When buying a home in Barbados, you need to think about costs. Some of these happen before the purchase. For example, the Jays wisely paid a quantity surveyor to check the property out before the purchase and he identified an area of damp. This helped with negotiations.
Photo credit: Mark Morgan
Then there are there are utilities. Here’s how transferring works for electricity:
- transfer service into new home owner’s name by sending a letter, and including a clear copy of your picture ID, contact information and a service charge of $23.50.
- if a non-national, pay a deposit of $1,000/3 months’ billing.
- As I recall, there was a similar arrangement in place for the phone service. This can certainly add up.
And finally, you need to think about how much you will have to spend when you’re in the island. Here are some typical costs for running a 3,000 sq ft home housing a family of four:
- Electricity – BD$250 per month
- Water – BD$45 per month
- Car insurance – BD$2000 per year (Ford Focus)
- Home insurance – BD$3000 per year
- Land tax – BD$3000 per year
- Telephone/internet – BD$120 per month
- Television package – BD$100 per month
- Car tax – BD$430 per year
- Food – BD$1000 per month
You can adjust upwards or downwards for the expected size of your home and the number of people living in your house.
Don’t miss the other posts in the series following the Jays’ move to Barbados:
- Move to Barbados – Meet the Jays
- The Jays Search for Barbados Property
- The Jays Move to Barbados: Choices, Choices
- The Big Decision: What Kind of Community?
- The Jays Brave the Bank
- The Jays: A Chequered Tale
- The Jays Move to Barbados – Special Delivery
- The Jays Move to Barbados – The Legal Bit
And see how we made our move in the From the Ground Up series.