If you are thinking about buying a second home in Providenciales, Turks and Caicos, we can help. Whether you are needing a quality real estate agent, mortgage financing or an attorney, we have a team of professionals waiting to assist.
What you Need to Know About TCI Real Estate
For the past few years, the demand for Turks and Caicos real estate has been growing exponentially. Prices are up, and supply is limited. It is a sellers market, which means you need to work with quality people to ensure you don’t pay more than you should.
Here are a few of the costs that you need to know about when buying in Providenciales:
In TCI, you pay your property taxes up front in the form of a stamp duty. For most homes you can expect a stamp duty between 8 and 10% of the purchase price.
There will also be legal fees, mortgage arrangement fees (if applicable), stamp duty on the mortgage (1% of mortgage amount, if applicable).
Mortgage rates are higher than they are in the US and Canada, and the banks are not always reliable lending partners. It can often take many months to get a simple mortgage approval, if you can get one at all. For this reason, we almost exclusively use private financing in TCI.
The Ideal Second Home in TCI
Everyone will have a different idea of what their ideal second home will look like, but here are just a few things to think about when buying your new home in Providenciales.
If you decide to buy a villa, you may need property management, landscaping, pool services among other added costs and responsibilities. A property manager can likely handle all of this for you, but know that it will be an added monthly cost on your home away from home.
Of course, if you decide to buy a condo, there will be strata fees which will also be an ongoing expense for your unit. These fees will cover all of the above and likely more, such as hurricane insurance.
If you choose to rent your property while you are not using it, then you also need to decide how hands on you would like to be in terms of the marketing and client care. If not at all, a full service condo-tel (condo hotel), may be a smart choice.
The Right Team to Facilitate your Purchase
At Carib Capital, we work primarily on the financing side of real estate, however we do also work closely with the Islands top real estate agents, builders, lawyers, appraisers etc. It can be daunting buying a second home in another country, so having a team you can trust will put your mind at ease and make your purchase an easier process.
If you would like to discuss buying or financing your second home in Providenciales, talk to us today!
