If you are looking to purchase a Barbados apartment or condominium, there are plenty of units available to choose from whether you are considering an older style apartment building or one of the newer luxury condominium style that are currently popular to build.
Depending on your apartment requirements and amenities, you will find a variety of options available in Barbados. There are many newly built apartments and condos currently on the market, which offer beachfront living in a small complex or can be nestled in a condominium style complex.
There are apartments and condos for sale in all of the parishes along the coast of Barbados. You can choose from the parishes of St. Philip, Christ Church, St. Michael and St. James, which cover the east, south, and west coasts.
If you are looking to buy an apartment or condominium as an investment opportunity, you could buy a luxury apartment within a complex that has all the amenities including a swimming pool, bar and restaurant in a condominium complex. This is a popular option if you are looking for a return on your investment by renting out the property to holiday or vacation visitors during the popular weeks of the year.
If you are looking to make a larger investment in Barbados apartment or condominium property, you may consider buying an entire apartment/condo complex for long-term rentals. If this is the case, you will find many investment opportunities and plenty of individuals willing to rent or lease the apartments on both a long-term and short-term basis.
One thing to consider when investing in an apartment or condominium complex is the investment could be as high as $900,000 BDS, for a three unit complex. If you are funding this purchase through a mortgage obtained from a Barbadian bank, interest rates at the time of this article (September 2008) are approximately 8.75%, translating to a payment of approximately $6562.50 per month.
However, the complex you purchase may come with existing tenants with the average current rate for a 1 bedroom unfurnished apartment at approximately $1000 per month. Therefore your complex would need to have at least seven 1-bedroom apartments rented in order for your investment mortgage payments to be met and make a small profit. By doing simple math, this is not going to be a very profitable venture unless you update the amenities for higher rental values or make other changes.
It would make more financial sense to buy an entire complex of apartments or condos and offer short term leasing agreements to those on holiday or vacationing in Barbados. You will often have to upgrade the property and ensure it is in close proximity to the beach or other popular attractions and is in close proximity to local amenities. You could then generate a weekly short-term fee of $1400 BDS a week from each unit, translating to a monthly rental gross of $6000 per unit. However you may run the risk of not having the property rented every week of the year.
There really are some spectacular apartments for sale in Barbados, especially the ones recently constructed; these often include the latest technology and offer luxury appointments, amenities, and updated interior design.