Mike Lightbourn's Bahama Advice Column
Finding a Bargain in the Bahamas
2017-07-27 14:17:00 by Mike Lightbourn
If you're looking for a Bahamas real estate bargain, you may consider a fixer-upper if one is available in a desired location.
Fixer-uppers can hold the key to home ownership, but they donít come without their challenges.
While some fixer-uppers are in reasonably good condition and only require cosmetic work, others will need more costly upgrades.
A paint job or new front door, or even new kitchen counter tops and backsplash isnít a big deal.
An old roof, or dated plumbing and electrical work pose a more serious challenge.
If youíre attracted to a Bahamas property, hire an inspector to do a preliminary survey of the property. Donít make an offer on the property until you get the report.
It will be money well spent.
Knowing the true condition of a home will help determine its value.
It will help you make an educated decision about what to do and allow you to just drop it if you're no longer interested.
If the utilities are off, ask your Bahamas Real estate Association agent to get them turned on so the inspector can do a thorough job.
If you make an offer on a fixer-upper, include a contingency clause for a comprehensive home inspection. This is not to be mistaken with the preliminary inspection.
The contingency is critical to an offer on a fixer upper.
By having a satisfactory inspection clause, you can:
ē Request the seller completes the repairs before closing
ē Negotiate a lower price if you plan to pay for the repairs or
ē Scrap the deal without a penalty.
Concentrate on major defects.
The buyer should obtain quotes for repairs and present their findings to the seller, through their Bahamas real estate agent, if this is the avenue they choose.
Once an agreement is arrived at concerning the repairs necessary, then the sale can proceed, assuming that's the direction you want to go in.
Questions? Email me at email@example.com.
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(Mike Lightbourn is president of Coldwell Banker Lightbourn Realty)
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