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.
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:
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.
One of the first choices people looking to purchase real estate are faced with is whether to invest in a townhouse or single-family property. So how do you arrive at the right decision? We've compiled a few ideas for you to consider when making the all-important decision.
You must first understand the difference between the two.
A single-family home is a detached or stand-alone home that does not share any common areas or walls with another property. Typically, this term refers to a single property. In some instances, the property may be located within a development that has a HOA (homeowners' association) that manages some or all of the community's common areas, however, a single-family home is always a stand-alone property. Investing in a single-family home will have some definite advantages. First and foremost, the buyer makes all the decisions concerning any upgrades, repairs, maintenance and remodeling. While a HOA can place restrictions on a townhouse owner and limit your tenant pool, as an owner of a single-family home you have the freedom and flexibility to screen and select potential tenants.
An example of a multi-family property is a townhouse development, as there are multiple "homes" on the property. You must be sure to consider the ramifications of owning a "home" that is not detached but is part of a group of development of other "homes". While you may be able to landscape around your townhouse, the property management and upkeep of the property is undertaken by the HOA. One of the main upsides of buying a townhouse is financial, in that the maintenance and upkeep costs are shared across all the townhouses and therefore are typically lower than a single-family property. Townhouses are also typically smaller in size, and the tenant pool is usually larger as they are looking to rent small to moderately sized units.
With any investment, you want long-term profitability through appreciation in value. A property's appreciation is the value added to the investment over time through a combination of your property improvements and with any luck, benefits from market changes.
When purchasing a property, it is vital to first consider several key factors. You need to satisfy your highest needs. Location, of course, matters a great deal. As the investor, you need to be aware of the state of the housing market and decide which kind of property will best suit your family's needs. Only a trusted professional can provide you this insight. Our team here at Morley is always ready and happy to assist.
Surrounded by endless miles of beautiful blues and greens, our islands were made for celebrating the sun, sand, and sea! For those in search of that idyllic island lifestyle in New Providence, having a home in one of our many waterfront communities offers the best of both worlds - modern-day conveniences with the charm of island living. While the list is extensive, we took a look at three specifically unique communities in New Providence and wanted to share a bit of insight into these areas.
Old Fort Bay is today known as a luxury residential community-based in the west, yet its history dates back to the 1700s. The original Old Fort structure is now an exclusive members' club, but much of the building's history has been preserved in restored murals and architectural details and artifacts. One could easily get lost in the magic of the history that abounds here. Old Fort Bay Marina & Yacht Club lies next to Lyford Cay Harbour and features a canal system. Historic homes and sought-after real estate include Colonial-style estate properties, villas and waterfront houses, and spacious single-family houses. As well as a private beach club, the community has a fitness center, tennis courts, children's playground, 24-hour security, exclusive restaurants, lush tropical landscaping, and more.
If luxury, peace, the natural environment, and a desire to live the island lifestyle is not just a dream for you but a requirement, you will want to see this coast and canal building site in Old Fort Bay.
Port New Providence
Resting on the eastern shores of New Providence, the Port New Providence community has long been considered to have the most boaters per square foot than any other Eastern neighborhood. This location also has the easiest and fastest route to the beautiful Exuma islands - just a quick trip away. That's music to the ears of any avid boater, beach lover, fisherman, or island adventurer. After all, when your dock is on your doorstep, there's every reason to embrace that Out Island lifestyle. A gated community, Port New Providence is a blend of single-family homes and townhouses. Here you'll find a host of amenities, including a private beach, additional dockage, clubhouse, childrens' playground, tennis courts, and tastefully landscaped grounds, including a duck pond. 24-hour security is also provided.
If you're ready to build that Out Island home of your own, or you're looking for a great investment opportunity, here's a property that gives you 65 feet of canal front along one of the most elevated lots within this fabulous community!
Sea Breeze Canal
Developed in the 1960s by the George Baker family, this subdivision is a top choice for many of the island's professionals. Tucked away in a secluded and serene waterway, this community rests along eastern New Providence's southern shore and is where you want to be if you're a lover of nature and all things tranquil. Here again, the lure of life on the sea calls. Boating, fishing, diving, and beaching are all within easy access when you can dock your boat in your own backyard! Other highlights include a community park to be enjoyed by families of all ages and sizes and the convenience of this great location. From here, access to almost any point on the island is easy, with several main thoroughfares located close by. Shopping, schools, medical facilities, and dining are also within easy reach.
If you're ready to make that move, this property offers 100 feet of canal front - perfect for that boat you've needed an excuse to buy ;)
Whether you're looking to build a luxury tropical retreat or a smaller canal front home that offers that Out Island feel, there is proof of the healing powers of living by the water. When it comes to finding the right property to fit your needs, you'll want to speak with one of our agents. They'll provide you with the information, guidance, and support you need to make a sound decision. Reach out to them today!