The Hull Truth - Boating and Fishing Forum - View Single Post - Bimini real estate.
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Old 01-30-2019, 07:32 AM
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The Bahamas is turning away investors who want to purchase condos or homes due to the increasing taxes and every changing of the guard(PM). The mentality is that those who can afford these luxurious places on our islands can pay the taxes.. What they are not thinking about is that this will have a negative effect in ownership for years to come. Let's face it, most only go for a week, maybe two during when the weather is nice. Some places, such as the Exumas, see very little turnover because it is far enough away to only attract the higher end clientele. West End and Bimini and the Abacos all have more properties for sale this year than ever before. It is getting to be too expensive to own a place where you may or may not go for only a week or two. I know of only 3 people who actually make money on their properties, one in Treasure, one in Staniel and one in Georgetown. They have built up a clientele over 15 years so they make it. There are islands that are keeping the status quo, such as Cat Cay and Bakers Bay and Chub. Money is not object there so another $30K a year is nothing. It's all in perspective. If you have money that you want to gamble with and you can find the right place for you, go for it. If you are thinking of it as an investment, I would say no way. Better to find a place here, like in the Keys or West Coast of Florida where you can use it when you want and rent it out and know it is yours.