CONSIDERATIONS IN PURCHASING PROPERTY IN ANTIGUA
1. Many people choose to rent or lease property in Antigua before making the final decision. Even in our small island, the location is an important factor. Golfers like being close to Cedar Valley Golf Club or Jolly Harbour. Sailors choose the Falmouth, English Harbour or Jolly Harbour areas. Those engaged in the growing international business and banking sector often choose to be closer to St. John’s and the airport.
2. Long-term rentals generally run between 0.6 % to 1 % of the value of the property per month. A nice house with pool normally starts at US$2,500 per month, while a tasteful three-bedroom home in a desirable area may rent for US$1,200 to US$2,200 per month.
3. As a rule, only developers are given permission to purchase land in excess of one acre but there have been some exceptions made. It is important to note that non-citizens require a Licence granted by the Government to purchase a specific property. This Licence will cost five percent of the value of the property.
4. There is financing available in Antigua through the banks. Generally investors are encouraged to pay cash as mortgaging is expensive.
5. The buyer pays a 2.5 % Government transfer fee, while the seller pays 7.5 %. Legal costs range from 1 % to 2%.
6. There is good demand for vacation rental property with beachfront or pool. It is very important that all of the bedrooms have en-suite bathrooms and are more or less equal since generally the guests will have friends sharing the accommodation with them.
7. It is always a very good idea to use reputable real estate agents and lawyers in the acquisition or lease of property.
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