Offered at $750,000 USD
Anticipated weekly rental income expected to be $1500 – $3000 USD per week
Purchasing your property at Tecoma Stans has been made very easy. All of the apartments cost $750,000 (USD) and with build completion anticipated in 2011, buyers have plenty of time in which to arrange their completion finance. You only have to take 4 simple steps in order to possess your own slice of Bahamian luxury:
A $2,000 USD reservation fee is required to secure an apartment. The reservation fee is deducted from the deposit due 30 days after your reservation is made. Reservations are taken on the basis of a 14-day cooling off period; thereafter the reservation fee is nonrefundable.
The initial 30% deposit is the only payment that needs to be made prior to the completion of your apartment. The deposit secures your specific choice and location of apartment and commits the developer to build your dream home.
The 70% balance of the cost of your apartment ($525,000) is due at completion. At present, local banks are prepared to advance mortgage finance of 70% of the cost of property in the Bahamas (subject to status) – the developer expects this situation to continue during the build period. Therefore, if you require mortgage finance in order to purchase your apartment, you could discover that you only have the closing costs to settle, before getting the keys to your new home!
All purchases of real estate in the Bahamas attract a 10% charge for Stamp Duty. Also, although legal fees are sometimes quite expensive in the Bahamas, in this case the developer has negotiated an arrangement with a long-standing Bahamian legal firm such that your legal fee will be held at only 2.5% of the purchase price in respect of your new apartment.