Barbados Property News - August September 2023

Lots sizes 8184 to 13,877 sq. ft.

Prices range from $140,000 to $315,000.

Editor’s Comments

In the excitement of Crop Over and all the summer festivities, it’s hard to focus on the storm season, after all, God is a Bajan! Ignore it at your own peril! The Scouts have a motto – BE PREPARED and we have so many examples of extreme weather issues around the world that it would be wise to remember their mantra. Global warming is very much a reality and forecasters are finding it more difficult than ever to predict what is going to happen.

Credits

Publisher – Hiltop Publications Ltd, Corner Hood Road and Navy Gardens, Ch Ch, Barbados

Tel (246) 232 0692

Email: sportingb@caribsurf.com

Pamela Hiles, Editor

Thank you Kieran Kelly from Tradewinds International Brokers for your insight into why insurance is so vital for us all. It’s only when we have had an accident or have lost the roof due to storm damage that we realise how important it is to be insured. And also, to be PROPERLY insured to the full value of your home etc.

Things are still very active in the Barbados Real Estate market from all accounts. Barbados remains popular with many as a desired place to live and work. The climate is terrific, the infrastructure very good and we have daily flights to the USA and the UK and many more destinations. Overall, it’s a peaceful, heathy lifestyle on an island that has much to offer. You will not be bored in Barbados!

Enjoy the rest of the summer, stay safe and take note of Hilary’s tips in the Ace Hardware section. Best Pamela x

www.sportingbarbados.com

www.barbadospropertynews.com

www.caribbeanpropertymag.com

www.caribbeanmortgageservices.com

Editor/Advertising – Pamela L Hiles

Design and Art Direction – 809

Distribution – Hiltop Publications Ltd, Brian’s Print Brokerage Printing – Coles Printery

The Material and editorial contained in this publication have been deemed accurate at the time of going to print. The views expressed as editorial are those of the Editor unless stated otherwise. No part of this publication may be reproduced without the consent of the permission of Hiltop Publications Ltd.

On the Cover: The Crane

FOR

SALE

FOR

Garden Wall 14 - Apes Hill, St. James 3 bed, 3.5 bath townhouse with sea views US $1.65 million

Heywoods 179 - St. Peter 4 bed, 3 bath walking distance to beach US $370,000 SALE

SALE

Sealerton - Pine Road, St. Michael

sq.ft. lot ideal for commercial development US $87,500

let local knowledge

for you

FOR

Vuemont Apt. 238  - Vuemont, St. Peter 2 bed, 2 bath corner unit with ocean views US $275,000 FOR

Crusher Site - Prospect, St. James 43,500 sq.ft. West Coast development lot US $700,000

www.alleynerealestate.com sales@jalbarbados.com 246 432 1159 FOR

Luxe Living: Phase 4 of The Crane Private Residences Unveiled

BResort Living, Perfected

arbados’ premier residential resort developer Crane Resorts has announced the launch of pre-construction sales for Phase 4 of The Crane Private Residences. This eagerly anticipated phase is slated for opening in 2027 and is set to be the concluding chapter of this luxurious residential resort community.

Building on the developer’s impressive legacy of perfecting resort living on the island’s southeast coast, Phase 4 is set to elevate the experience with a captivating collection of 68 one-, two- and three-bedroom residences and penthouses. These allnew, contemporary-styled floor plans have been carefully designed to immerse residents in a harmonious fusion of breathtaking ocean vistas and serene island charm.

Thoughtfully Designed Residences & Penthouses

Spread over eight stories, prospective buyers are spoiled for choice with options extending from intimate one-bedroom residences of approximately 600 sq. ft. up to luxurious threebedroom two-storied penthouses measuring over 3,700 sq. ft. The ground-floor residences truly stand out, with showpiece private pools nestled within lush gardens while the majestic penthouses elevate the living experience to new heights, offering exclusive elevator access to private rooftop terraces with sweeping ocean views, covered dining, and swimming pools.

Considered design will artfully blend the timeless and modern with coral render accent walls juxtaposed against dramatic floorto-ceiling windows and roomy balconies with glass balustrades for truly unobstructed views while dining and entertaining. Residents will wake up to the dream that is living in paradise, as each bright and expansive residence features breathtaking views from spacious bedrooms, grand chef’s kitchens, as well as generously scaled natural stone bathrooms with large soaker tubs and glass showers. In a rarity for Caribbean properties, many residences also feature a direct-to-foyer internal elevator from an underground garage.

