If this is your first time purchasing property in Barbados, Trinidad, or Grenada, the costs outlined below will help clarify the ongoing expenses you can expect. Should you have any specific questions about these or other costs, our team at Terra Caribbean is happy to provide further details.
Annual Costs
Property Insurance – US$2.50 to US$3.25 per US$500
Contents Insurance – US$3.00 to US$3.75 per US$500
Land Tax:
Site Value – Unimproved Land
– < 4,000 sq. ft. – 0.8%
– > 4,000 sq. ft. – 1.0%
Improved Value – Residential
– First US$75,000 – 0%
– On > US$75,000 but < US$225,000 – 0.1%
– On > US$225,000 but < US$425,000 – 0.7%
– On > US 425,000 – 1.0%NB: Property tax is capped at a maximum of US$50,000 on residences
Improved Value – All Other Properties – 0.95%
Rebates on property taxes are available but must be applied for as follows:
Pensioners
Agricultural Properties
Villa properties
Monthly Costs
Electricity, Water, Telephone, Cable
Condo fees, if applicable – see chart for a guide by property
Property/Home Owners Association fees where applicable
Pool and garden maintenance, if applicable
Property Management
Management Fee – minimum of US$300+VAT
Rental Agent Commission Fees
Long Term Rentals
1 month’s rent – 1st year
1/2 month’s rent – 2nd year
1/4 month’s rent – 3rd year
Short Term Rentals
10% to 30% commission is payable on short term rentals
Visit our sister company Blue Sky Luxury to find out more about short-term rentals in Barbados.
Access exclusive property details, view your favourites, and stay informed with the latest market trends. Get real-time updates, all in one convenient location.
