Real Estate in Bermuda
Last updated on Mar 09, 2023
Summary: An expat looking to buy a home in Bermuda should start by researching the local real estate market. They should look for a real estate agent who is familiar with the area and can help them find the right property. Expats should also consider their budget and the type of property they are looking for. Foreigners are allowed to purchase property in Bermuda, but there are restrictions on the size and type of property they can buy. For example, foreigners are not allowed to purchase land or properties larger than 0.5 acres. Homes in Bermuda typically include amenities such as swimming pools, patios, and outdoor living spaces. Many homes also have ocean views and access to beaches. Other amenities may include air conditioning, security systems, and modern appliances.
How do I find a place to live in Bermuda?
We asked expats how they chose their neighborhood and found a place to live. They answered:
"The best way to find a place to live in Bermuda is to start by researching online. There are a variety of websites that list rental properties in Bermuda, such as Bermuda Rentals, Bermuda Real Estate, and Bermuda Property Listings. Additionally, you can search for rental properties on social media sites such as Facebook and Twitter. You can also contact local real estate agents who specialize in Bermuda rentals. Finally, you can look for rental postings in local newspapers and magazines," explained one person living in Bermuda.
"By word of mouth - Good reasonably prices apartments for rental do exist, but they never make it as far as the newspaper adverts. Tell everyone you know that you are looking for a place to rent. Keep your ear to the ground to find out who is due to move off the island - and ask if their apartment might be coming up for rent. Don't be too concerned about the neighborhood - there aren't any really bad places... even those areas with "a reputation" are far safer than anywhere in a European City," said one expat in Bermuda.
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What is a typical expat home or apartment like in Bermuda?
"I rent a townhouse in a condo complex as do most expats. Prices in Bermuda (where there are limits on what type of housing expats may purchase and which also impose a hugely prohibitive tax on expat's house purchases!) are steep. For a 900 sq. foot, 2 bedroom apartment, I consider it a great deal at $3,000 a month. Electricity also runs at about $350 a month during summer, when you absolutely must run your air conditioning. Phone, cable and internet are also higher than you are probably used to. There are also a fair number of house-shares done by expats," explained one person living in Bermuda, Bermuda.
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What is the average cost of housing in Bermuda?
If you are thinking about moving to Bermuda, cost of living in probably a key consideration. Expats commented about the cost of housing:
"The cost of housing in Bermuda is generally quite high, with the average price for a single-family home ranging from $500,000 to $2 million. Renting is also expensive, with the average cost of a one-bedroom apartment ranging from $1,500 to $3,000 per month," remarked one member in Bermuda.
"Rent is expensive in Bermuda. But as the lifestyle is so much more focused on being outdoors I chose to rent a tiny one bedroom place - I only really use it to sleep anyway," explained one expat living in Bermuda, Bermuda.
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Should I buy or rent a home in Bermuda?
If you have not spent a lot of time in Bermuda, you should rent before even thinking about buying. We asked expats there about the buy vs. rent decision:
"When deciding whether to buy or rent a home in Bermuda, it is important to consider your lifestyle and financial situation. If you plan to stay in Bermuda for a long period of time, buying a home may be the best option as it will provide you with a stable and secure place to live. On the other hand, if you are only planning to stay in Bermuda for a short period of time, renting a home may be the more cost-effective option. Additionally, if you are not sure how long you will be staying in Bermuda, renting a home may be the best option as it will give you the flexibility to move when you need to," remarked one member in Bermuda.
What do I need to know when buying property in Bermuda?
When we asked expats what advice they would give a foreigner before buying a property in Bermuda, they said:
"When buying property in Bermuda, it is important to understand the local laws and regulations. It is also important to research the local market and be aware of any potential risks associated with the property. It is also important to be aware of the taxes and fees associated with purchasing property in Bermuda, as well as any restrictions on foreign ownership. Additionally, it is important to have a clear understanding of the process of purchasing property in Bermuda, including the steps involved and the timeline for completion. Finally, it is important to work with a qualified real estate professional who is familiar with the local market and can provide guidance throughout the process," explained one person living in Bermuda.
Are foreigners allowed to own property in Bermuda?
When we asked expats what advice they would give a foreigner before buying a property in Bermuda, they said...
"Yes, foreigners are allowed to own property in Bermuda. Non-Bermudians may purchase property in Bermuda with the approval of the Bermuda Government. The process involves submitting an application to the Minister of Home Affairs, who will review the application and make a decision based on the applicant's financial and personal circumstances. The application must include a detailed description of the property, the purchase price, and the applicant's financial information. Once approved, the applicant will be granted a permit to purchase the property," wrote one expat who made the move to Bermuda.
What appliances are typically included in a rental?
We asked foreigners in Bermuda what appliances are typically included in a rental, and, if there is anything else included or not included that a newcomer would not expect. Replies included:
"Rental properties in Bermuda typically include a refrigerator, stove, oven, dishwasher, and washer and dryer. Depending on the property, other appliances such as a microwave, toaster, and coffee maker may also be included," remarked one foreigner who made the move to Bermuda.
Additional Information about Searching for a Home in Bermuda:
We asked foreigners in Bermuda what appliances are typically included in a rental, and, if there is anything else included or not included that a newcomer would not expect. Replies included...
"Expats looking for homes in Bermuda can search online for real estate listings, contact a local real estate agent, or look for rental listings in newspapers and other publications. They can also ask friends and colleagues for recommendations, or search for expat-specific housing resources. Additionally, expats can attend open houses and viewings to get a better sense of the local housing market," remarked one foreigner who made the move to Bermuda.
About the Author
Joshua Wood, LPC joined Expat Exchange in 2000 and serves as one of its Co-Presidents. He is also one of the Founders of Digital Nomad Exchange. Prior to Expat Exchange, Joshua worked for NBC Cable (MSNBC and CNBC Primetime). Joshua has a BA from Syracuse and a Master's in Clinical and Counseling Psychology from Fairleigh Dickinson University. Mr. Wood is also a licensed counselor and psychotherapist.
Some of Joshua's articles include Pros and Cons of Living in Portugal, 10 Best Places to Live in Ireland and Pros and Cons of Living in Uruguay. Connect with Joshua on LinkedIn.
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