“Following the complete sell-out of Phases 1 and 2, and with only a handful of residences remaining in Phase 3, we’re delighted to unveil the spectacular residences of Phase 4,” says Michael Ashton, Director of Sales for Crane Resorts. “This Phase represents our final opportunity to offer buyers new options in our highly coveted ocean view residences, and the demand has been nothing short of extraordinary, with some residences already reserved before the official launch!”

Enviably located within the historic Crane Resort, new residents will immediately become members of The Crane’s vibrant, cosmopolitan community. An already covetable lifestyle is enhanced by access to world-class resort amenities and services including concierge, duty-free shopping, a grocery store, five restaurants, a café, three bars, a spa, a fully equipped fitness centre, five spectacular pools, a tennis court, a kids’ club, and glass-fronted elevator access to Crane Beachvoted Best Caribbean Beach by USA Today.

Hassle-free, Turnkey Ownership

Led by a dedicated Residence Manager supported by the wider resort operations team, residents will enjoy resort-style services, including the ability to pre-stock groceries ahead of arrival, make restaurant reservations, and so much more, all from the comfort of home.

Residents also have a hassle-free guarantee as each residence in The Crane Private Residences is managed by the developer when not in use. With the option also available for participation in a historically successful rental management programme led by a team with over two decades of experience, this is an effortless residence or vacation property to own, whether intended for personal use or as an investment. Astute investors or second home buyers will also be enticed by the pre-construction offer of staged payments based on construction milestones such as Foundation, Watertight, Structure, and Practical Completion.

Phase 4 of The Crane Private Residences is now available at pre-construction pricing ranging from US$352,000 – US$1.8M. For more information, visit craneresidences.com or email property@craneresorts.com

Insuring Paradise: The Role of Insurance in Barbados

By Kieran Kelly - Managing Director, Tradewinds International Insurance Brokers Ltd

estled in the crystal-clear waters of the Caribbean, Barbados is a tropical paradise known for its pristine beaches, vibrant culture, and warm hospitality. As a popular destination for tourists and a thriving hub for businesses, the island faces its share of risks and uncertainties. Insurance plays a crucial role in safeguarding the wellbeing of Barbadians and protecting the island's economic interests. In this article, we explore the significance of insurance in Barbados and how it contributes to the island's resilience and prosperity.

1. Protecting Homes and Businesses:

For Barbadians, their homes and businesses are not just properties; they are symbols of hard work and cherished memories. Insurance offers peace of mind by providing coverage against potential perils such as hurricanes, floods, and fires. With the Atlantic hurricane season bringing its fair share of challenges, property insurance becomes an essential aspect of risk management for homeowners and entrepreneurs alike.

2. Tourism Industry Resilience:

Tourism is the lifeblood of Barbados' economy, attracting visitors from all corners of the globe. From luxury resorts to charming boutique hotels, the tourism industry relies on insurance to protect against unforeseen disruptions. Travel insurance, liability coverage, and business interruption insurance are vital components in ensuring that tourists and tourism operators can enjoy their time on the island with confidence.

3. Agricultural Sector Security:

Barbados boasts a rich agricultural heritage, with sugar cane, vegetables, and fruits being key contributors to the island's economy. Agricultural insurance helps protect farmers and agricultural businesses from adverse weather events, pests, and other challenges that could impact crop yields and livelihoods.

4. Maritime Protection:

With a maritime zone covering approximately 183,000 square

kilometers, Barbados relies heavily on the sea for trade and transportation. Marine insurance plays a pivotal role in safeguarding ships, cargo, and marine businesses against risks such as accidents, piracy, and natural disasters. This protection ensures the smooth flow of goods and services both domestically and internationally.

5. Health and Medical Coverage:

Access to quality healthcare is a fundamental right for Barbadians. Health insurance provides individuals and families with the necessary financial support for medical treatments, hospitalizations, and preventive care. As the nation's healthcare sector continues to evolve, insurance plays a vital role in ensuring everyone can access essential medical services without undue financial burden.

