When making the decision to invest in real estate, buyers shouldn't restrict themselves to purchasing locally- especially in today's market, says Rachel Pinder, principle broker at Island Living Real Estate.
"With the current state of the housing market, there is tremendous opportunity abroad for investors," said Pinder, who specializes in real estate for sale. "However, people like to invest where they live because it's what's they know."
The Bahamas real estate specialist highlighted the top reasons why people invest locally, as well as available buyer incentives.
1. People choose to invest locally because they know comparable home values, average rental prices as well as government fees and taxes.
2. People have a strong desire to see the property they want to invest in. However, it is unrealistic for them to travel back and forth to view properties.
"There are agents available abroad who can wade through properties so when investors do make the trek down, they only have to view one or two properties," the condos for sale professional said.
3. People think they can handle being the property owner and the property manager. However, they soon find out it takes a lot of coordination and time to get things done.
"When investing in rental properties, it is typically more cost effective to hire a property management service as they are available 24/7," said Pinder as a provider of Bahamas Rental Properties.
There are a few markets where investing locally makes sense, said Pinder. However, the Bahamas offers foreign investors a lot of opportunity. For instance, the Bahamas' International Persons Landholding Act of 1993 guarantees property purchases made by foreigners will be automatically approved if the property is located on a single island in the Bahamas and does not exceed five acres. Other exclusions apply.
There has never been a better time to invest abroad, said Bahamas property expert, Pinder. With the help of a local real estate agent, buyers can rest assured they are taken care of.
About Island Living Real Estate
Island Living Real Estate has more than 25 years of experience in real estate sales and rentals throughout the Bahamas. Island Living's main office is located in one of Nassau's oldest historic buildings on Bay Street, named "Red Roofs." Red Roofs was built in 1896 and has been home to various families, a Gourmet Deli and now Island Living.
Company Contact Information
Island Living Real Estate
701 bay st.
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Original Source: Buying a Property Abroad In The Bahamas Is Easier Than Ever