New developments and off-plan property in Barbados

Each development has its own page with plans, specifications, the build timetable and the payment schedule. If you would like the full sales pack, a price list or a site visit, contact us and we will arrange it.

Buying off plan means agreeing to buy a home that has not yet been built, or is part-way through construction, on the strength of the plans, the specification and the developer's record. The legal framework is the same as for any purchase in Barbados: each side has its own Barbados attorney, non-residents need exchange control permission from the Central Bank, and the purchase money should come from outside the island and be registered when it arrives. What differs is the timing, and the risk you take while the home is being built.

On signing the agreement for sale, the buyer usually pays a deposit, commonly 10% of the price. Off-plan contracts then often provide for further payments at stages of construction, such as completion of the foundations, the structure and the roof, with the balance due on completion. The schedule varies from one development to another and is set out in the agreement for sale.

The key question is what happens to that money before you own the home. Ask whether deposits and stage payments are held in a separate escrow account by an attorney until completion, or released to the developer to fund the build, and on what conditions. Where payments are released early, find out what security you have if the project stalls.

Building projects run late, and some do not finish. Barbados has no equivalent of the new-home warranty schemes found in the United Kingdom, so the quality of the work and the delivery of the project rest largely on the developer. Before you commit, look at what the developer has built before, visit finished projects if you can, and ask how the build is being financed. Read the contract for the completion date, what happens if it is missed, whether you can withdraw and recover your payments, and how changes to the specification are handled.

Your attorney should confirm that the developer owns the land with clear title, and that planning permission has been granted for the development you are buying into. For an apartment or a home within a shared scheme, they should review the condominium declaration or the estate's deed of restrictions, which set out the service charges, the shared areas, the reserve fund and any rules on letting and alterations. They should also review the agreement for sale itself: the payment schedule and how payments are protected, the completion date and remedies for delay, the specification and the defects period after handover.

The taxes and fees on a new home follow the same rules as any purchase, set out in our guide to the cost of buying property in Barbados. Ask whether VAT applies to the price of a new home bought from a developer, and confirm the position with your attorney.

Many buyers of new homes plan to let them. If that is part of your plan, ask about the developer's rental programme, if there is one, any rules in the scheme on short-term letting, and the likely management costs. Projected rental returns in a sales brochure are estimates, not promises.

We represent each development on this page and know its plans, its timetable and its people. We can arrange site visits and video walkthroughs, introduce you to independent Barbados attorneys, and keep you informed through the build. If a new home is not right for you, we can show you comparable resale property so you can weigh the two side by side.

Call +1 246 620 4105, message us on WhatsApp at +1 246 826 4252, or email info@onecaribbeanestates.com.