6. Motor Vehicle Insurance:

Like most countries, Barbados requires motorists to have valid insurance coverage to drive legally. Motor vehicle insurance protects road users from the financial consequences of accidents and helps maintain road safety standards.

7. Liability Coverage:

Whether in the hospitality industry, manufacturing sector, or professional services, liability insurance shields businesses and individuals from legal claims arising from accidents or negligence. This coverage fosters a more secure and accountable business environment.

8. Disaster Recovery and Rebuilding:

In the unfortunate event of a major disaster, insurance acts as a catalyst for recovery and rebuilding efforts. It provides the necessary funds to repair and reconstruct damaged infrastructure, helping communities bounce back stronger and more resilient than before.

Conclusion:

Insurance plays a pivotal role in the economic and social fabric of Barbados, offering protection and security to individuals, businesses, and the nation as a whole. By embracing comprehensive insurance solutions, Barbadians can confidently pursue their dreams and aspirations, knowing that they have a safety net against life's uncertainties. As the island continues to thrive and grow, insurance will remain a key pillar in preserving the beauty and resilience of this Caribbean gem, ensuring that it remains a haven of prosperity and happiness for generations to come.

Benefits of an Insurance Broker:

Insurance brokers serve as valuable intermediaries between insurance companies and clients, offering numerous benefits to individuals and businesses seeking insurance coverage. Let's explore some of the key advantages of working with an insurance broker:

1. Expertise and Advice: Insurance brokers are professionals with in-depth knowledge of the insurance industry and various coverage options. They can assess a client's specific needs, analyze risks, and provide personalized advice on the most suitable insurance policies to meet those requirements.

2. Access to Multiple Insurance Companies: Unlike agents who represent a specific insurance company, brokers have access to a wide range of insurance providers. This access allows them to compare multiple policies and quotes, ensuring clients get the best coverage at the most competitive rates.

3. Tailored Insurance Solutions: Insurance brokers take the time to understand their clients' unique circumstances and tailor insurance solutions accordingly. They can design comprehensive insurance packages that align with specific needs, whether it's for personal coverage like auto or home insurance or complex commercial policies.

4. Time-Saving and Convenience: Instead of contacting multiple insurance companies individually, clients can rely on brokers to do the legwork for them. Brokers handle the research, comparison, and negotiation processes, saving clients time and effort while streamlining the insurance selection process.

5. Claims Assistance and Support: In the unfortunate event of a claim, insurance brokers advocate on behalf of their clients and assist throughout the claims process. They have the expertise to navigate the complexities of claims, ensuring a smoother and faster resolution.

6. Risk Assessment and Management: Insurance brokers are skilled in assessing risks and identifying potential coverage gaps. They can help clients proactively manage risks and make informed decisions to minimize exposure to financial losses.

7. Cost-Effective Solutions: With access to multiple insurance providers, brokers can find cost-effective solutions that align with their clients' budgets without compromising on coverage quality.

8. Policy Reviews and Updates: As clients' needs evolve or circumstances change, insurance brokers conduct regular policy reviews. They ensure that the coverage remains relevant and up-to-date, making adjustments or suggesting improvements when necessary.

9. Transparent and Impartial Guidance: Insurance brokers work in their clients' best interests and maintain transparency throughout the process. They provide unbiased advice, ensuring that clients understand the terms, conditions, and limitations of their insurance policies.

10. Peace of Mind: Knowing that they have a dedicated professional managing their insurance needs gives clients peace of mind. Brokers handle the complexities of insurance, allowing clients to focus on their personal or business endeavors without worry.

In summary, insurance brokers offer valuable expertise, access to multiple insurance options, personalized advice, and ongoing support. Their role is to be an advocate for their clients, ensuring they receive appropriate coverage that protects their interests and assets. Whether for individuals or businesses, working with an insurance broker can lead to wellinformed decisions, cost-effective solutions, and greater confidence in times of unforeseen events.

Tradewinds International Insurance Brokers Ltd www.tradewindsbrokers.com

Tel: +1 246 422 0386

Email: service@tradewindsbrokers.com

DON'T WAIT UNTIL A STORM IS HERE TO PREPARE

Kooyman is Happy to Help you prepare for the Hurricane Season. Visit our store to shop for your essentials or shop online from the comfort of your home.

