Guide to buying property in Barbados

Residents and non-residents are treated the same in Barbados regarding the purchase of property. There are no restrictions on foreign ownership.

Here is a short guide to buying property in Barbados

For frequently asked questions click here

How to Buy Property in Barbados: A Simple Step-by-Step Guide

Buying property in Barbados is an exciting adventure, whether it’s your first home, a vacation getaway, or an investment. With the right steps and expert advice, the process can be smooth and rewarding. Here's a simple guide to help you navigate the journey:

Step 1: Know Your Budget
Understand your purchasing power by exploring financing options and securing pre-approval if needed. Mortgage rates in Barbados typically range from 3.5% to 7%. Financial institutions will assess your income, debts, and credit history to determine how much you can borrow.

Step 2: Work with a Real Estate Agent
A local real estate agent is invaluable. They’ll help you find the right property, provide market insights, arrange viewings, and guide you through negotiations. They’ll also connect you with attorneys, valuers, and other professionals to ensure a smooth process.

Step 3: Conduct Inspections
Before making an offer, conduct due diligence. For land purchases, soil testing is recommended. For homes, a property inspection will identify any potential repairs or issues.

Step 4: Make an Offer
Once you’ve found your ideal property, your agent will help you make a competitive offer. Market data shows that discounts of around 3.3% off the listing price are common. After your offer is accepted, attorneys on both sides will begin the legal process.

Step 5: Get a Market Valuation
If you’re financing your purchase, a market valuation is required. This assesses the property’s value based on comparable sales and current market conditions.

Step 6: Legal Process
Hire a conveyancing attorney to manage the legal aspects of the purchase. Legal fees typically range from 1-2.5% of the property value plus VAT. Contracts are exchanged with a 10% deposit, usually within two to four weeks. Buyers pay not stamp duty or property transfer tax. These are paid by the seller on sale (and amount to 3.5% combined).

Step 7: Close the Deal
The closing process in Barbados takes 3-6 months. Once all legal checks and payments are completed, the property title is transferred to your name.

Step 8: Enjoy Your Property
Congratulations—you’re now a property owner in Barbados! Whether you plan to live there, rent it out, or enjoy it as a vacation home, Barbados offers endless opportunities for relaxation and investment.

Get Started Today
Contact one of our Worldwide Dream Properties agents today for expert guidance and access to exclusive listings. Let us help you turn your dream of owning property in Barbados into a reality.

For details of WHERE TO BUY A PROPERTY IN BARBADOS CLICK HERE

FOR FREQUENTLY ASKED QUESTIONS ON BUYING A PROPERTY IN BARBADOS CLICK HERE

If you are interested in buying a property in Barbados visit barbadosdreamproperties.com

For long term rentals in Barbados visit longtermrentalsbarbados.com

For holiday rentals in Barbados visit barbadosdreamvillas.com

If you would like to talk to one of our real estate agents about this guide to buying property in Barbados contact us today

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