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Sell Your Home with Barbados Homes

Looking to sell your home? At Barbados Homes, we understand that each client's needs are unique. Our seasoned professionals are committed to providing personalized service, tailoring our approach to match your specific preferences and requirements. With our extensive network and deep local knowledge, we ensure that your property is in the best hands. Trust us to make your home-selling experience seamless and successful.

|VENDOR/SELLER PROCESS IN BARBADOS

  • Transaction Costs Attorney Fees – Approx. 1% – 2.5% plus VAT
  • Real Estate Agents Fees – 4% to 5% plus VAT (includes marketing, viewing, signage etc.)
  • Stamp Duty – 1%
  • Proportionate amount of Land Tax based on date of purchase.
  • Property Transfer Tax:
    • Unimproved property – 2.5%
    • Improved property – First US$ 75,000 exempt
    • Improved property – Over US $75,000 – 2.5
Standard Selling Procedures
  • Verbal Offer and acceptance
  • Appoint an attorney-at-law.
  • Exchange of contracts withing 2 to 4 weeks
  • Provision of copies of prior deeds
  • Draft conveyance sent to Purchaser’s attorney for perusal.
  • Signing of Conveyance
  • Balance of purchase price paid by buyer.
  • Completion of sale within 3 to 6 months
The Following Bills Must be Fully Paid
  • Solid Waste Disposal Tax (this has been abolished but any arrears must be paid)
  • Land Tax Arrears
  • Water Bill
  • Electricity Bill
Costs Associated with Owning Property in Barbados
Annual Costs

Property Insurance – US $2.00 to US $3.00 per US $500.00

Contents Insurance – US $2.50 to US $3.50 per US $500.00

Land Tax:

– Site Value – Vacant Land

< 4,000 sq. ft – 0.8 %

> 4,000 sq. ft – 1.0%

– Improved Value – Residential

First US$75,000 – Exempt from taxes

On > US$75,000 but < US$225,000 – 0.1%

On >US$225,000 but < US$425,000 – 0.7%

On > US$425,000 – 1.0%

NB: Property tax is capped at a maximum of US$50,000 in residences.

Improved Value – All other properties – 0.95%

Rebates on property taxes are available but must be applied for as follows:

  • Pensioners
  • Agricultural properties
  • Villa properties
Monthly Costs

Utilities: Electricity, Water, Telephone, Cable

The following are due monthly where applicable:

  • Condo fees Property/Homeowners Association fees
  • Pool and garden maintenance
  • Property Management fee – minimum of US$250
  • Rental Agent Commission Fees
Long Term Rentals
  • 1 month’s rent – 1st year
  • ½ month’s rent – 2nd year
  • ¼ month’s rent – 3rd year
Short- Term Rentals
  • 10% to 30% commission is payable on short-term rentals.

Valuable resources for sellers

Contact us to help you better understand the intricacies and processes required in Barbados

faq

Frequently Asked Questions

When selling a property, costs generally encompass real estate agent commissions, legal fees, transfer taxes, and stamp duty if the asset is sold as outright real estate. Additionally, any outstanding property taxes or other dues related to the property must be settled.

When selling real estate in Barbados, sellers might need to pay property transfer taxes and stamp duty. It’s wise to seek advice from a local tax advisor or attorney for guidance.

Non-Barbadian citizens are free to sell property in Barbados without any restrictions.

Foreigners are usually allowed to sell property in Barbados without any significant restrictions. Nevertheless, it’s crucial to adhere to all applicable laws and regulations related to real estate transactions in the country.

The duration required to sell a property in Barbados depends on various factors, including market conditions, the property’s location and condition, among others. Typically, the entire process from listing to closing can span several months. If the purchase is made with cash or through financing, it might take anywhere from 3 to 8 months.

No

Sellers are not required to be physically present in Barbados to sell their property.

The typical fee for residential property is around 0.4%.

Typically, the fee is 4-5% of the sale price, in addition to VAT.

Buyers are exempt from paying stamp duty. However, sellers are required to pay stamp duty on a sale, which is calculated at 1% of the sale price plus VAT.

The average timeframe for completing a sale is about 3 months. However, if financing is involved, it can extend up to 8 months or possibly less. Neither the buyer nor the seller is required to stay in Barbados throughout the sale process.

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