Everyone wants to own a piece of paradise, however maybe now is not the time to make the investment into a vacation home. A great alternative to get your foot into the market, but not go all in on a pricey villa or condo, is raw land. Lets take a look at the options available in Provo, the benefits of land, and the options for financing your purchase.
A Property for Every Budget in the TCI
Regardless of home much money you have to spend, there are properties available. If you only have less than $20,000 to spend, you won’t get an oceanfront lot on Grace Bay, but there are lots available on North Caicos for this amount. These lots may or may not be suitable for a high end vacation rental down the road, but it does get your foot into the market as North Caicos will become more and more popular as Provo fills up.
If your budget is a little healthier, up to 100k, there are great lots available in Long Bay, Turtle Tail, Chalk Sound or pretty much most areas of the island where there is no ocean view. These locations are all nice residential areas where a vacation villa down the road would not look out of place at all.
Canal Lots
If you can’t afford the beach, canal lots may be the next best thing. There are canal lots all over the island, but if you are trying to keep it under 500k, you will likely need to be in Turtle Tail, Discover Bay, Thompson Cove. Leeward canal lots are at the high end of the budget when it comes to canals.
Canal homes produce great income in the vacation market, they are highly desirable for those who maybe can’t quite afford homes on the beach. Something to think about if this purchase may be a mid to long term hold.
Ocean Front Property in Providenciales
Just like the canal lots, the prices vary quiet significantly depending on where you are and whether you are on the beach or iron shore (rocky shoreline). On the south side of Provo, you can get oceanfront for 500k, while a lot on the beach on Grace Bay, if you can find one, will be at least three to four times this amount.
If you have the money, there is likely no better return than building on world famous Grace Bay. These lots will always be in high demand, and rental rates on these homes are fantastic.
The south side of the island offers great value, whether that be Long Bay, Turtle Tail or Discovery Bay. There is also a nice range of elevations where you can trade beach for ocean views.
The Benefits of Buying Land
Buying land in the Turks and Caicos is an ideal option, as there are no property taxes. Other than a mortgage, if you require one, there will be no costs to holding land. Again, if you are not ready to build today, buying now gets your foot in the market and can be a great investment even if you decide to sell down the road.
Financing Land in the TCI
We offer private financing for land in Providenciales. You will need 50% down for the purchase, however very little else in terms of qualification. The land simply has to be a marketable piece of property. The rates will be higher than what you would see at the banks, however the banks are not overly active in the TCI market today. We offer quick and easy financing in the Caribbean!
