Tips to Buying Your Vacation Condo in TCI

Buying a Vacation Condo in Providenciales

If you are lucky enough to be buying a vacation condo in the TCI, you will obviously want the professional advice of a realtor on where and what are the best buys on island. But we thought we would help you out with a few pointers of our own.

1. Location, location, location. You have likely heard this before, however when buying in a small country like the Turks and Caicos, it may be even more important. There are a number of great spots on the Provo, but Grace Bay is always a safe bet.
2. Depending on whether you plan to rent your condo out while you are not using it, you will want to know about the management program, occupancy rates and expected ROI. Some condos kick out a nice little return while others don’t cover their costs, you need to know which are which.
3. You may find some good deals out there, but look into the stratas; are there any issues there that you need to be concerned with which could cause problems down the road (your realtor will know this).
4. Are there limitations for using your unit? How early do you need to book the times you want?
5. If the unit is going to be primarily rented out, and you require the income to make the property work, think about the type of unit that makes more sense from that perspective not just your personal preference. For example, a studio has a better ROI than a one bedroom.
6. If you need to finance your property, make sure you budget well beforehand as everything costs a little more in the Caribbean; even the lowest mortgage rates are a bit higher.

Finding a High Quality Realtor to Assist You

As in any tourist destination, you will always get your professional realtors and your semi-retired, part time realtors; Turks and Caicos is no different. Do your home work and source a top realtor on the island to assist you. It’s a big purchase, and you want a professional who will give you the information you need to make in informed decision.

The same can be said for your solicitor. A good lawyer can be invaluable to not only your purchase but any other dealings you may want to have on the island.

You will want to get advice on all aspects of your purchase, Carib Capital is glad to assist you in this process.