Bimini is the westernmost region of the Bahamas, only 80 km (50 miles) east of Miami in Florida, and the closest Bahamian islands to the U.S. mainland.
Bimini is small by comparison to other Bahamas locations which means land, luxury properties and real estate holds a premium value.
The reasons why investors usually buy cheap property for sale by owner in Bahamas (FSBO) is because this can offer some unique advantages, but it also comes with some risks.
Buying cheap property for 'Sale by Owner' is usually down to a lower price, there are No Agent Fees, as sellers often price FSBO properties lower because they're not paying a real estate agent commission which can be 5-6% of the sale price.
As a buyer or investor, there may be room to negotiate a better deal directly with the owner, which may allow for more flexible terms and quicker and easier negotiation.
If the property is undervalued due to being in poor condition or in a transitioning neighborhood, renovate to hold and build equity over time could be viable.
FSBO properties are often marketed less aggressively, meaning fewer buyers may be aware of the listing, and these properties are ideal for investors or looking to buy at a low price as FSBO deals are often below market value when requiring attention.
A higher risk of errors in paperwork or missing disclosures can though occur, so due diligence is required at all stages, and hiring a real estate attorney for the legal aspect is essential.
If you are an experienced buyer or investor, have cash on-hand or good options on financing, buying cheap property in Bahamas that is for 'Sale by Owner' can be an option.
The Bahamas welcomes foreign investors and has clear and straightforward property laws. As a foreigner, you can purchase real estate in your name without restrictions, provided the property exceeds a certain value (typically over $500,000 for foreign buyers).
Popular areas of the Bahamas with International Buyers:
