As a leading real estate firm in Barbados, one of the most frequently asked questions we receive is: ‘Are there any Barbados houses for sale that are cheap?’ Naturally, the direct answer to this question is yes, of course, and like anywhere else in the world, there is a spectrum of opportunities, considerations, and compromises.
In this article, we’ll talk about the 3 limitations when buying cheap houses in Barbados, what other options are available, and 2 luxury villas for sale at what is a very affordable price.
Warnings for Buying Cheap Houses in Barbados
- These properties won’t be beachfront with panoramic views. And it will probably need completion or renovation. Remember, cheap could end up costing you more in the long run, and it’s also time-consuming.
- If you are fortunate enough to find the perfect property and location, but it requires work, make sure you cost the work several times. It is expensive to build in Barbados, and materials can vary in price from week to week.
- Don’t be deterred. If you have the patience and the funds, you will have a great adventure building or renovating your dream home.
- Properties in less desirable areas or in poor condition may not appreciate as quickly or significantly as those in better locations or in better condition. This can limit the potential for capital gains for investors hoping to make a return on their investment.
Affordable Barbados Houses for Sale With An Alternative Option
Private owners and developers don’t generally discount property prices because they know the value of what they have to sell. You can barter and negotiate a reduction, but the savings won’t be huge. However, developers on the island do have some great options to help new buyers. And one of them is becoming increasingly popular among foreign buyers, and that is the leaseback option.
This option allows buyers to purchase a property and immediately lease it back to the developer. They will then take on all the running costs and rent the property to recover their outlay. This arrangement can be an affordable way to get a stunning property in Barbados without sacrificing quality or views. You can own a piece of paradise without breaking the bank.
The leaseback option includes an up-front discount to the property buyer, which, in most instances, saves hundreds of thousands of dollars. Best of all, the owner has approximately 8–10 weeks of usage each year for the duration of the leaseback, typically 4, 5, or 6 years. It’s a great choice if you are not yet retired and don’t have much time off.
Luxury Barbados Property for Sale for Cheap (with the leaseback option)
When it comes to finding a luxury property in Barbados, many foreign buyers immediately think that they will be priced out of the market. However, you can still get a luxurious home on the island without spending a fortune by using the leaseback option that we just mentioned.
Here we have two properties available with a leaseback option; Mahogany Heights at Royal Westmoreland on the West Coast. These four-bedroom, three-bathroom reverse-living townhouses have a private swimming pool and Caribbean sea views.
The price for Mahogany Heights is GBP 1,295,00 without the leaseback option but just GBP 995,000 with the five-year leaseback program that also includes eight weeks of personal usage per year. In addition, the property is fully furnished, and Club membership is included.
Key Takeaways
Buying a cheaper or less expensive house in Barbados is possible! When it’s time to buy, make sure to work with a knowledgeable realtor with relationships in place and ask what offers are available now. You can check out the guidelines for Non-Barbadian buyers of Barbados real estate ahead of time.
If you would like to get started today, please get in touch. We know where the offers are and will help you find the best property for your needs and budget!
FAQs
Are there any cheap unfinished houses for sale in Barbados?
Yes, you can find cheap unfinished houses for sale in Barbados. But do remember that it will require lots of work and time. Make sure you budget well and plan ahead, as material costs can vary from week to week.
Are there any cheap Barbados houses for sale?
Yes, there are even luxury Barbados houses for sale for cheap with a lease buyback option. It’s an affordable way to get a stunning property in Barbados without sacrificing quality or views.
Can foreigners buy property in Barbados?
Yes, foreigners are able to buy property in Barbados. There are no restrictions on foreign ownership of land or property in Barbados. However, foreigners are required to get permission from the Central Bank of Barbados before purchasing any property.
Are you looking to buy a property in Barbados and need assistance with your island home? Or are you simply looking for property investment options? Please fill out our online form or email us at contact@residencebarbados.com. Alternatively, contact us via telephone or WhatsApp at (+1 246) 230-4982. One of our team members will reach out to you.
Content Disclaimer
The information contained above is provided for information purposes only. The contents of this blog post are not intended to amount to advice. You should not rely on any of the contents of this post. Professional advice should be obtained before taking or refraining from taking any action as a result of the contents of this post. Residence Barbados disclaims all liability and responsibility arising from any reliance placed on any of the contents of this newsletter.