MAKE SURE TO:

1 2 3

Restock your emergency kit and store in a safe place Pay attention to weather updates during the storm season

Reinforce your roof and secure your home as early as possible

I trust Ace H&B to keep me and my home safe.

YOUR HOME HURRICANE PREPAREDNESS EXPERTS!

Don't get caught off guard this hurricane season. Trust the experts at Ace H&B Hardware & Lumber to help you prepare. Our brand ambassador, Hillary, shares her Top 5 Checklist for Hurricane Preparedness

RELIABLE POWER SOURCE

Make sure you have a strong, reliable generator. Our generators offer unbeatable performance.

BE READY WITH ACE H&B: PROTECT YOUR HOME

WATER CONTROL

Keep flooding at bay with our heavy-duty sandbags. Try our Tuff tanks for maximum water storage.

LIGHTING

Be ready for power outages with hurricane flashlights.

FIRST AID

A well-stocked first aid kit is a must. Ace H&B's kit covers all your needs. Remember, preparation is the key to safety.

Plywood & PVC boards can shield your windows from debris.

Storm Coming Don’t Panic!

you need to trim them back as falling branches will cause even more damage to roofs, fencing and decking. Make sure your cars are secure if you don’t have a garage and are as sheltered as possible. Check all your windows and doors from the outside, taking care of loose shutters. That window that hasn’t closed properly in years now needs to be sorted or boarded up.

3 Moving inside, always keep a supply of jumbo black bin bags on hand. Put all your valuable documents (if you don’t have a safe) into them so that they are waterproofed. Any other special items such as precious Art, clothes etc should also be stored properly. You don’t want to be running around in a panic grabbing things if the roof blows off.

4 Medication!!! This needs to be up to date and you should have at least 3-4 weeks supply of essential medicines in this hurricane season. If the island is severely struck, it could be weeks before the infrastructure is up and running. For many their medications are the difference between life and death so stock up now.

It’s the same scenario every year on Barbados! No one is bothered until the warnings of a storm approaching start. Then the panic hits – supermarkets, hardware stores, pharmacies, gas stations. Everyone scrambling to get their property ready and supplies in. It seriously doesn’t have to be that way but Barbados has been missed so many times that residents have become somewhat complaisant. But we’ve had a few close calls recently – Tomas was the worse a few years back catching everyone completely unawares. This is our wake up call Barbados and here is a checklist that should begin before any hurricane season starts.

1 If you can afford it, consider putting in a generator, water tank and storm shutters. All these things are expensive but well worth it in terms of saving your property and making life much easier after the BIG storm hits. These big ticket items take time to install so you can’t just go out and buy them when the warnings are on the radio. Put it into your thinking and try to set aside money in your annual budget, even if you do things like shutters window by window, door by door – with the most vulnerable first.

2 When panic hits, the first thing you should do it walk around the outside of your property. Remove anything that can be a missile. Old wood, plant pots, watering cans, furniture etc. Everything that looks relatively harmless will not be thrown around in 200 mph wind! If trees are overhanging the house,

5 Pets are precious. Get in enough food and water for them. Don’t leave them outside. They will be frightened by the noise and disruption and need to be looked after properly.

6 Make sure you have enough water and non perishable food for everyone in the home. Again, things will take a while to open again and you may be in an area where the roads are impassable.

7 Is your property insured to it’s full valuation? This needs to be looked into and changed before the panic hits. Examine the small print to see if only wind damage is covered or if water damage is also included. Your policy should include damage by both!

8 Don’t forget the first aid kit for any minor injuries. Lots of batteries, a small radio to keep in touch and phones that are fully charged.

9 During the storm, remember, if the eye is passing directly over the island, the calm will come … but then so will the wind form the other direction! Be alert and stay indoors until the all clear has been sounded.

10 If you don’t think your home can withstand strong winds, please seek shelter in the many hurricane shelters across the island. You can find a list on the Government Information Services website.

Guide to Renting a Long Term Rental Property in Barbados

By Junior Sparks - Global Estate Agency Inc.

n this article, learn all you need to know before renting a long-term rental property in Barbados. I’ll take you through the important steps, like finding a reputable and professional real estate agent, viewing properties, making an offer, getting landlord’s approval, and signing the rental agreement. Each process is important to successfully renting a long-term rental property on the Island.

