Whether you are looking to enter the property market for the first time, considering a move, or contemplating the purchase of an additional investment opportunity there are ten things you need to consider before you buy:

  1. Agree on a realistic budget – Talking to a mortgage provider BEFORE you start looking will help you determine exactly what you can afford and what additional financing you might require.
  2. Chose your location carefully – Decide ahead of time what part of the Island you want to live in, taking into account your background (many buyers like to return to their childhood neighbourhood), lifestyle, daily commute, schools and other relevant amenities.
  3. Consider the property's resale value – You may be buying your 'never-leave-it dream home', but circumstances can change, so consider what the neighbourhood has to offer now and what developments in the area might affect the resale value in the future, both positively or negatively.
  4. Confirm the property's Annual Rental Value (ARV) – The ARV is determined by Government and is used to assess annual Land Tax fees. The ARV should not be confused with property's actual value.
  5. Know exactly what you are buying – Avoid unwanted surprises by hiring an independent structural surveyor to assess the property and determine land boundaries before making an offer. Also be sure to ask the seller to confirm exactly what chattels might be included in the purchase, as this will vary between properties.
  6. Confirm the property's current status – Establish whether it is vacant possession, or if there are sitting tenants. Also consider current zoning and use (residential, commercial or mixed use) as all will affect the purchase price.
  7. Determine who holds the Deeds– Confirm whether or not there is a current mortgage, or other lien, on the property. If it is debt free, confirm that the current owners know the exact location of the Deeds.
  8. Take all costs into consideration – Be sure to consider all the costs associated with your purchase, especially if you are making a net offer. These will include but may not be limited to; legal fees, commissions, appraisal and structural survey fees, necessary repairs, and any enhancements you may wish to make to the property.
  9. Consider who is buying the house – If you are non-Bermudian or are buying the property with a non-Bermudian (who is not a spouse, child or parent) taxes and other legal considerations will have to be assessed.
  10. Work with a professional – Dale Young Properties will ensure that you get exactly the right property for you at a price you can afford.

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