OWNING A LUXURY VACATION HOME
IS NOT AS DIFFICULT AS YOU MIGHT THINK
Many people who travel to the Bahamas on holiday fall in love with the beauty, tranquil lifestyle and idyllic notion of kicking back and just enjoying life. Many of those dreamers actually think about buying a home that someday they might even move to, leaving the hustle and bustle of city life behind. More and more visitors are turning their dreams into reality.
The Bahamas is among the richest countries in the Americas, with tourism and the financial services being the prime contributors to the country’s GDP. These sectors also account for 50 percent of employment. Expats who want to work are likely to find employment in these two sectors. However, you should familiarize yourself with Bahamian employment law before you venture out with resume in hand. Not all expats move to the Bahamas for professional reasons. Many of them are also retirees who wish to spend their retirement years on the islands. In the Bahamas, expats will find an excellent healthcare system with many modern hospitals that are well-equipped and have a highly trained staff. The Bahamas, with its tropical beaches and pristine seas, is the place to be for those who want to enjoy a relaxed lifestyle.
The good news is that here in the Bahamas, Non-Bahamians can purchase property quite easily thanks in part to the International Persons Landholding Act 1993, which permits the sale of property in the Bahamas to non-citizens. It’s important to note that most of the property sold is “freehold” which means that you actually get title to the real estate and you own it. As well, it is relatively easy to obtain a mortgage on your new property. But, it’s always best to shop around and obtain offers of finance from several banks and even insurance companies.
The Bahamas attracts a variety of property investors ranging from those who have bought large estate properties worth millions of dollars, to those who opt for condominiums or homes that fall into a more affordable price range. The demand for upscale investment properties with good property returns has increased due to the choice locations, especially in the New Providence and Paradise Island regions, along with a safe investment climate. In fact, many homeowners will secure the services of a vacation rental company to manage and lease their investment when they are away. While the management costs vary widely, it is always best to make certain that the company you select has excellent references, a solid track record of short term vacation rentals and a staff that is committed to serving your guest in a fashion and style that you feel is best and most accommodating. Many owners report returns of as much as 12%, depending on the property, operating costs, amenities and location.
So, your dream of a Bahamas vacation home may not be as far-fetched as you thought. Just remember, successful ownership from a distance away is dependent upon the development where your property is located. On site round the clock security, superior property management, strict architectural standards, and a host of amenities can make the difference between a “so-so” home away from home and an absolute winner in every way.
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