Property in Barbados ‘caters for most budgets’ says expert

Barbados has long been a popular
location with holidaymakers, foreign property buyers and celebrities alike. The Independent calls it ‘the archetypal
Caribbean island’ and a combination of great weather, beautiful beaches and
welcoming locals mean it has retained its popularity amongst overseas property
buyers.

While it may be a haven for
celebrities, Barbados offers a range of affordable property for all pockets,
according to a property expert.

Lots of great reasons to buy a property in Barbados

You don’t have to be a
millionaire to buy a property in Barbados. Richard Young from Sotheby’s says: “The
interesting thing about this market is that it caters for most budgets and you
can find reasonably priced property in beautiful locations.”

James Burdess, Caribbean director
for property firm Savills, also likes Barbados. He says: “It’s a very stable
place – economically and politically – it has a familiarity to it for British
buyers with low crime, good roads, hospitals and schools and excellent
communication from US and Europe. It has a depth of culture which means buyers
can winter there without going crazy.”

Mortgages are available for
property in Barbados and, according to The
Independent, ‘are assessed on affordability criteria rather than just
multiples of income.’ Buying is straightforward, although it’s worth
remembering that selling costs can account for 8-9 per cent when taking stamp
duty and property transfer tax into account.

Most developments also levy a
management charge for the upkeep of communal areas and facilities. This tends
to be done on a square metre basis, so the bigger the property the more you
have to pay.

One way to help meet property
maintenance costs is to rent out your home when you’re not resident. Mr Young
adds: “Rental income can help soften this expense and most buyers look to
their property to wash its face, in effect cover the costs associated with it
by renting out during the long holiday season. Best advice is to buy on the
beach or in a resort to attract rental.”

Author : Nick
Marr