Parish of Saint Philip
Great Investment Opportunity!! 8 unit apartment building priced to sell. Each unit offers 1 bedroom, 1 bathroom and roughly 450sf. The building has modern roof requirements which means if a potential buyer were considering solar panel installation, this can be done based on the current roof and the requirements. Solar panels are very big in Barbados due to renewable energy sources which credits your bill if there appears to be excess in electricity. In addition, the Government of Barbados has shown that it is fully committed to the idea of renewable energy. Private parking to fit 5 or more cars. Located 2 miles away from Grantley Adams International Airport, Maria Holder Nursery School, and near homes, schools, and shopping facilities. Public transportation accessible within the area and off the main road. Excellent investment opportunity for first time investors and buyers.
East bound from Grantley Adams International Airport towards St Martins. Take the first right at the 3 roads intersection and continue for 0.5 miles to Gemswick Woods (located next to new school). First right south bound for 75 meters to first right. Right south bound for about 150 meters and follow the road as it curves to the left. The proposed site is on the first left exit, to the end of the road on the left, adjacent to two white apartments.
DISCLAIMERS & AGENCY DISCLOSURE
- Buyer's Fee: 0%
- Earnest Money: Total earnest money to be negotiated at the time of offer and to be agreed upon in writing in a Purchase Contract by the Buyer and Seller.
- Brokers and Agents are fully protected and encouraged to participate.
- RealtyHive & Micoley.com, LLC are licensed auction firms working for the seller of said property, performing auction and auction marketing services as part of this transaction.
Property Buying Tips
So you’ve decided to buy! Congrats, that’s great!
Here are some great tips to get you on your way to ownership.
1. Determine Your Budget & Save
Take into account the average down-payment is 10%. 10% is not required, but the loan amount and approval will fluctuate depending on the percentage you put down. Determine how much you can pay for your monthly mortgage. Outline your expenses and be honest with yourself about what you can reasonably afford. Also, ask yourself what happens if you lose your job? Or if you’re part of a couple, what happens if your spouse loses their job?
2. Secure a Loan
Once you’ve got your budget in order, it’s time to go shopping for a loan. Visit multiple lenders to weigh your options and find the best deal. Each bank will determine if you are eligible and at what interest rate you will be charged. based on your financial situation. Make sure to ask questions such as what the breakdown of the monthly payments will be once you have made your down payment, how the loan term will affect your monthly payments, whether or not the interest rate is fixed or variable, if home insurance or any other services are included within the home purchase amount.
3. Be Prepared
Have a current Pre-qualification letter and good faith deposit funds available. Technology makes it easier than ever for your real estate agent to draft and transmit a purchase offer back and forth for your signatures. But, this is only one piece of the puzzle. You also need a current pre-qualification letter, and ready access to your good faith deposit. This can be obtained from the bank and confirms their willingness to give you a loan. Most sellers won’t accept a letter that’s more than three months old. If your home search lasts for more than three months, you’ll need an updated pre-qualification letter. When you submit your offer, it must include a check for the good faith deposit. Generally, good faith is at least 3% of the purchase price. This check will be deposited into an escrow account within three days of an accepted offer.
4. Stay Informed
Always make sure to do your homework and learn the history on a property you are interested in. Does the neighborhood have a high crime rate or a new highway/major road being constructed nearby that could be affecting the price? Is the heating, plumbing, roofing and window work in good condition? Those hidden problems can lead to major expenses in the future - post purchase. Ask your realtor for a property condition report and and see if the home comes pre-inspected. If not, we highly recommended to get and inspection before the purchase is complete. Being “in-the-know” and taking the extra steps can save you money and headaches in the long run.