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1. Find the right representative
The experience and knowledge of a dedicated real estate professional can be priceless. A BEAVA INC. member is a good place to start. BEAVA INC. has strict rules and guidelines for its members which allow for proffesional and efficient reprisentation which will make it possible for you to have a smooth, successful, stress-free sale. We at Lashley Properties have been members of BEAVA for over 15 years.
2. Determine your needs/wants for the sale and for your new home
Selling your primary residence can be tricky because you have to simultaneously be thinking about where you would like to buy. First weigh your priorities – selling price is certainly important, but having a quick and efficient sale can often be worth accepting a slightly lower offer. Talk to your agent and make sure you’re comfortable with where your priorities are.
At the same time, you should be compiling a needs/wants list for the home you will buy. You will probably have to act fairly quickly when your house sells, so any amount of preparation you can do will serve you well.
3. Prepare your house for showing
Underprepared homes can be sales disasters. Your home will never get as much attention from potential buyers as when it is first listed, so clearing clutter, cleaning, making repairs, and putting your home’s best foot forward is essential. Don’t “open for business” until your home is ready to be seen as favorably as possible.
4. Find out what your local market looks like
Being realistic about your market is the key to a smooth sale. There is no substitute for a professional real estate representative when it comes to local market knowledge.
5. List away!
Lots of photos and online exposure are the key to getting a good response for your listing. Working with Lashley Properties is a great step in the right direction. Now just “open” the house and sit back and wait for the flood of eager buyers!
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The expenses incurred by a Vendor (there is no distinction between National or Non-
National vendors due to recent amendments to the Barbados legislation) will be as
follows:
Property Transfer Tax _
If land only – 2.5% of the Purchase Price
If house and land - first $125,000 exempt, 2.5% on the excess
Stamp Duty - 1% of the Purchase Price _
Land Tax - This amount will vary depending on the value of the property and the time of
the transaction
Land Surveyor's fee - Approximately BDS$1,500.00 _
Real Estate Commission - Normally 5% of the Purchase Price (plus 15% VAT) Out-of-
Pocket Expenses - $300 (Approximately)
Legal Fees are legislated as follows:
1. Up to $25,000 - $750_
2. On the next $75,000 – 2%
3. On the next $100,000 – 1.5%
4. On the next $300,000 – 1.25%_
5. Thereafter – 1%__
VAT of 15% is payable on legal fees |
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LAND TAX RATES
(1) On the Improved Value of Residential property:
(a) up to $125,000.00 - Nil
(b) exceeding $125,000.00, up to $350,000.00 - 0.10%
(c) exceeding $350,000.00, up to $850,000.00 - 0.65%
(d) exceeding $850,000.00 - 0.75%
(2) On the Improved Value of every parcel of
land which is not a residence (Commercial): - 0.65%
(3) On Site Value of unimproved land - 0.60% |
Your Comparative Market Analysis
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I can give you an educated idea of what your home’s value is based on experience, local knowledge, and comparable actual sales in your area! I am happy to be able to provide this service free of charge.
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| When are you
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What is most important to you in selling your home?
(A) Selling Price
(B) Speed
(C) Likeable Buyers
(D) Terms (possession date, special circumstances)
(E) Stress-free Process
What is the best thing you can do during showings of your house?
Read More »» |
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BEAVA member for over 15 years |
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