Articles

Why Should I Hire a REALTOR®

Posted on April 23, 2018

14 Reasons to Work With a REALTOR® REALTORS® aren’t just agents. They’re professional members of the National Association of REALTORS® and subscribe to its strict code of ethics. Kim Sheen is has been a proud member since 1988! This is the REALTOR® difference for home sellers and buyers: An expert guide. Selling a home usually requires dozens of forms.  A knowledgeable expert will help you prepare the best deal, and avoid delays or costly mistakes. Also,

Anti-Money Laundering Laws in Bermuda

Posted on May 29, 2018

Bermuda’s real estate community is now subject to similar AML/ATF (Anti Money Laundering/Anti-Terror Financing) laws, regulations and guidelines that are already in effect in many other jurisdictions. Real estate brokers are now required to obtain far more information than in the past. You will be asked to complete forms that are similar in content to those your bank or your lawyer may have already requested. While this may seem to be a duplicated effort, it

Stamp Duty Act

Posted on June 27, 2018

Conveyance or transfer on sale of land fees Land transfer or general transfer stamp fees are based on the value of the transaction. The fee is calculated on a sliding scale, with different portions of the transfer taxed differently, as follows: Amount or value Stamp duty fees On the first $100,000 2 per cent On the next $400,000 (up to $500,000) 3 per cent On the next $500,000 (up to $1 million) 4 per cent

Non-Bermudian Purchase

Posted on April 23, 2018

Non-Bermudians MAY purchase qualifying properties in Bermuda. In order to be available to a non-Bermudian purchaser a property must have an assessed Annual Rental Value (“ARV”) at or above a set minimum level (in effect disqualifying properties in the middle to lower price ranges). NB: ARV is not a reflection of market value but rather is used as the basis for calculating Land Tax. Minister Fahy Remarks: On Reduction Of ARV Levels For Residential Property

Change in ARV for Non-Bermudian Purchase

Posted on April 23, 2018

Today I am here to announce that Government will be enacting regulations that will lower the minimum Annual Rental Value at which non-Bermudians and non-permanent residents, referred to as ‘Restricted Persons’ may purchase residential property from $153,000 to $126,000. Additionally, we will be reducing the minimum ARV threshold of $32,400 for condos to $25,800. Such action will help stimulate economic activity at the higher end of the property market in Bermuda, thus helping with Bermuda’s
he Land Valuation Department inspects properties around Bermuda, taking photos and measurements to establish the annual rental value. The Land Valuation Department uses to following factors to calculate annual rental values, carry out evaluations, and ensure fairness and equity between assessments: Location: the geographical location also reflects views and typical lot size for the neighborhood. Property type: house, apartment, or condominium. Size of living accommodation: measured by using the gross external area of the property. Size of any
There are always appropriate steps to investing in real estate.  However, there are also inappropriate steps vendors/landlords can walk down when it comes time to put their property on the market.  In my 23 years of being in the business I see the same mistakes over & over when all they had to do was to listen to the voice of an experienced professional. The eight costly mistakes Mistake 1:  Putting the home on the