If you are dreaming of a vacation property in the TCI, there is unquestionably a great property available in your budget. Everything from monthly timeshares up to 20 million dollar villas, TCI has something for everyone. You don’t need to be uber wealthy to own a small piece of paradise.
Condos Off the Beach in TCI
If you are looking to buy on the lower end of the market, a condo a row or two back of the beach is a great place to start. Many of these condos rent very well in the tourist market, as an alternative to the pricey Grace Bay resorts. For a couple hundred thousand dollars, you can own a very nice condo in TCI which will carry the costs of ownership while you are not using it.
Condos off the beach are not only cheaper to buy, they are cheaper to operate. Generally strata fees will be significantly lower than beachfront as well, not to mention insurance. A short walk can save you big money when buying in the Turks and Caicos!
Beachfront Condos in the TCI
The next logical step up the property ladder, is buying on the beach. Here again however, prices can vary widely from resort to resort and from studio to penthouse. Most budgets in the mid market are covered on Grace Bay, from $300,000 all the way up to $5M. Regardless of how much you spend however, you will still have the same great views of the worlds best beach.
For those needing to finance a property in the TCI, properties on Grace Bay are as easy as it gets on the island. There is always a good demand for these condos, and lenders know that they are a secure investment. This may or may not be true with bank mortgages, as qualification is still required, however in terms of private loans in TCI and non prime lenders, these are attractive properties to lend on.
Buying a Villa in TCI
For those who are a bit more adventurous, a vacation villa is the perfect Caribbean getaway. Not only do they comfortably fit the whole family for your vacations, but they are also great renters in the high end travel market. Developers are recognizing these opportunities and building micro resorts that allow ownership of villas with the same great fully managed options that you would get in a resort.
The budget needed for these villas generally start at $2M, so they are not for those without the financial means. But if you are so lucky, these properties are a great investment and place to park your offshore funds.
Ownership in the TCI does not have to be out of reach. By talking to a quality real estate agent in the Turks and Caicos, they can give you your options about owning your own little piece of paradise.
