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How much money do I need saved to Buy Real Estate?

To purchase real estate in the Bahamas you need to have about 15 - 20 percent of the purchase price to complete a real estate transaction? If you’re purchasing a home at $250,000 the bank requires a 5% minimum downpayment which would be $12,500, then the bank wants proof that you have the money to cover the following on your account.

Legal fees which end up being somewhere around 5.6% total on the two required services which includes vat , is $14,000, oh and then VAT on the purchase at 5% that’s another $12,500 and lastly about 1-1.5% for bank commitment fees and miscellaneous costs totalling $3,750.

Lets add it all up now

$12,500 +

$12,500 +

$14,000 +

$3,750 = $42,750

total to purchase a home at 250,000.

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