5 Essential Tips for First-Time Homeowners in The Bahamas

1. Get Pre-Approved for a Mortgage

- Before you start house hunting, speak to a local bank or mortgage lender to understand how much you can afford.

- *Why it matters:* Sellers take you more seriously when you're pre-approved, and it speeds up the buying process.

2. Know the Hidden Costs

- Beyond the purchase price, factor in closing costs (usually 8-12% of the property price), legal fees, stamp duty, and property taxes.

Pro Tip: Always budget for unexpected expenses, like repairs or maintenance.

3. Understand the Government Stamp Duty

In The Bahamas, stamp duty is split between buyer and seller unless otherwise agreed.

Example: For properties over $100,000 , the rate is 10% — that’s significant, so plan ahead!

4. Location is Everything

Consider safety, amenities, future development, and property value appreciation.

Tip: Look into up-and-coming areas where prices are lower but expected to rise.

5. Work with a Knowledgeable Real Estate Agent

A good agent understands the Bahamian market, negotiates on your behalf, and helps with legal processes.

Pro Tip: They can also alert you to off-market properties and deals you might not find on your own.