Buying a
Property in Antigua – Considerations, Costs and Legalities
One of the
first considerations to make about buying a property in Antigua
is ‘What is its primary purpose?’ i.e. residential, rental or a
commercial business property.
There are a
variety of locations across the island, so you are sure to find
the one, which matches your dream.
Residential
– the main expatriate populations on the island are based in the
South East around English Harbour and Falmouth, in the South
West in and around Jolly Harbour, in the East at Half Moon Bay
and Browns Bay, and in the North in Hodges Bay and Cedar Valley
and surrounding areas. As with buying a property anywhere, there
is excellent choice in price, style of building and proximity to
services. Location is the key to your enjoyment and usually to
the value of re-sale.
Rentals
– can be found throughout the island from studio apartments to
five bedroom executive villas with all the toys and wonderful
ocean views, the key consideration is what is your budget – once
you know that you should be able to find a property to suit you.
Commercial
properties
– there are many business opportunities in
Antigua
for Antiguan local’s, ex-patriots and foreign investors,
particularly where jobs are created for local people. The
majority of retail outlets have their primary in the busy
capital of
St. John’s,
but there are further developments around the island,
particularly in Jolly Harbour and English Harbour.
Costs of
purchasing a property in
Antigua
The costs of
acquiring a property in
Antigua
can vary depending upon where you are purchasing, and the cost
of the property. Below we have listed for you the key costs
involved and used examples so that you can see the full cost of
buying a property here.
General
Costs
|
Non-citizens licence |
5% of
value (Applicable to non-Antiguans) |
|
Government transfer fees |
2.5% of
value |
|
Legal
costs |
Legal
costs
1% or
more based on the value |
For a
property costing US$300,000 – this would be a cost of US$25,500.
Exceptions
The
Non-citizen’s License for Jolly Harbour or some other
developments for first time Buyers is 3%.
Acquisition
Considerations
Property
taxes and rates are very low and based on rental value
Most property is fee simple or freehold.
Insurance coverage is approx 1.4% of the value insured for
hurricane and earthquake coverage. Less when these are excluded.
On claims the insured pays the first 2% of the insured value.
Real estate agent commissions are generally from 5-7%. These
fees are paid for by the Seller, and are built into the Asking
Price.
If you are
buying a property with the intention of renting it then
click here to find out the costs of renting in Antigua.
Contributed
by: Geoffrey D. Pidduck,
Tradewind Realty Limited,
Falmouth, Antigua.
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