Do you have a property for sale in the Caribbean? The recent Hurricane may have lashed the Caribbean and destroyed properties worth hundreds of millions of dollars, but the damage is likely to be a temporary one.
One expects the property market in the Caribbean to pick up soon enough and once again take a well-deserved prime position in the overseas property market. Meanwhile, follow this guide to selling your property in the Caribbean this year.
#1: Do your research first. Get a proper estimate of how much to charge for your property. This should be based on factors such as the neighborhood where it is located, the availability of modern amenities, healthcare services, and public transport. Issues such as safety play an important role. Unfortunately, some Caribbean islands nations such as Jamaica and Trinidad & Tobago are known for their high crime rates. This is something you should be wary of. Set a price that a potential buyer would be comfortable with.
#2: Choose the right estate agent. Now, you can choose to hire a local estate agent, but the problem with that is that local agents don’t have much exposure to rich overseas investors from countries such as Germany, Russia, China, Sweden, Norway or Ireland. A UK estate agent on the other hand, especially one who has experience in selling and buying of overseas properties, will know how to reach out to such high net worth international property investors. We have an extensive agent network across Europe and Asia and are constantly in touch with cash rich buyers from Scandinavia, China, Russia, Germany and Ireland, from where you are most likely to find cash buyers who will offer an all-cash payment for your property. This way, you won’t have to wait too long to get your property off the market. We also have an in-depth understanding of the market and are able to serve you better. We handle all online marketing efforts related to your property.
#3: Hire a local real estate lawyer to help you out with the paperwork related to the property. Generally the buying and selling process in the Caribbean is the same as that in the UK, so you should not get too confused here. Basically you will need the purchase document or the sales deed, receipts of the utility bill payment, a no-encumbrance certificate on the property, and an approval from the local Land Registry for selling the property, which is easy to get. Also, you will of the property is done to determine its true market value. The legal boundaries of the property are also identified, and if there are any encroachments, those are specified so that nothing is hidden from the buyer.
#4: Know your taxes. There are various taxes to be paid on the property, which will vary from one Caribbean island to another. Generally, you won’t need to pay capital gains tax on a property if you have held the property for at least 3 years. The capital gains tax is usually around 20%. Contact us to know more about the process related to selling your overseas property.