Bermuda is one of the best and safest destinations in the world with a well-maintained and sophisticated infrastructure. This could explain why there are always many locals and foreigners in search of homes for sale on the island during different times of the year. Information from Global Property Guide showed that lower house prices in the British overseas territory attracted many homebuyers in late 2019.
During a seller’s market, it may be difficult to find a home when buyer demand exceeds the existing property inventory. This can create obvious challenges for a buyer.
Don’t worry. Here are tips that you could use to land a great home when there’s a competitive seller’s market in Bermuda.
Get the Help of a Local Agent
For your offer to be accepted in the most efficient manner, work with a qualified real estate agent with years of experience. Experienced agents understand the local real estate market, regulatory nuances, and they know the right time for you to make your move to get the house you want. If you require a home in a specific neighborhood, let them know. This enables them to narrow their search to that area, saving both of you time and money.
Remember to research your local agent before engaging them. Know their reputation, and make sure they’re knowledgeable about the intricacies of Bermuda real estate. It ensures a great house-hunting experiences in Bermuda. Some agencies have a Buyer’s Service Guarantee which further enhances the home buying process.
Prepare the Necessary Documents
They say lack of preparation is the surest way to fail. You do not want to spend months on end looking for a house in Bermuda and not be fully prepared to make an offer before someone else does. That is why you should prepare all the necessary documents beforehand. It is imperative that you get a qualified lender to obtain a pre-approval letter that can be given to home sellers when you make your offer. Remember that the letter should not be more than 90-days old if you want agents and sellers to take you seriously. Once the seller knows that you don’t have any financial issues and are qualified for a mortgage, they are likely to consider you.
If you are an overseas buyer there are guidelines which your agent can walk you through. It is imperative you understand what these rules are before you commence your Bermuda property exploration. You can access Bermuda’s Immigration Form HERE
Work from Bermuda Policy for non-Bermudians share international market.
Explore our Listing for non-Bermudians
Take Advantage of Remote Viewings
Remote viewings could be what you need to land a home in Bermuda. With advanced technology, you don’t have to travel to view the house you desire to buy. All you need is your smartphone or computer and a reliable internet connection.
A remote viewing is exactly what it sounds like. It is where the agent shows a potential customer around a home virtually. By virtually, we mean that the potential customer can view the property from the comfort of their home, be it on their laptop, tablet, or phone.
Some agents choose to ‘live stream’ the viewing, using their smartphone to film the viewing as the potential customer watches it on their device. Other options may be ‘3D virtual tours’, Matterport tours or detailed videos.
This enables you to make your offer without traveling. If it’s accepted, you’ll could close on your dream home in about 8 weeks.
Coldwellbankerbermuda.com is Bermuda’s largest real estate agency where you can easily schedule remote showings.
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