Creative Ways to Buy a Bahamas Home

Applying for a mortgage for Bahamas real estate or a home can be a bit difficult for young people just striking out on their own.

However, a motivated vendor may be able to help.

The first hurdle to clear is finding a piece of Bahamas real estate or a home you like that's owned by a motivated vendor. (Some owners of vacant property might even be willing to finance the sale outright).

If you're buying a home, the next step is to see if your Bahamas Real Estate Association agent may be able to negotiate a lease-to-own option. Here's how it typically works:

A portion of the monthly rent is held in escrow, where it builds up for a portion of an eventual down payment on the home. If you think about it, this is a fairly easy way to save money for you to place a down payment on a home.

Within a stipulated period of time, you will have saved enough to secure a loan and complete your real estate purchase. This process usually takes two to five years,

Of course, most vendors will probably want to be paid the full sales price up front. However, once they understand the process, some vendors like the idea of receiving regular income with the full price of the sale yet to come. You might say it's the “gravy” on the meat.

You'll never be able to recover your rent, but a rent-to-own option will help you build equity while you're making those monthly payments (as if you were paying a mortgage). Don't expect this to be a common occurrence since agent will have to find the right scenario before it will work.

Your Bahamas Real Estate Association agent agent will be happy to negotiate for you once a suitable property is found. The agent is paid a rental commission and then a sales commission once the sale has closed.

Think about it.