FAQs

Frequently Asked Questions?

Our guide to purchasing property in Barbados, we have compiled a list of frequently asked questions by prospective purchasers in the market. Should you have any additional queries on the buying process, we would be happy to assist!

• What must I consider as a potential purchaser of property in Barbados?

The first and most important consideration would be whether the purchase will be made by a cash sale or funded through a local financial institution. There are additional factors when seeking financing assistance for a purchase of property such as ensuring that the amount for which you are approved from the Bank includes coverage for legal fees and expenses. Have a talk with your Financial Advisor to clarify what amount has been approved specifically for the purchase of the land and or house, excluding expenses associated with a sale.

• Should I search for property before I am pre-approved by a Financial Institution for a mortgage?

No. You should be pre-approved before you begin your search. Your property search should be limited to budget you have been approved for by your financial institution. You risk raising your expectations on potential properties if you begin your search prior to pre-approval for a mortgage.

• How much do Realtor/Estate Agents usually charge on sale of property in Barbados?

The usual rate is 5% of the agreed sale price.

• Are there specific questions to ask your Realtor when viewing a property?

Yes. There are some important questions:

1. What is size of the land? What is the area of the building?
2. Is there a plot plan for reference?
3. Is there an approved house plan?
4. Are there any restrictive covenants in the property development or area?
5. When was the building built?
6. How long has the property been on the market?
7. Is the listing price negotiable?
8. What is included in the sale or rental?
9. Has a valuation been conducted on the property?

• How long is the sale process in Barbados?

It takes an average of 3 months, barring any unusual issues arising.

• Is the listing price of a property fixed?

This is usually specifically stated in the terms of the listing by the Real Estate Agent. If not stated, the property for sale or rental is open to an offer by the prospective buyer or tenant.