Waterfront Property in the Bahamas & Real Estate Expertise

It is a common misconception that all home improvements yield a high return on investment by significantly increasing the value of your home. Depending on certain factors, additions improve the look, functionality and value, as it pertains to enjoyment, but may not increase the home’s overall value and you may not recoup full cost associated with your addition.

Room additions enhance your home, but it is always a good idea to compare the cost versus the value for different home remodeling projects. (Construction costs versus resale value).

It is not easy to determine what additions will actually increase the value of your property i.e. an extra bathroom or a new family room. Some additions detract from the value of your home, especially if work was done at a poor standard; which is why it is very important to obtain the services of a professional contractor to ensure quality work and guarantees.

Another aspect deals with overdevelopment and conformity. Neighbourhood conformity is important. Excessive improvements that do not conform to your environment will stick out like a sore thumb. This will definitely have a negative impact on the value of your property, both in terms of aesthetics and value.

It is a good idea to ascertain the type of addition your home would benefit the most from having done and also the enjoyment you get from your addition while seeing the value increased.

Alternative:

Room additions do not have to be your first choice or only option. Due to the cost and complexity of such a task, it is best to look at other possible solutions before undertaking a major project.

Suggestion: The illusion of space rather than creating actual space. Many interior walls are not load bearing and can therefore be removed without too much trouble to create a larger, more open floor plan that allows light, functionality, easy flow and, by redistributing existing space, gives the feeling of added space. The functionality and level of skill lies within the existing construction method i.e. concrete versus sheetrock.

The bottom line is what you can afford and what will give you the most enjoyment!

Posted by:  Taryn Hinsey

How long has your property been sitting on the market without any offers or signs of selling? How much longer are you going to wait until you take action to find out why your house is not selling and what can be done to make your property stand out from the competition? Here are the three most important steps to help you get your house sold!

• Price to Sell! Seems easy enough but many sellers make the mistake of over-pricing their property. Avoid this costly and painful mistake by getting an appraisal done, a report that determines the market value of the property based on investigation, data, and analysis rather than subjective feelings. If you price your property correctly at the beginning, the likelihood of selling within the first few weeks is much higher. Overpriced properties sit on the market for months and months and sellers usually end up lowering the price or accepting lower than usual offers because they have become desperate to sell.

• Stage to Sell! Would you send out an incomplete resume and expect a call back? Look at your property from the buyer’s perspective. If the first impression does not Wow or say Buy Me Now, then your buyer will move onto the next one. Highlight the best features of your home, make sure it is clean and presentable without clutter and remove anything that will detract from its beauty. A coat of fresh paint can go a long way and in a competitive market, staging the interior and enhancing the outside curb appeal of the property can help buyers to visualize your house as their new home.

• Market to Sell! You know you want to sell your property but are you using the most appropriate methods to reach your goal of selling? Putting a for sale sign on the fence and hoping qualified buyers come knocking at your door is not realistic in today's market. You must have an intelligent and effective marketing plan to bring those buyers in! Over 80% of people start their property search online and if you are not tapped into this you can expect your property to be forgotten or overlooked. Be smart and use the resources and guidance of a realtor to make sure your property receives maximum exposure. Ask for a comprehensive report detailing how your property will be marketed to qualified buyers and listen to the feedback your realtor has received from potential buyers. 

The purchase of a home is the biggest buy a person will make and should be treated with professionalism and due diligence. There is no guarantee that your house will sell in x amount of time but by following these 3 steps you will be heading in the right direction. Please email or call me for further assistance or for any questions you might have.

Posted by:  Monica Knowles

The prequalification step begins the process of formally applying for a mortgage and gives everyone involved a clear sense of the direction in which they should be headed. By knowing what your financial parameters are, your agent can spend more time looking at properties within your range.

An offer from a fully pre-qualified buyer will definitely stand out to a seller. This strengthens your bargaining position and gives you additional leverage in negotiating the best possible terms of the sale. The seller is far more likely to accept your offer.

• Pre-qualification enables you to determine a comfort range of affordability both in terms of what the lender will allow and what you as the borrower deems reasonable.
• It gives you a competitive advantage when submitting a bid for a home if the seller knows that you have been pre-qualified and also protects against loss of deposit.
• Sellers know that your offer is solid and that you are a determined and qualified buyer.
• Knowing your pre-qualified amount allows you the confidence that the closing process will be smooth and easy.

Therefore, I encourage you to go out and schedule an appointment with your financial provider of choice to become pre-approved. If you are in the market for a home, it will save you time, money and unnecessary stress!

Posted by:  Taryn Hinsey

An appraiser is a practitioner who has the knowledge and expertise necessary to estimate the value of an asset, or the likelihood of an event occurring, and the cost of such an occurrence. Ideally, an appraiser acts independently of the buying and selling parties in a transaction, in order to arrive at the fair value of an asset without bias. (Investopia.com)

Appraisers are useful when attempting to attach a value to items such as jewelry, art, gems, family heirlooms and in this case real estate. Because of the lack of liquidity in these assets and the necessity to rely on comparisons to estimate their value, investors tend to hold an appraiser's work in high regard.

Here at Bahamas Realty, Mr. Robin Brownrigg, our chief Appraiser and President of our company, has over 30 years of experience in producing quality appraisals in Real Estate and training our excellent and committed appraisal department. Anton Rodrigues, Paul Antonas, Jim Bernard,, Jason Wong, Kim Kikvarakis, Taryn Hinsey and Chris Roberts are all well trained and capable of producing appraisals that are accepted by all of the Financial Institutions in our country. Not all real estate companies can say the same!

Call us today at 396-0000 to have your property appraisers and get the most out of your land & property investments!

Posted by:  Taryn Hinsey