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Ready to Buy? Here’s What First-Time Homebuyers in The Bahamas Need to Know

  • Writer: Omri Kelly
    Omri Kelly
  • 4 days ago
  • 3 min read

Buying your first home in The Bahamas? Congratulations! It's a big step—and one that comes with a mix of excitement and questions. Whether you're dreaming of a beachfront cottage or a starter home in a quiet neighborhood, the key to turning that dream into reality is preparation.

The truth is, the Bahamian real estate market moves quickly. When the right property comes along, you want to be ready to act—not scrambling to get your finances or documents in order. So how do you make sure you're ready when opportunity knocks?

Let’s break it down.

1. Get Pre-Qualified – Know What You Can Afford

Before you start scrolling listings or touring homes, head to your bank or preferred lender to get pre-qualified for a mortgage. This step gives you a clear picture of your budget and shows sellers that you’re a serious buyer.

You’ll need:

  • A job letter and recent pay slips

  • Bank statements

  • Valid identification

  • A rough idea of your available down payment

Most banks in The Bahamas require a 10%–20% deposit, so start saving early.

2. Budget for More Than Just the Purchase Price

There’s more to buying a home than the sticker price. As a first-time buyer, it’s important to factor in all the extra costs:

  • Legal fees (about 2.5% of the purchase price)

  • Stamp Duty/VAT (10%, often split between buyer and seller)

  • Insurance

  • Home inspection and appraisal fees

  • Utility connections and moving costs

Create a full budget so you’re not caught off guard when the bills roll in.

3. Line Up a Trustworthy Real Estate Agent

A good agent is more than someone who opens doors—they’re your guide, advisor, and negotiator. Find someone who’s knowledgeable about the market, experienced with first-time buyers, and committed to helping you every step of the way.

Don’t be afraid to ask questions. A good agent will explain everything clearly and never rush you.

4. Get Your Paperwork in Order Early

This is where many buyers lose precious time. By having your documents ready from the start, you’ll be able to move quickly once you find “the one.” Here’s what you’ll need:

  • Valid ID (passport or NIB)

  • Employment verification (job letter + pay stubs)

  • Proof of savings for your deposit

  • Bank reference or financial history

Having everything ready makes the buying process smoother—and less stressful.

5. Learn the Buying Process from Start to Finish

Understanding the steps involved helps you avoid surprises. Here’s a quick snapshot:

  1. Make an offer – Your agent helps you draft and submit it.

  2. Sign the sales agreement – Outlines the terms of the deal.

  3. Hire an attorney – They’ll handle the legal side, including title search and closing.

  4. Secure your mortgage – Finalize your loan with the bank.

  5. Pay your deposit and fees – Usually done in stages.

  6. Close the deal – Receive the keys and officially become a homeowner!

6. Think Long-Term

It’s tempting to focus on what works right now, but think ahead:

  • Will the location suit your lifestyle in 5–10 years?

  • Is the area appreciating in value?

  • Are you prepared for maintenance costs?

Ask yourself: “Can I grow with this home?”

In a Nutshell

Being a first-time homebuyer in The Bahamas is an exciting journey—but preparation is everything. When you’re financially and mentally ready, you’ll be able to move fast, negotiate well, and make confident decisions.

So start getting your ducks in a row today. And when the perfect property hits the market? You’ll be ready to make it yours.

Need help getting started? Reach out—we’re here to guide you home.









 
 
 

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