For those who have been to the Turks and Caicos and dreamed of owning a vacation villa on the beach, it may seem like just that, a far fetched dream. And for many tourists, these villas on the beach may be out of reach financially. But owning a vacation property in the TCI may be more realistic than you think, as long as you set your sights a little lower.
Condos Can be an Economical Option
Most of the buyers we deal with would prefer a property they can walk away from at the end of their vacation and not worry about. They are easily rented short term, and you generally know your carrying costs going into the purchase. Now some of these condos may still fall under the ‘dream’ category, however there are some great options which are very reasonable and can even provide you with a bit of income if left in the rental pool.
If you are trying to hit the 300k budget, there are a few ways achieve this:
- Size – a studio condo is likely your only choice. They may not work well for families, but they are great for renting and are always in demand.
- Proximity to Beach – A beach property could be difficult (not impossible, but tough). You may need to look at a property off the beach, something like Villa del Mar.
- Location – Although there are not a lot of condos not on Grace Bay, they do exist. The further you are away from Grace Bay, generally the better the price. Getting a condo on Grand Turk or South Caicos may also let you achieve your budget.
Get Your Foot into the Market with Land
Perhaps your budget restricts you to 300k today, but it may not in a few years. If you would like to get your foot in the market (or dip your toe in the water if you prefer), land is a great option. There is a lot of land for every budget in TCI. You can purchase a great view lot in Long Bay for 100k. Oceanfront could be tough on Provo, but again, not impossible if you are willing to get away from the more popular areas.
There are no property taxes in TCI, so land has a very cheap carrying costs. Having said that, there is no income to be generated by the land, so if you are carrying a land loan you will have to absorb this monthly cost.
We won’t touch on villas today, as they are a bit out of budget in most areas of Provo and the Turks and Caicos as a whole. But this summary should give you a good idea on what $300,000 will get you today. With our private financing options, we can generally finance up to 50 or 60% of the purchase price. Talk to us today about our quick and easy financing in the Turks and Caicos!
