Tips for Buying a Home in the Bahamas

Conditions are ripe to become a Bahamas home owner and it's time to decide if you're ready to make the leap. While the price of the home is the largest factor, don't forget about loan fees and closing costs, which add to your total financed amount when buying real estate in the Bahamas and elsewhere.
Since banks are strict in their home lending, Step One is pay off or reduce any debt you may already have, if you are able, to improve your risk rating. This may increase your chances of getting better terms and interest rates when you buy your Bahamas home.
Similarly, a larger down payment on your home will positively affect your mortgage terms and reduce the amount you have to finance. If parents allow it, one option is to live at home longer and save money for a down payment. Another is to rent with a friend in order to pay less rent and save.
Upon pre-approval from a lender (which is something you should always do), you'll know how much of a loan you qualify for, and how much is required for the down payment on your home on one of the islands of the Bahamas. It's best to secure pre-approval before you begin the home buying process, especially since vendors will see your offer as a solid one worthy of consideration.
Ask your Bahamas Real Estate Association agent about closing costs. They will quote you the standard legal cost, although feel free to ask your lawyer if he will lower it a bit. Ask your bank up front to list all fees associated with a Bahamas home loan and life insurance requirements.
If you are borrowing money from a bank, you will need to get an appraisal from a qualified and bank-approved Bahamas real estate appraiser.