Things You'll Need

Instructions

1

Meet with a Bahamian investment consultant. He will be able to provide you with information on areas of interest and find you a local bank to loan you the funds you need. Only a Bahamian bank should be used for financing Bahamian real estate. Building property in the Bahamas requires not only money, but knowledge of the land and conditions. Depending on where you are building your home, certain security and weather precautions should be taken. The Bahamas is known for tropical storms and heavy winds. Also note that non-Bahamians have to have a permit to build on Bahamian land. You can acquire a permit by registering your investments with the Central Bank of the Bahamas. This is a rather lengthy process with, at most, a three-month wait for a permit.
2

Hire an architect, preferably one suggested by the consulting company. Discuss your preferred pricing with him. He is the one who will have to factor in your budget with materials and labor. Make sure you do not give the architect any reason to suspect money is no object. Many housing materials, even in the Bahamas, are not as expensive as an architect will make them seem. Let the architect know what you expect to do in your home and how sturdy you want it to be.
3

Research your materials. Finding and using what comes native to the island is best. Visit a local lumber yard, and inquire about what type of wood is most purchased by locals. This information will be helpful as local inhabitants know the weather and infrastructure and therefore build the sturdiest homes. Your materials will make up a good percentage of the total cost of building your home. Maple and pine are the two most used woods for wall and cabinet building, with maple as the priciest. Natural yellow rock is recommended for the exterior of the home. The average Bahamian home occasionally gets tropical storm and hurricane damage, so rock and solid wood work best for this area.
4

Meet with a builder, explain to them your plans and your budget. Let them know that weather and security must be taken into account on the structural soundness of the home. The builder is incapable of changing a design, so if there is something in the design you want changed, you'll have to track down your architect.
5

Navigate the tricky business of paying for your home. Any legitimate company building your home will let you pay in installments instead of insisting on one large lump sum. Scams are quite common in the Bahamas, so be on your guard for money wires and large lump sums. Most houses in the Bahamas won't be built for less than $500,000. There is usually a five-step payment option. For the payment plan, there is an initial down payment that totals about 40 percent of the total cost to build; the second payment is made after foundation is laid. The third and fourth payments occur one after the other once building is completed and you have moved in. The final payment completes the sum owed and the home is yours. The payment plan is usually done for those relying on a loan payment to come through or who can't afford to pay for the home during building.