You have made the decision that you want to buy a property in the Turks and Caicos, however you are not sure where to start. You don’t know if you have to fund the property yourself, or if financing is an option. What are the additional costs to buying a property? What are the ongoing costs of owning a property in the TCI? Lots of questions, where do you turn?
Carib Capital is a Great Place to Start
When you contact us regarding buying a property in the Turks and Caicos, we not only can assist you with the financing questions but can also assist you with all your other concerns. We work with quality realtors on the island, who will give you the pros and cons of the different properties and locations. A great realtor is a must when shopping for your new vacation home!
As well as your realtor, you need a strong team of professionals working in your corner; lawyer, property manager etc. We can recommend the top islanders in their profession, making your purchase and ongoing property management a success.
Getting Pre-approved for Financing
Pre-approvals are not available the way they are back home for most buyers. The lenders want to see ‘live’ deals, where there is an offer on the table. When you tell us your situation however, we can tell you the likelihood of getting you approved. If you are looking to buy a vacation property with 10 or 20% down, we can let you know immediately that there is nothing we can do for you. As a non resident, you will not qualify for these types of loans, even with the banks.
Most of the financing we offer is private or non prime. These loans require 50% down, but qualification is fairly easy and straight forward. This can be a stretch for many buyers, but the mortgage market in most Caribbean destinations is not as mature and established as what you would have at home.
You Bought Your Property, Now What?
Depending on what you buy, you may need a property manager. Do you require a property manager to market or just manage your property? We can set introduce you to a number of great property managers who can accomplish what you are wanting your property to achieve. If your property is managed but sitting empty, you likely have the wrong property manager.
Property management may not be an issue for you if you plan to buy in a resort. These resorts operate as hotels, handling all the marketing and management of our unit, leaving you to simply enjoy your property and cashing the checks.
Talk to us today about all the ways we can assist you in making your dream home in the Turks and Caicos a reality!
