Buying a Home in the Bahamas: Be Aware of These Hidden Fees

Homes for Sale in Nassau Bahamas

Purchasing a home in the Bahamas can be a dream come true, offering stunning landscapes, a vibrant culture, and a relaxed lifestyle. However, potential buyers should be aware of various hidden fees that can significantly impact the overall cost of ownership. Glenn Ferguson, Bahamas real estate agent and residency consultant, emphasizes the importance of understanding these costs to ensure a smooth buying process. Join The Bahamas Real Estate Buyer's Advantage Program Today!

Buying a Home in the Bahamas: Be Aware of These Hidden Fees

1. Bahamas Home Purchase Closing Costs

One of the most significant hidden fees when buying property in the Bahamas is the closing costs. These can include:

• Stamp Duty: This tax is typically between 2% to 10% of the property’s purchase price, depending on the value.
• Legal Fees: Hiring a local attorney is essential for navigating the legal aspects of the purchase. Legal fees can vary but are generally around 1% to 2.5% of the property price.

Glenn advises buyers to budget for these costs early in the process to avoid surprises at closing.