Property Management
Chestertons is the leading property management company with 3 offices on the West Coast of Barbados.
Owning a Property in Barbados
You are either considering purchasing your dream property or investment in Barbados, so well done for doing your homework or you have already purchased and want to know what comes next…So what comes next? You may be feeling overwhelmed because you live thousands of miles away and not sure where to start! Even if you have purchased property before it is always a good idea to refresh your memory.
Rest assured; our number one priority is to protect the value of your investment so you can enjoy the fruits of your labour. Chestertons offers a suite of professional management, addon and standalone services to suit your bespoke circumstances.
Our knowledgeable, dedicated Property Management team provide these services in adherence with international professional standards of best practice whether you are purchasing a rental investment or private vacation home.
Annual Expenses
- Land Tax: All property owners are required to pay annual tax based on the value of the land and any structures thereon.
- 0.0%- land valued up to $150,000
- 0.1%- on the excess of the improved value greater than $150,000 but not exceeding $450,000
- 0.7%- on the excess of the improved value greater than $450,000 but not exceeding $850,000
- 1.0%- on the excess of the improved value greater than $850,000
- Property insurance: This will vary between US $1.75 to US $3.00 per US $1,000
- Contents insurance: This can range between US $2.00 to US $3.00 per US $1,000
- Property Maintenance & Repairs: Regular maintenance is necessary, to prevent cost repairs and maintenance, especially in a tropical climate. This will be determined by various factors such as the structural fabric, architectural features, environmental surroundings of the property and; the frequency and type of occupancy.
Monthly Expenses
- Electricity – Barbados Light & Power
- Water – Barbados Water Authority
- Telephone Land Line
- Internet
- Cable TV
- Domestic Staff
- Pool Maintenance
- Garden Maintenance
- Servicing air-conditioning units and appliances
- Cleaning sundries and household supplies
Additional Expenses to Consider
- Condominium Fees: In accordance with the Condominium Act, you will be required to pay your apportionment of the common or shared expenses of the building and grounds such as maintenance, insurance and repairs. These may be in addition to any communal assessment and membership fees.
- Communal Assessment Fees: Some Lifestyle resorts may charge you a contribution towards the maintenance and management of the estate.
- Membership Fees: Some lifestyle resorts offer ‘members only’ facilities which are charged separately such as golf, tennis, gyms, beach facilities and moorings.
- Annual Company Registration Fees: Advice should be sought from an independent tax advisor or accountant. Other fees may also be applicable.
- Corporation Tax: If you become Directors of a Company which owns shares in the property, you will be required to file annual returns and pay tax under the Companies Act.
- Property Management Service: If you prefer assistance with managing the obligation of homeownership aboard or multiply properties.
- Tourism Levy: Tax on the income from all short-term rental bookings (less than 6 months). The current rate is 10%. Levies are collected from the guest and passed on to the government by filing returns every other month.
Why Would You Need a Property Manager?
- Conduct property checks and inspections
- Prepare an inventory report or inventory audit
- Advise on the statutory obligations of a property owner, landlord and/or employer
- Assistance with statutory registrations
- Process all monthly invoices and annual expenses
- Prepare monthly statements of income and expenses
- Maintenance and repair planning, scheduling, supervision and reporting
- Replenishing household sundries
- Source and manage staff
- Prepare the property for guests and tenants
- Local point of contact
- Receive rental income
- Project Management
Why are Chestertons the Preferred Management Provider
- We are an internationally recognized company with professional expertise and a knowledgeable local management team specializing in the management of luxury villas & exclusive condos for high net-worth individuals across the West Coast of Barbados.
- All our management packages include a preventive maintenance plan, conducted by our trusted contractors to reduce expensive replacements and keep your property presentable and in good order.
- Keeping tabs on your finances is easier with CHESTER, our management portal. You can view all income, expenses, invoices, bookings and much more.
- We created the Purple Ribbon Standard to support property investors in Barbados maximize rental returns and mitigate issues occurring which impact rental returns and cause you stress.
For more information on owning a property in Barbados, please download our information sheets or contact us.