Month: May 2021

Warrens is a commercial district in Barbados with residential subdivisions too. It is one of the fastest developing areas in the country. Within two decades, Warrens has witnessed tremendous growth, such that it has become synonymous with new money flowing into Barbados. It is known for tall buildings, like Warrens Towers, an A-class corporate office building, providing high visibility and prominence.
It has become a favoured residential development as residents in this area can enjoy easy access to retail and administrative operations offering various services.

Here are some gated communities in the area or nearby with fantastic amenities and amazing benefits for residents:

Clermont Green, St. James

Clermont Green is a tranquil gated community with 2 bedroom townhouses in Barbados that holds a central location between the popular Warrens and west coast areas. Residents in this development can enjoy amenities like the communal pool and gated access.
It is in close proximity to a myriad of amenities, including banks, shopping malls, diners, and beautiful beaches. It provides easy access to the Warrens Commercial Centre, the University of the West Indies (UWI), and Bridgetown.

Crystal Court, St. James

Crystal Court comprises of 2 bedroom apartments and holds a central location with easy access to Barbados’ Platinum Coast. It is only a few minutes drive to access amenities at Warrens and the west coast like the Limegrove Lifestyle Center, restaurants, shopping malls, banks, nightlife, and fantastic beaches. Residents enjoy a clean and quiet neighborhood close to great attractions, including the University of the West Indies (UWI).

Millennium Heights, St. Thomas

Millennium Heights is a gated residential community sitting on 30 acres and filled with beautiful 1, 2 and 3 bedroom apartments, townhouses, and 3-4+ bedroom stand-alone homes. Residents have access to a myriad of amenities, like two communal swimming pools, a gymnasium, running track, clubhouse, children’s play area, and tennis courts.
This area has proper water storage installations, with a pond provided in the residential units. It has become a top-rated residential thanks to the waterfront vista surrounding the pond, which has enhanced property value and improved the ambiance of the area.

Welches Grove, St. Thomas

Welches Grove is not a gated community, but an amazing option for tenants. It is an attractive residential community of 2 and 3 bedroom townhouses with convenient access to Warrens commercial district and The Walk at Welches. This area features lovely townhouses with quality finishes that are set within clean and sanitary grounds.
It is only a short drive to a vast selection of amenities, like supermarkets, restaurants, banking, boutiques, and health clubs. Bridgetown is 10 minutes away, while it is a 25-minute drive to the vibrant nightlife of the South Coast and a 10-minutes drive to Holetown on the West Coast.

Palm Court, St. James

Palm Court is a gated community with attractive new townhouses with easy access to Warrens and the West Coast. It is a development of 12 high specification two-story, spacious 3 bedroom townhouses. Palm Court is surrounded by a private garden and provides easy access to the west coast beach.

Lodge Gardens, St. Michael

Lodge Gardens is a gated community that is home to three beautiful 2 bedroom townhouses with garden areas. It is a serene environment and holds a central location between the Warrens commercial district, UWI, and the west coast.

Edgehill Heights, St. Thomas

The 2 bedroom apartments in Edgehill Heights are well sought after because of the prime location and gated access. Residents have access to major utility services available in the neighborhood and an on-site gym. The apartments on the southern side of the building have some amazing views!
It is only a short drive to Warrens and Welches commercial districts, where you will find a wide range of shopping malls, banks, diners, petrol stations, and other amenities.

Apes Hill Club, St. James

Apes Hill Club is located in the center of Barbados, roughly half an hour away from the airport. This lush gated community offers a wide range of luxury townhouses and standalone homes, 3-4+ bedroom homes. It is a vast land that sits a championship golf course, Polo Field, golf clubhouse, Bar, Restaurant, Golf Shop, Polo Shop, beach access, 2 community pools and tennis courts.

The Falls at Sandy Lane, St. James

The Falls at Sandy lane features beautiful 2-3 bedroom townhouses and villas with elegant finishes, located within an exclusive residential development near Holetown on the Platinum West Coast. Residents have access to a communal clubhouse with a pool, gym and sun loungers. It is a stone throw to Sandy Lane beach.

Sunrise at Rowans, St. George

Sunrise at Rowans is a clean and quiet area. It is a gated community that houses only ten 3 bedroom townhouses. It is a short drive to Warrens and Haggatt Hall commercial districts, both of which have many amenities. You have easy access to Shopping Malls, and you can unwind during the weekends at the communal swimming pool.

Do you own a property in Barbados, and are you considering renting it out for the long term? If yes, you will be pleased to know that the Barbados real estate rental market has become very active, especially since the launch of the 12-Month Barbados Welcome Stamp visa. The stock listings rent out quickly, even faster when the property is fully furnished and equipped.

This article provides answers to some of your questions, such as:

• Which real estate market is my property most suitable for?
• Barbados or the foreign market?
• Should I rent my property out furnished or unfurnished?
• What should be my asking price?

