A Guide to Buying a House in Barbados

Buying a house in Barbados can be an exciting and rewarding experience, whether you’re looking for a dream vacation home, an investment property, or a place to retire in paradise as a returning national or international buyer.

Navigating the process of purchasing real estate in Barbados as a local or expatriate can seem daunting but with the right advice from a Barbados-based real estate agency like us here at Blue Sky Properties Inc.

In this guide, we will walk you through the steps of buying a house in Barbados through domestic conveyance of the property, ensuring a successful real estate transaction. You can also check out our guide to purchasing a property in Barbados through an Offshore company.

Define Your Objectives and Budget, Ask yourself

• Do I want a property for Investment?
• Retirement?
• Vacation Home?

After you’ve answered, assess your budget and explore your financing options and don’t be afraid to ask for advice. If you’re looking to finance through a Barbados bank, we recommend Scotiabank.

Don’t forget to factor in additional taxes and fees such as:

• Land Tax (Proportional)
• Legal Fees
• Out of Pocket Expenses

Secure Financing & Pre-Approval:

If applicable, explore your financing options with local banks or international lenders.

Obtain a pre-approval letter to demonstrate your financial capacity to sellers and expedite the buying process.

Research the Barbados Real Estate Market with our help:

 Contact a Real Estate Agency to help you familiarise yourself with the current real estate market trends and property values in Barbados.

We will guide you through all neighbourhoods and areas of interest on the island from the West to East Coasts to find the perfect fit for you and your lifestyle.

Don’t be shy to get a local attorney involved as soon as possible to ensure a smooth and legally compliant transaction.

Conduct Property Viewings and Inspections:

Visit potential properties and assess their condition, amenities and surrounding environment.

Schedule a professional property inspection to identify any hidden issues before making an offer.

Make an Offer and Negotiate:

Submit a written offer to the seller, guided by Blue Sky Properties Inc.’s advice.

Be prepared to negotiate on price and terms to reach a mutually satisfactory agreement.

Complete the Due Diligence Process:

Engage your attorney to conduct a title search and verify the property’s ownership and legal status also to ensure that the property adheres to regulations and local laws.

Obtain Necessary Approvals and Permits:

For International buyers, through your attorney apply for permission from the Central Bank of Barbados to purchase property. Keep in mind, foreign currency brought to Barbados must be registered with the Central Bank of Barbados.

Sign the Sales Agreement and Pay a Deposit:

Once both parties agree on the terms, sign the sales agreement and pay your deposit.

Finalise the Sale and Transfer of Ownership:

Your attorney will handle the necessary paperwork, submit them to the Land Registry and guide you through the final steps of the sale, completing the transaction, paying the balance and transferring the ownership title. The new property title will then be registered as the deed of sale and signed conveyance will be submitted making the property officially yours!

By following this guide and enlisting the expertise of local professionals such as ourselves, recommended attorneys and banks, you can confidently navigate the real estate process and make your dream of owning property in this Caribbean paradise a reality.

For a more in-depth read, You may take a look at Denton’s Property Purchase Guidelines.