You have saved enough for the deposit. That is a real milestone. The next question is whether the money left over can carry you through the purchase and into the first months of ownership. A price you can finance and a purchase you can comfortably complete are two different calculations.
Start with a written cash-to-close estimate from your attorney and lender. Then turn it into a calendar: amount, recipient, due date and whether it is already paid. This stops an early payment from appearing again as a new expense later.
Seven amounts to put on the calendar
- The remaining purchase money. Ask how the contract deposit is credited at completion. Do not automatically add the full down payment to a deposit that already forms part of it.
- Transaction taxes. Ask your attorney to calculate your share under the agreement and confirm any approved relief. An expected exemption is not cash available today.
- Legal work and disbursements. Request an itemised estimate showing what is included, which outside charges are additional and what could change.
- Lender and valuation charges. Get the bank's actual fee schedule. Ask which costs are payable before approval and whether a declined application changes anything.
- Property investigations. Allow for the inspection and any specialist follow-up you choose, rather than discovering a concern with no budget to investigate it.
- Insurance and ownership charges. Obtain quotes and ask about payment timing. Scotiabank's closing checklist includes evidence of home insurance; other lenders set their own conditions.
- The first month in the home. Moving, utility setup, immediate repairs and essential furnishings belong in a separate move-in budget.
Make the estimate useful
Mark each figure as quoted, estimated or awaiting confirmation. Put a name beside every unanswered line. A total full of guesses feels reassuring until several guesses change together. Ask for an updated completion statement as the transaction progresses, particularly after changes to price, financing or the closing date.
Keep your emergency reserve visible on the same worksheet, but outside the money available for the purchase. Decide in advance what balance you are unwilling to go below. That decision helps you compare a slightly less expensive home with one that would leave no room for an unexpected bill.
Questions to ask this week
- Which payments are due before the mortgage funds are released?
- Which amounts are refundable, and under what written terms?
- Does the estimate include every charge allocated to me under the contract?
- What changes if closing moves into another month?
Does first-home relief remove all closing costs?
No. Do not treat a tax-relief application as a waiver of legal, lending, insurance or moving costs. Ask your attorney exactly which charge an approval affects and budget the other lines separately.
Should I borrow the extra closing money?
Discuss that with your lender before taking new credit. A new repayment can change the bank's assessment and your own monthly comfort. Recalculate the complete plan before making the commitment.
Start your prequalification conversation or explore buying a home in The Bahamas with Matt.
Sources checked 4 October 2026: Scotiabank Bahamas: Mortgage application checklist; Department of Inland Revenue: VAT zero-rated exemption. Lender, contract and policy terms depend on your circumstances; confirm the details with the relevant professional before committing.
