Buying a property in the Caribbean can be a great investment. What better, than to own a home in an island paradise. There are many opportunities that await you in purchasing an investment property, but where do you start? Why not just buy a beachfront property in my own country? Who will take care of my property while I’m not there? Here are 6 of the most important pro’s and con’s to consider, when investment buying in the Caribbean.
Great long-term investment. International purchasers have a host of endless possibilities with buying properties in the Caribbean. Not only can this property be your vacation home, it can earn for you, being rented while away, the value increases over time on it’s own and you can even start your own little B&B.
The Climate. It’s the Caribbean! Owning a home in the Caribbean means a vacation is just a backyard away. Free tanning on the lawn; in the golden warm sun, enchanting blue skies and beaches just a walk away and not one sign of snow as far as the eye can see. The climate is great for people who like outdoor activities without having to deal with extended or extreme weather conditions.
A Fresh Start. Sometimes the drive you need to get to that new level in life, is in starting something new. With a new culture to explore and integrate into, there are many fascinating things to learn and do in the Caribbean. The city life is miles faster in how it operates, but slowing down and changing course, is many times essential in bringing about the real change and life achievements we have longed for. Our atmosphere truly has an effect on our experiences, change is good.
Bad Weather. People use the Caribbean’s climate as an escape from their winter affected home countries year after year. It is an important factor to consider when purchasing properties in the Caribbean. Although mostly sunny throughout the year, Caribbean countries are prone to hurricanes and flooding, with heavy rainfall. With that in mind, any thoughts on investment must begin with finding out the cost of properties with good infrastructure.
Maintenance. Your new property is thousands of miles away it’s not as easy to keep an eye out for repairs or securing your property, from a distance. This potentially means hiring a property manager to keep your gardens, clear overgrowth or prep your property in the event of a storm. This is an additional cost that may be ongoing and requires placing a great deal of trust into that caretaker’s hands.
Length of the Buying Process. Buying property in the Caribbean is not as easy as vacationing there. There is a lot of red tape and government bureaucracy that foreigners have to go through in order to make a purchase. This process begins with finding the right agent that will make it as seamless as possible, knowing what documents and fees are needed and being prepared to be patient. If you are in a rush and on a tight budget, you may really want to weigh all your options before fully committing to such a big investment.
In the end, it comes down to assessing your wants/needs and determining what is best for you given your examination of these pros and cons. If you find that investing is something you really want to consider, head on over to our real estate website and start browsing. If you see something you like, we can show you the possibilities that exist just for you.