1) Search ‘oldest to newest’ rather than the other way around.
When searching for a property, we tend to automatically search from ‘newest to oldest’ to see what’s new on the market in the hopes of getting first dibs. However, if a property has been sitting on the market for a while (investigate why both pre & post viewings) you may have room to negotiate a cheeky offer so that the owner can take it off the market asap. Remember, they want to sell as much as you want to buy and could be up for your offer.
2) Consider auction properties
Due to the state of the economy and people’s financial situation, there are a lot more properties being sold via auction. Sellers want a quick sale and are therefore willing to place properties on the market at a lower price. However, remember that this is an auction, where people will get excited and bid,bid, bid! If you decide to via this route, always work out and stick with your maximum buying price for the particular property.
3) Location, location, location!
Got a desired location you want to live in? House prices a bit too much? Have you considered living a few minutes away, which could in fact reduce your spend? Obviously, weight up the pros and cons (for example, the cost of travel to various places, the crime rate of one area vs the next, accessibility, etc) and make a decision.
4) Renovation projects
You will have to have the time, money to renovate (which you could pull from your deposit money if your deposit needs turn out to be lower than originally calculated) and patience for this one but it could actually work. If you don’t mind a “dooer upper”, then you could save money in the first instance (by purchasing a low-value property) and in time, add a huge amount of value to your property by doing it up.
Need financing? Message me to get RBC’s terms and conditions. RBC offers not only local Barbadians mortgages but we also offer Non-Resident mortgages. We can even open bank accounts for you so you can manage your money while away from Barbados. Message me today for further information.
If you have any questions please do not hesitate to contact us at support@afbconsultingservices.com