The Barbados real estate market is very active at the moment, which means properties are getting rented in little to no time. Do not embark on this journey without knowing what you want in a property. Indecision can be costly, as you may end up losing a good deal to your competitors.

Some properties have more selling points than others, which means that they are taken off the market within a short time. Properties with the highest demand are those in great condition and in good locations. Beachfront apartments and inland homes that are close to amenities are at the top of the list.

In recent times, real estate agents in Barbados are finding it difficult to meet up with the demands for rental properties as there are very few listings available. This is largely due to the 2020 launch of the Barbados 12-Month Welcome Stamp Visa, which has allowed approval of more than 2,600 visas for expats. This means that there are thousands of successful applicants in need of housing, with only limited resources available.

Hiring a Real Estate Agent or Company

It is best to hire a Real Estate Agent to handle your rental process; however, ensure that you choose someone that is right for the job. Do a thorough background check on the agent to ensure that you are in safe hands. The best agents have websites for you to read up on them and their services. It is also good to see reviews from their current or past clients to help you make an informed decision on whether or not to hire them.

A very important criteria is for the real estate agent to be a member of the Barbados Estate Agents and Valuers Association (BEAVA). Being a BEAVA member ensures that there is a high standard and code of ethics that must be duly followed. Also, the

Association gives them access to a wider selection of properties from over 100 members, which in turn gives you a more listings to choose from.

Viewing Properties

Your agent is going to organize viewing sessions for you to assess the available properties before making a decision. If you are on the Island, you can go along with your agent on a physical tour of the properties. Your agent should be able to provide photos and videos of the properties if you are overseas and unable to travel. You can also do a live video tour to see the listings in real time.

Do not rush over this process, as you do not want to rent a property only to discover that it is in a bad condition. Take your time to check every nook and cranny of the property, making sure it is to your taste. Let your agent know all your housing and personal preferences, like if the property is within short distance to work or school, if the bedrooms are on the same level, and if children and/or pets are allowed.

You do not need to hire multiple agents, as one agent can have access to properties listed by other agents. This is why hiring a real estate agent who is a BEAVA member is very important. Hiring more than one agent does not make your property search any easier.

Making an Offer

When you find that property that ticks all of your boxes, your real estate agent should be able to advise you on offers likely to be successful and what numbers to avoid insulting the landlord. Making an offer way below the asking price can jeopardize your chances of getting the landlord’s approval.

The next step is to complete the rental application. You need to provide both general and personal information about yourself during the application to sell yourself well to the landlord. You will need to attach a photo ID of yourself to avoid doubts. Adding references like a past landlord can also improve your chances of getting approved.

Once you have completed the rental application, the agent sends a copy along with your photo ID to the landlord for their decision. A positive response means you can go ahead to sign the rental agreement.

Signing the Rental Agreement

The rental agreement is a formal contract between the tenant and landlord, confirming the terms and conditions for using the property. Ensure that you read through the clauses carefully before signing the dotted line. Once all parties sign the contract, it becomes a legally binding document.

Upon signing the rental agreement, you will be required to pay the first month’s rent and a security deposit. The security deposit is a sum of money held by the Landlord to cover cost of damages to the property during the course of living in the property. The deposit is refundable at the end of the lease, provided that there were no damages. Apart from these standard requirements, your landlord may make additional requests like paying up to two or three months’ rent before you can occupy the property, one being the security deposit.

Things to Consider

Here are some of the things to consider before completing a rental contract, as they can influence your decision.

• Not all properties have insect screens fitted to the windows, so you will have to get custom screens installed.

• Ask whether there are any strict laws binding on tenants or

members of the community, especially if the property is in a development or gated community.

• If the property is furnished and you sign a contract stating such, asking the landlord to remove some or all the furniture to make room for your own can be problematic. It is within the landlord’s rights to refuse such a request, as he may not want to sell the items. So always ask the landlord prior to renting the property, if they’re ok with removing some items.

Utilities

You may not always have access to active utilities when moving into a property, so you must inform your real estate agent about your preferences regarding having the home internet ready at move in. Your agent takes this into consideration when looking for listings. Utility costs are often the tenant’s responsibility, but in some cases could be included in the rental rate.