If the Caribbean were a pie, Barbados would be a perfect 166-square-mile slice of that pie. Beautiful beaches, sunshine almost every day, friendly people, amazing cuisine, and diverse cultures—no doubt you have heard it all, and it’s all true. Words could never truly prepare you for what life on this sun-drenched rock in the Caribbean Sea is truly like if you have never been before. Naturally, then, those who have graced her shores immediately fall in love with the island. With a thriving luxury real estate industry, who could blame you for wanting to invest in your island paradise retreat? There are plenty of investment opportunities in Barbados. Beachfront properties are a hot commodity, and government concessions are an attractive incentive to buy property in Barbados. Before you take the plunge, from a property management perspective, here are three things that most people do not think about as homeowners:
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Hiring a property management company to take care of your investment
Property managers are specifically trained to identify, prevent, and respond to a plethora of problems that may occur. They make sure that, whether it’s you and your family or rental guests, everyone utilising your property is treated with the highest hospitality standards possible. Having a trusted company ensures that your property and guests are taken care of in times of adverse weather and more. Property managers ensure that guests are made to feel safe and comfortable. They are trained to take preventative measures to ensure that your property is protected from potentially bad weather.
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Maintenance and repairs
Let’s say you’ve taken the plunge and decided to either purchase or build a luxury villa in Barbados. Most owners of luxury villas often live abroad and may leave their properties locked up without scheduled maintenance. A fully equipped property needs regular inspection to prevent major repair costs later. Preventative methods to protect against:
- Potentially damaging pests
- Water damage from roofs, leaking toilets, faucets, and pipes
- Costly underground water leaks by using underground radar
- Fire hazards: routine checks to ensure your property is up to fire code
Lastly, managing qualified workmen to handle repairs (you wouldn’t believe how long the list of workmen can be to maintain a single property)—we all think about the obvious: plumber, electrician, locksmith, carpenter, and contractor. What you rarely think about are specialists such as beekeepers, bat removers, underwater tile replacements, smart home technicians, and the list goes on. There are so many elements that could threaten your property that you will never think about them, and even more that are required to maintain it seamlessly.
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Insurance and Legal Considerations
If you have decided to either purchase or build a luxury villa in Barbados, what could you expect? We know that each investment is personal to the investor and that they already know what they want from their investment. You may decide that your property is just your vacation home and nothing more. Or you may decide that, due to your busy schedule or some other logical reason, you wish to rent your property out when you are not using it.
It is important to have property and liability insurance in place to cover repairs for damage that may occur to the property, whether caused by a passing storm or an unexpected plumbing issue. Having liability insurance will safeguard against covering damages for injuries to staff or guests while at your property.
It is important to note that any person who intends to purchase or sell real estate must retain the services of an attorney-at-law to represent their interests. Some key documents must be prepared by an attorney-at-law, which include the Agreement for Sale, the Deed of Conveyance, and the Deed of Transfer.
The main reason you will need property management is simple: to protect your investment. Like any other investment, you will need professionals whose sole job is to utilise their years of expertise to maintain your slice of paradise. Property managers are here to ensure that your staff is highly trained, professional, and trustworthy. They make sure that preventative maintenance is always carried out. They make sure your investment is always secure from threats of any kind. What kinds of threats, you ask? Many of them you probably won’t think about. Property managers are trained to protect your property by making sure it is up to fire code. They use preventative methods to protect against a plethora of potentially damaging pests; they monitor your utilities; and they can guide you on failsafes such as proper backup generators or water tanks to ensure uninterrupted operation of your property. Imagine going to the hospital and telling the surgeon how they should handle your operation. It seems ill-advised, right? Well, this logic should also be applied to your property manager. They are experts in this field, and listening to their advice and allowing them to act in your best interest is the absolute best way to protect your investment. However, this can only work by utilising properly trained professionals and avoiding the temptation of hiring those less qualified or less experienced to do the job.
So, whether it’s simple maintenance (if your property is for owner use only) or marketing and operating your property as a rental, you need to hire a seasoned property manager. Once you do, listen to them. They have the expertise and knowledge to handle all aspects of property management, from finding reliable tenants to handling maintenance and repairs. By entrusting your property to a seasoned property manager, you can have peace of mind, knowing that your investment is in capable hands.
Stay in touch, we love to hear from you!
Direct Barbados: 1.246.622.4466
Freephone UK: 0800 0885574
Toll Free US/CND: 1 866 404 9600
Email: experts@blueskyluxury.com
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