The 7 Ways First-Time Bahamian Buyers Fail to Prepare

Buying your first home in The Bahamas should feel exciting — not overwhelming. But too many first-time buyers rush into the process blind, and it ends up costing them big. Here are the top ways new buyers set themselves up for failure (and how you can avoid them).

1. No Savings for Closing Costs

You’ve saved for the down payment — great. But closing costs can add another 8–12% on top of the purchase price. Without that cushion, you’re stuck scrambling or losing the deal.

2. Misunderstanding Bank Requirements

Banks aren’t just looking at your income. They want to see solid employment history, debt ratios, and sometimes even savings habits. Too many buyers get blindsided when the bank says “no.”

3. Ignoring Credit History

Your credit score isn’t just a number — it’s your ticket to approval. Skipping this step is like showing up to the airport without a passport.

4. Skipping Inspection Reports

That “perfect” house could have termite damage, electrical issues, or flood risks. Inspections save you from nightmares — but many first-time buyers skip them to save a few dollars upfront.

5. Forgetting Hurricane Insurance

This is The Bahamas. If you’re not budgeting for insurance, you’re one storm away from financial disaster.

“A lot of first-time buyers focus only on the bank payment. But if you’re not factoring in insurance, utilities, and maintenance, you’re setting yourself up for stress.” — Matt Sweeting

6. Unrealistic Expectations

Everyone wants beachfront with a pool for $200K — but reality hits quick. Many first-time buyers waste months chasing dreams instead of buying the best home they can afford now.

7. Overlooking Everyday Expenses

Furniture, appliances, utility deposits — they add up fast. Too many new buyers close on their home and realize they can’t even furnish the living room.

The Bottom Line

Failing to prepare doesn’t just slow you down — it can cost you your chance at homeownership. Avoid these 7 traps and set yourself up for a smooth first purchase.

Download our free First-Time Buyer Checklist today — and start your journey the right way.