October 20, 2020

Buying your first home in the Caribbean

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Almost everybody dreams of owning a piece of land in paradise. But only a small percentage of people have their wish fulfilled. So, if you want to belong to that small percentage and buy a home in the , you must be well prepared. It is both an exciting and a bit scary process. Whatever you do, just make sure that you are working with a reliable and trustworthy real estate agent, who understands the market perfectly. Buying your first home in the Caribbean may not be the same as in your own country, so be sure to take your time and explore all the options. It might be an overwhelming process, but it will be worth it. You will be living in heaven on earth. So, without further ado, let us discuss what you should know before buying your first home in the Caribbean.

About the Caribbean

There are thirty countries and territories that make up the Caribbean. However, only two of them, and , are popular among home buyers. But that does not have to mean that you cannot buy a property somewhere else in the Caribbean. So, before you start to look for cheap packing materials in FL and pack your bags, it would be a good idea to explore your options. In the end, whatever you choose, you will end up with golden beaches, crystal clear water and palm trees. Not to mention all those clich├ęs like a tropical breeze with the smell of jasmine while drinking Banana daiquiris on a veranda surrounded by smiling people. And all of that in the country of endless summer. It is true, it is never cold in the Caribbean. What more can you ask for?

Buying your first home in the Caribbean does not have to be hard, just do your research ahead of time!

What You Need to Know Before Buying Your First Home

If you are a first time home buyer or a first time home buyer in the Caribbean, you must be really scared. But, do not be! Buying your first home in this paradise country should be an exciting and memorable experience. So, here is what you need to look into before your bestmoversinflorida.com move you to the Caribbean for good:

  • Find a Realtor – You must find a reliable and trustworthy realtor to work on your behalf. A proper realtor will know how to find a house that suits your needs the most. Moreover, he/she will probably have access to some properties you do not. This is why choosing the right realtor should be the first decision to make when buying a home in the Caribbean.
  • Get Pre-Approved for a mortgage – This means going to the bank and submitting a mortgage application which will verify your income, credit and down payment. By doing this, you will know how much money you can work with, that is, how much money you can spend on your new home in the Caribbean.
  • Find a Property and Make an Offer – Explore properties as much as you can together with your realtor. And after you have found your perfect home, you should make an offer to the seller and start with negotiating.
  • Meeting Lender Conditions – After you got approval, you have to sign the documents together with your lender,  provide proof of income, give downpayment, and meet all the lenders’ conditions.
  • Closing Your Mortgage – In the end, after all the lender conditions have been met, you have to go to the solicitor who will deal with all the important legal documents. Together with your lawyer, you will sign the documents.

Stick to Your Budget

It is very important to set a budget and stick to it. Buying a home is expensive and when you add all those little things that you need to take care of, you might go over the budget. So, do not go crazy with swimming pools, jacuzzies, and five-bedroom homes! It does sound like a perfect beach house, but do you actually need it? Well, if you are not a millionaire, you do not. It is possible to find homes at a reasonable price, but when you add all the other prices like redecorating your home, maintaining it, and paying taxes, you might faint. Be aware of the additional prices even before you start looking for your first home in the Caribbean.

Buying a perfect beach home can be hard if you do not know what you want. Set your priorities before talking to your realtor.

Extreme Weather Conditions

Most people are moving to the Caribbean because of its perfect weather conditions all year round, that is, summertime all year round. However, not everything is as perfect as you hear on TV. Weather conditions in the Caribbean can be extreme, and they have a lot of influence. Do a lot of researching on different properties, areas, and islands. See which area has the best weather conditions, and look for a property there. Here are a few facts to take into account:

  • It can be extremely hot – The Caribbean is only for those who love summer and summer activities. If you do not, then your only option is to stay in the pool all day, or in an air-conditioned room.
  • Floods are common – You must find a house that can survive a flood. Long rains and hurricanes easily turn into floods.
  • Hurricanes can destroy everything – Besides being flood-proofed, your home must also be hurricane-proofed.
  • The sun and the water can damage your property – Look for a house that was built using durable materials. Moreover, if you plan on living on the beach, that is, close to the ocean, bear in mind that the costs of maintaining your home will be double the usual.
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