Overview

Barbados Real Estate Advisory Services

Our advisory team consists of Associate and Professional Members of the Royal Institute of Chartered Surveyors(AssocRICS and MRICS respectively) and persons pursuing these qualifications. This commitment to training and professional excellence allows us to provide valuation and other advisory services, while staying abreast of real estate trends to ensure that across the Caribbean we deliver sound advice. Our resources are also supplemented through strategic third party alliances in those territories where we do not have a physical presence. Cultivating a skillful team and arming them with unprecedented resources and knowledge about the Barbados real estate market is our number one priority. This allows us to offer our discerning clients exceptional service and unmatched professionalism. We continually invest in our talent to ensure they are equipped to answer all of your questions, and to make property investment decisions smooth and effortless. Integrity is at the core of everything we do; it’s a philosophy that we believe delivers the best results.

Market Value Reports

Our valuations are used to support various transactions between buyers and sellers in the open market, as well as to assist various parties in making equitable transfers of ownership. Typically valuations may be required: -

To set an asking price for the sale of a property
To establish an offer price for the purchase of a property
For insurance purposes
To secure a loan/mortgage
For financial reporting
For recoveries/foreclosures
For divorce settlements
For estate settlements

Terra Caribbean is regulated by the Royal Institute of Chartered Surveyors (RICS) and we adhere to valuation guidelines of the International Valuation Standards (IVS). Our valuation process entails the application of the three approaches to value as relevant i.e. Depreciated Replacement Cost, Sales Comparison, and Income Approach. One or more approaches may be used depending on their applicability to the appraisal assignment, the nature of the property, the needs of the client and the availability of data. The final step in the valuation process is the reconciliation of the value indications derived for each approach, into a single figure or a value range.

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Other Services

We also provide various Market Research Reports such as Market Rent Reviews and Highest and Best Use Analyses. A summary of each service is outlined below:

Market Rent Reviews are requested by a Landlord or Tenant either at the initial renting stage or at the time of renewals, to identify the optimal rent for a property as dictated by the market. When a market rent estimate for a property is required, our team gathers, compares and adjusts comparable rental data. The rents of comparable properties provide a basis for estimating market rent for a subject once they are reduced to the same unit of measurement.

Highest & Best Use Analysis identifies the reasonable and probable use which results in the highest present value of a property, after considering all legally permissible, physically possible, maximally productive and financially feasible uses. It is essentially a series of feasibility studies for different use scenarios for a property, both for the land as if vacant and for the property as if improved.

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Regulated By RICS®

Terra Caribbean is regulated by RICS for the provision of valuation surveying services. This means we agree to uphold the RICS Rules of Conduct for Firms and all other applicable mandatory professional practice requirements of RICS, which can be found at www.rics.org. As an RICS regulated firm we have committed to cooperating with RICS in ensuring compliance with its standards which may be monitored under RICS’ conduct and disciplinary regulations. The Firm operates a Complaints Handling Procedure in accordance with RICS guidelines and a copy is available upon request.