay spans over 69 acres, including 1200 ft of white sand beaches. It is home to more than 300 exquisite and expertly-designed stand-alone homes and condos. A host of amenities cater to their community of "ocean-loving adventurers," as they proudly say, and it's one of the aspects we love most about this community. Here's a closer look at what you can expect to find at Palm Cay.

A boater's paradise, Palm Cay offers everything any boating enthusiast could want - including a full-service, deep water marina, and the best location for accessing Rose Island and the Exumas - only 28 miles away! The 194-slip marina is considered world-class and has a fuel dock, Starbucks cafe, and concierge service. The marina partnered with NavTours, who specialize in sailboat charters in some of the most beautiful destinations in the world, including our beautiful Bahamian islands. The Palm Cay marina is now home-base for the company's fleet of sailboat and catamaran charter boats.

Adding to the allure of this seaside community is the Pink Octopus Restaurant, the beachside Ink Bar and Palm Cay Club, which offers both an adult and family pool, as well as the Member's Beach Club. "Palm Cay's Members Beach Club recently underwent a $2 million transformation. This included the construction of a stunning beach bar, an opulent 80 ft. lap pool and a private section of luxury cabanas, as well as ample dining and entertainment space. Surrounded by white powder beaches and crystal-clear ocean, the members beach club is an embodiment of serenity and sophistication," states the developer.

A Dermalogica Spa is one of the newest additions to the seemingly endless list of amenities. Health and fitness enthusiasts enjoy a full complement of health and fitness options, with the gymnasium, tennis courts, water sports, and children's playground. 

With an array of awards and achievements, including "Developer of the Year," by the Bahamian Contractor Association, and "#1 Marina" by FirstChoice Marina, over the years, Palm Cay continues to expand. The One Marina project is now complete, and development continues, with new opportunities coming soon. 

Palm Cay Club House and Pool Deck | Photo by: palmcay.com

Whether you're looking for a vibrant neighborhood to relocate your family to, or you're looking to purchase an investment property that you can put on the vacation rental market, this is the place. Bahamian tourism is on the rise again - a welcome update for us all. As we've seen already for the month of March, our tourism numbers exceeded most expectations, and it's true when they say our islands are a hot destination(but we already knew that). There continues to be growing interest in VRBO and Airbnb properties these days, and the Palm Cay community is thriving, making this both a great place you can escape from it all AND somewhere you can  look to for strong investment opportunities. 

But don't take our word for it! Discover for yourself the excitement that lies along the shores of this neighborhood. Check out our video tour with Melissa here, and explore this Anchorage condo, now available for rent! 

If you're interested in building in this great community, here's a property that's perfectly placed close to the community tennis courts and playground! 

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