When most people think about buying an income producing property in the Caribbean, they think of something on the beach. This is always a smart investment if you can afford it; oceanfront homes do not come cheap. But does it make sense to buy a cheaper property off the beach for the long term rental market?
This is a tougher question to answer, and obviously it will be location specific. In places like the Turks and Caicos and the Cayman Islands, it absolutely can, if you buy the right property. There are always expats looking for accommodation, and rentals are not always readily available. Many homes that were purchased for long term rental get converted to vacation rentals due to the extra income potential, this dries up the long term rental market.
Your income potential will always be higher with a vacation rental, assuming you have a suitable property. However there are benefits to letting long term. Here are just a few:
For our lenders, financing a long term rental is not an issue. As long as the home is highly marketable, in a good area, they are happy to entertain. Talk to us today about all our financing options for buying a long term rental.