For many looking to purchase property in the Turks and Caicos, they want a clean slate. Picking their location, style of home, design etc, is all part of the experience, whether they want to build now or down the road. With no property taxes in the TCI, you can sit on your land as long as you like without the ongoing expenses that you would have with a home.
Where in the Turks and Caicos Should you Buy
If you are looking for a remote piece of property, there are a number of places you can buy in the Turks and Caicos. Not far from Providenciales, you can buy in North or Middle Caicos; they are just a short ferry ride away. South Caicos is another option but it will take you a bit longer to get there.
For most buyers, Providenciales is the desired location, and there is no shortage of options. You can still find remote locations on island as well as lots in nearly fully developed sub divisions. Beach lots are available but there are less available all the time as the secret of the TCI has long been made public.
Some of the more popular locations with buyers are Leeward, Long Bay, Chalk Sound and Turtle Cove. Talking to a local realtor will assist you in narrowing down the best location for you depending on what you plan to do with your new home.
The Costs of Buying Land in the Turks and Caicos
The price of land will obviously vary depending on location, size etc. However there is a piece of property for every budget, depending on your needs. Other than beachfront property, most property available on Providenciales is fairly affordable. As mentioned above, there are no property taxes, your only other cost will the TCI stamp duty on the land (which you do not have to pay on the build).
If you finance your land, there will be additional costs in the form of broker/lender fees, legal fees and stamp duty on the mortgage. It will cost you more to finance property in the Caribbean than it will in North America, just the cost of doing business in paradise.
The first step toward buying your dream home in the sun, is finding the right piece of property. If you need assistance with buying or financing this property, we would love to help. Contact us today to discuss how easy it is to buy land in the Turks and Caicos!
