Informational Sellers Guide
A Bahamas Government stamp tax is charged on all real estate sales or transfers. Governed by the Stamp Tax Act, this tax is split between the buyer and the seller unless otherwise specified or agreed to by both parties. The amount of the tax varies as follows (the various rates are in the process of being increased by 2%):
• Up to and including $20,000 – 4%
• $20,000.01 to $50,000 – 6%
• $50,000.01 to $100,000 – 8%
• $100,000.01 to $250,000 – 10%
• $250,000.01 and over – 12%
Real estate commissions as established by the Bahamas Real Estate Association are as follows:
• Undeveloped land – 10%
• Developed property (homes, condos) – 6%
Bahamas Bar Association legal fees in respect of the sale and purchase of real estate and the scale fees are:
• 2 ½ % of sale price
These are the main costs in buying and selling real estate. Other costs may –but not necessarily - include converting from Bahamian to U.S. currency and vice versa, and appraisal and surveying fees.
SELLING TIPS
The condition of your Bahamas home will more than likely affect the likelihood of a quick sale.
Sellers often overlook eyesores that they’re used to. The kids dirty fingerprints on the walls may have become part of the landscape, as have the withering house plants.
People can be turned off by just these little things. Here are a few tips to help prepare your home for a sale.
Outside1. Get your garden in shape. Trim, mow, hedge and water the lawn. Plant flowers and put a tub of flowers at the front door.
2. Clean sidewalks, walkways and paint the front door. This is the first impression a buyer will have of your home.
3.Repaint the home or touchup areas as necessary to give a clean and kept appearance.
4.Give potential buyers a blank screen to work with so they can visualize the home they’ll want to create.
5.Remove your personality – pictures, paintings, trophies and so on.
6.Pack up all the clutter, such as books and knick nacks.
7. Organize things in drawers and cupboards, particularly in the kitchen. Smart buyers will want to open cabinets and closets, so keep them neat.
8. Remove unnecessary furniture such as shelf units, extra leaves from the dining room table, an extra chair – anything else that may make your room look larger.
9.However, leave enough furniture to give a homey feel.
Take care that you’re not selling a “fixer-upper” – from replacing light bulbs to touching up the paint, be sure to present your home in turn key condition.
Major Repair:
Be sure repair costs don’t outweigh the benefits.
Paint rooms neutral colors. The colour you love may be the colour a prospect hates.
Freshen Up:
Give your Bahamas home a good spring cleaning both inside and out before someone sees it. This includes cleaning windows, dusting, polishing floors, cleaning the fridge, cleaning the grout, mirrors, tubs and sinks. Get rid of any pet odors.