Quick Guide to Caribbean Real Estate Financing

Introduction

Caribbean is a tropical paradise. And, owning a chunk of land in the paradise can be a dream for many. If you have ever visited the Caribbean, you surely must have built a strong coveting towards owning a property there. Caribbean is the most sought after place for vacation and retirement properties. This means, it is not a piece of cake to purchase a property in the Caribbean. You can’t just intend to buy a property today and buy it tomorrow. You need to pre plan your approach. And for that, you need some expert advice. Here, I will provide a short and quick guide for buying a property in the Caribbean, so that your purchase goes as good as possible, and you can live your dream of having a land in paradise!

1.Do thorough research.

If you think after a visit to the Caribbean, you know everything about the place, you are wrong. You need to do some research before buying a land in the Caribbean. If your intentions are to build a retirement house, you need to be sure that the place is near hospitals and support services facilities. Also, you need to take into account, the basic facilities, like water, electricity, internet connection, etc. And, if you are planning to buy an investment property, you need to make sure that it is in a prime area, with amenities like, shops or beach.

2.look for financing before buying.

You need to take into account how will you finance your purchase. If you are planning to have a mortgage, its always good to seek pre approval from your lender. This is a step you should take before going for house hunting. Approvals can take time so its better to do all this stuff before looking for houses. Also, you need to know the rules of the islands in the matter of real estate. Like, some Caribbean islands, wants you to have all the money for buying a house. Whereas, some islands allow you to have mortgage. The mortgage rules are almost similar to other countries in the Caribbean.

3.Hire a good real estate agent.

A good real estate agent would be knowledgeable of the rules and laws and can help you find the perfect property you are looking for. They can also help you out of the long and laborious governmental process that entails buying a property. They can then further assist you into completing the purchase and all the other aftermath of buying a property.

4.Have an attorney.

Once you have chose the property you want to buy, you’ll need to hire an attorney. There are certain laws of buying a property in the Caribbean for overseas individuals. To properly interpret these laws, you will need an attorney. It is always good to ask an expert in this matter, to choose the best attorney.

5.Know the rules to make yourself eligible of buying a property.

There are certain rules of different islands, you need to play by, to finally purchase a property in the Caribbean. For example, there is a rule for an island that, the buyer should be present in the island to sign the property documents. Another rules in an island is that, the buyer should have a unique tax number given by the tax administration, before buying a property in the island. So, you need to know whether you are eligible to buy a property in certain island or not.

6.Patience is important.

Due to cultural and national differences, buying a property can take some time. Also, the governmental processes can take a bit long. So, having patience is really important. Keep in touch with your real estate agent and attorney, to assure proper flow of everything. The results will come and they’d surely be fruitful.

7.know about the exchange rates.

Having knowledge of the exchange rates can help you while buying a property in the Caribbean. Some agents may charge you dollars or euros so, knowing the exchange rates can help here. Also, you will need to pay the fees of your real estate agent and your attorney in the home currency. So, knowing the exchange rates would clearly help.

8.Protect your new property.

Your new property is your asset and its what you have dream of. So, you should protect it well. You should give it timely visits to check out the state and condition. Also, include it in your will, to pass it to your progeny.

This is a short and sweet guide to buying a property in the tropical paradise, the Caribbean.