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Bahamas | 36 Posts
Foodie Find | 4 Posts
Island Hopping | 1 Posts
March
28

Remodeling Tips - The Bahamas - Morley

When it comes to natural beauty, Nassau and Paradise Island homes for sale are ahead of the rest. But our agents know a property needs more than charm to meet your expectations: Every now and then, you may want to renovate your home. And that can be more complex than in the United States.

The rules around who is allowed to perform contracting work are different than you might be used to. Bahamas contractors must be licensed in an area of specialization, such as residential or commercial construction, electrical work, or plumbing. Still, it is possible to be targeted by scams.

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December
20

Residential Architecture  - Nassau, Bahamas - Morley Realty

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?

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September
28

Money hidden in the sand

If you are considering living in the Bahamas, this post is for you. Composed of 30 inhabited islands and with nearly 400,000 residents, the Bahamas can be an absolute paradise for those looking for a slower-paced life with an emphasis on nature and the beauty of the outdoors. If this sounds like the haven you are seeking, consider the Bahamas for your next move. 

While it would be wonderful to just pick up and move, unfortunately, that's not a realistic possibility for most people. Your job and monthly income is an important factor in deciding whether an international move is feasible and affordable, so let's examine some economic and financial data in the Bahamas to help you make an informed decision.

Average Salary in the Bahamas

Jobs in the Bahamas vary in salary just as they do anywhere in the world. Occupation, experience, and location can also greatly impact the salary residents earn per year. 

The average base salary in the Bahamas is $45,591.

Professionals with more than five years of experience tend to earn on average 36% more than those with five years or less of work experience.

More than half of Bahamian jobs are in tourism and financial services. These sectors help to develop and stimulate the economy most significantly. 

Because of this, the demand for workers in these two industries is higher than in others, and wages can be better. 

The standard workweek in the Bahamas is an eight-hour workday, five days a week. 

Other Factors to Consider in the Bahamas

When trying to determine if you can make a proper living while working in the Bahamas and keep your preferred lifestyle, these factors are important to consider in your calculations.

Housing

Housing in the Bahamas can be more expensive than average, depending on location and what type of housing you prefer. 

Nassau is a popular city for affordable apartments and single-family homes and offers a taste of the exciting city life many ex-pats still crave when moving to an island. 

Utilities are typically around 80% higher in the Bahamas than in other countries. Depending on your living situation and location, these may fluctuate as well.  

Food

Food does run more expensive than on the mainland because nearly everything has to be imported. Residents looking to save money on food can do so by shopping at local markets for fish, fresh fruit and vegetables, herbs, and more.

Value Added Tax (VAT)

Most domestic goods and services are taxable at the standard rate of 12 percent in the Bahamas. This tax was introduced in 2015 as part of the efforts to reform the tax system here. VAT was implemented because most goods must be imported from other places, which can get expensive for the government. 

You can find more information on the prices of the common goods in the Bahamas that we covered in this post.

While the cost of living in the Bahamas may be pricier than what you're used to, many other factors balance out the cost of living. Tax rates, for one, are a great way to save money in other areas and apply it to your lifestyle accordingly.

Be sure to visit Morley Realty as a valuable resource for all things real estate and life in the Bahamas. Our team has years of practical experience and knowledge in the various areas of the islands, and we can advise you on what will best suit you and the lifestyle you're looking for. 

We can help with the coordination of financing, inspection setup, home insurance, and more. We are here for you every step of the way! 



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.

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.

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