Frequently Asked Questions

FAQ About Real Estate In Barbados

Yes, anyone can buy a property in Barbados. The country has an open-door policy when it comes to property ownership, allowing both locals and foreigners to purchase real estate. Foreign buyers need to register any money brought into Barbados to purchase property, your local lawyer will guide you and assist with this matter as well.

Do I Need a Real Estate Agent?

While it is not mandatory, it is highly recommended to hire a real estate agent when buying or selling a property in Barbados. A real estate agent can provide valuable expertise and guidance throughout the process, helping you navigate the local market, negotiate prices, and handle all necessary paperwork. They have extensive knowledge of the Barbados real estate industry and can help ensure a smooth and successful transaction.

How Long Does it Take to Sell a Property in Barbados?

The time it takes to sell a property in Barbados can vary depending on various factors, such as location, market conditions, and the asking price. On average, it can take anywhere from a few months to a year to sell a property. However, with the right marketing strategy and pricing, properties can sell more quickly.

What Are the Costs Involved in Selling a Property in Barbados?

When selling a property in Barbados, there are several costs to consider. These may include real estate agent fees, legal fees, property valuation fees, and government taxes and charges. It is important to factor in these costs when determining your asking price and budgeting for the sale.

For more information, read in our Blog here.

How to Decide on the Best Asking Price?

Setting the right asking price is crucial when selling a property in Barbados. It is recommended to consult with a real estate agent who can provide a comparative market analysis (CMA) to help determine the fair market value of your property. This analysis takes into account factors such as location, size, condition, and recent sales of similar properties in the area.

Buying a Property That is Owned by a Company, How Does That Work?

Buying a property owned by a company in Barbados follows a similar process to buying a property owned by an individual. However, there may be additional legal and due diligence requirements involved. It is advisable to seek the assistance of a real estate attorney who can guide you through the necessary steps and ensure a smooth transaction.

Read our Blog for more information.

If an Agent is Hired, Who Pays Them?

In Barbados, the seller typically pays the real estate agent’s commission. The commission is usually a percentage of the final sale price and is negotiated between the seller and the agent. It is important to clarify the terms of the agreement with the agent before entering into a contract.

How to Choose the Right Real Estate Agent for Me?

Choosing the right real estate agent is an important decision when buying or selling a property in Barbados. Here are a few tips to help you make the right choice:

Read reviews and testimonials from past clients
Interview potential agents to assess their knowledge and experience
Ask for referrals from friends, family, or colleagues
Consider their communication style and responsiveness

What's the difference between exclusive and non-exclusive properties?

The difference between exclusive and non-exclusive properties lies in the listing agreement between the property owner and the real estate agent. An exclusive property listing means that the agent has the sole right to market and rent the property. On the other hand, a non-exclusive listing allows multiple agents to market and rent the property.

What does it mean when a property is under offer?

When a property is under offer, it means that a potential purchaser has made an offer to buy the property, and the owner has accepted the offer in principle. However, the purchase sale agreement (PSA) has not been finalized, and the property is still technically available for other offers. It’s important to note that until the purchase sale agreement is signed and all necessary payments are made, the property can still be sold to another interested party.

Find out more here in our Blog.

Questions about renting

Can I work with one agent or multiple?

You have the choice to work with multiple agents however, not simultaneously. It is recommended to choose and work with one agent as they can provide you with a more personalized experience since they will have a better understanding of your needs and preferences.

Can I hire one agent but view another agent's property?

Yes, you can hire one agent but still view a property with another agent as sometimes, your agent may not have a specific property available that meets your requirements, but they can still arrange for you to view properties listed by other agents. It’s important to communicate your preferences and requirements clearly to your agent so they can assist you in finding the right property, even if it means working with other agents.

What does it mean when my agent sends another agent a client registration?

When your agent sends another agent a client registration, it means that they are introducing you as their client to the other agent. This is often done when the other agent has a property that may be of interest to you. By registering you as their client, your agent is ensuring that you receive the necessary information and assistance from the other agent regarding the property.

What does semi-furnished mean?

Semi-furnished is a term used to describe a property that comes with some basic furniture and appliances. The level of furnishings can vary from property to property, but typically includes kitchen appliances. It’s important to clarify with the landlord or agent what exactly is included in the semi-furnished property to ensure it meets your needs.

Can utilities be included?

Utilities being included in the rental agreement is negotiable and varies from property to property. Some rental properties may include utilities such as water and electricity in the monthly rent, while others may require tenants to pay for utilities separately. It’s important to clarify with the landlord or agent whether utilities are included or not, and if not, what the estimated costs would be.

How many months is considered long-term?

Long-term rentals in Barbados are typically considered to be leases of one year or more. However, the exact duration can vary depending on the landlord or property owner. It’s important to clarify the length of the lease with your agent or landlord before entering into any rental agreement.

Why do I need to supply photo ID with my application?

Supplying photo ID with your rental application is a standard requirement in order to verify your identity. It helps to prevent fraudulent applications and ensures that the landlord or agent is dealing with the correct individual. Your photo ID can be a passport, driver’s license, or any other government-issued identification document.

On signing the rental agreement, what payments are required?

This condition varies from landlord to landlord however, on signing the rental agreement, you will typically be required to make the first month’s rent payment and a security deposit. The security deposit is usually equivalent to one or two months’ rent and is held by the landlord or agent as a form of security against any damages or unpaid rent. It’s important to clarify the exact payment requirements with your agent or landlord before signing the rental agreement.