Here are some helpful tips to guide property owners in Barbados to choose the right real estate company for the job and get a tenant.

CHOOSING A REAL ESTATE COMPANY

Choosing the right real estate company requires much more effort than you think. You’ll be setting yourself up for problems by randomly selecting a real estate company from simply scrolling through the yellow pages or newspaper ads. Make adequate research to ensure that the company specializes in the target market most suitable for your property. Check their websites and social media pages to view some of their recent transactions, and read reviews from previous clients. If your property is more so suited for the foreign market, make sure the real estate company has an international reach.

It’s very important that the real estate agent you choose to hire has a Barbados real estate license and is a member of The Barbados Estate Agents and Valuers Association (BEAVA). The Association has over one hundred and twenty members, which increases market visibility. Your property would have a chance of getting rented even faster.

The real estate commission fee for long-term rentals in Barbados is one month’s rent, subject to VAT if your agent is VAT registered.

We, at Global Estate Agency been in the real estate brokerage business for over 15 years. Our clientele includes both local and expat renters who rent properties in Barbados. From our modern and user-friendly website to our impressive social media following. We also have international reach via our sister company BarbadosExpatHomes.com which focuses on luxury expat rentals. Our brokerage is led by Junior Sparks, who appeared on not one, but two episodes of HGTV’s popular top tv show, House Hunters International!

WHAT DOES THE LISTING PROCESS IN BARBADOS ENTAIL?

After you have decided on the real estate company/agent to hire for the job, they will set up a listing appointment to tour your property. The appointment is to gather marketing details, including photos and video. Start from the general details and work your way down to the specifics, such as:

• Would you accept young kids?
• Indoor or outdoor pets?
• No pets at all?
• Is smoking prohibited?

The more details you confirm with your agent, the better so your agent could focus only on the prospective renters that are suited for your property.

While the agent is touring your property, you could review the listing agreement and complete same once you agree with all the terms. It’s usually either an exclusive or non-exclusive listing agreement. An exclusive listing agreement is where you would list your property with one agent, and external agents will still have access to the listing, but all showings and negotiations must happen via your agent. The landlord agrees to pay a commission to the agent once the property is rented. The non-exclusive listing agreement is where you could list your property with as many agents as you like. The latter option doesn’t guarantee that your property would get rented faster. It means more work for you, keeping track of all the agents’ marketing, making sure that there is no misinformation about the marketing details.

MARKETING YOUR PROPERTY

It is best to hire a real estate company that has a website. A good online presence will increase your market visibility so, consider listing your property with a real estate company that has an active and huge following on social media platforms. Also, your agent can use multi-listing websites to provide additional traffic. Lastly, give your agent approval to put up a for-rent sign or banners at strategic locations because not everyone is internet-savvy.

SHOWING YOUR PROPERTY TO RENTERS

Make your property attractive to potential tenants. Carry out corrective maintenance in the building, including power washing of the driveway, re-painting, updating of fixtures, and general cleaning. An attractive property with lots of open spaces tends to get list price or close. Be ready to assist your agent in whichever way you can to make sure showings go smooth. Open up windows and pull back the curtains to keep the property well-aired and lighted.

REVIEWING PROSPECTIVE TENANTS

All prospective tenants must complete a tenant screening form and submit the same along with their photo IDs. The tenant screening form includes the submitted offer, the rental duration (start to end date), job details, professional references, and current landlord information. Additional details to fill may include questions about pets or kids.

TENANT APPROVAL AND SIGNING OF THE RENTAL AGREEMENT

If you don’t already have a rental agreement, your real estate agent would most likely have a draft copy on file, or you should consult with a Barbados attorney to get a rental agreement drafted. Rental agreements usually are for one year or more, but in some cases could be shorter. The rental agreement should be sent to the tenant for review via your agent. Once the tenant has agreed to all the terms and conditions, the tenant can sign the document and return same to your agent, who would arrange for you to sign.

INITIAL PAYMENT OF THE FIRST MONTH’S RENT AND SECURITY DEPOSIT

After the rental agreement is executed, the tenant has to pay the first month’s rent plus security deposit or, in some cases, the first and last months’ rent plus security deposit. The deposit is dependent on the terms of the rental agreement. The tenant can make payment to you or your agent. If the brokerage company receives the payment, they could deduct their commission fee before paying you.

UTILITIES TRANSFERS AND PROPERTY HANDOVER

If utility bills aren’t included in the rent, utilities transfer letters should be provided to the tenant so the tenant could transfer the electricity, telephone/internet, cable tv, etc into their name. However, in some cases, the tenant would provide the authorization form from the particular utility company, and you will have to sign the form for approval.

An inventory list should be signed off if the property is being rented furnished, usually as an appendix to the rental agreement.

As of May 2021, the VAT rate is set at 17.5%.

List your property with us for rent today via our Rent Your Property With Us page. Contact our office today at 246-426-9469 or send us a message via our Contact page above.

Looking to sell your property instead? Here is our guide.