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."