Purchasing a Turks and Caicos Rental Income Property

The first step to owning your Turks and Caicos rental income property

So you love spending time in the Turks and Caicos Islands and have decided to purchase a Turks and Caicos rental income property. What next?

The first thing you need to consider is your price range and what you can afford to spend on a property. Secondly, how much income are you hoping to generate. On average a Turks and Caicos rental income property can make between 3% to 10% ROI (return on investment). These figures depend on several factors including the size of the property and the owner’s usage.

Location is also a key factor when considering a Turks and Caicos rental income property. Think about where your potential guests would like to stay while visiting the Turks and Caicos Islands. A good bet would be as close to the beach as possible! If you are a boater however, you might want to consider a Turks and Caicos rental income property on a canal or close to a marina. The great thing about buying real estate in the Turks and Caicos Islands, is that you are never far from one of the many beautiful turquoise water beaches!

Condo or Villa? What type of Turks and Caicos rental income property to buy

There are “condo people” and there are visitors that would prefer the additional space and privacy of staying in a villa. How much time do you think you will spend at your Turks and Caicos rental income property? If you are planning to spend more than a month or two, it is recommended that you first consider a property that would best suit your personal needs.

Here are some examples of condos that make a positive cash flow and would be an ideal Turks and Caicos rental income property. You can stay in your condo when you want and rent it when you are away:

Carpe Diem one bedroom Grace Bay Condo

Villa Renaissance 2 bedroom Grace Bay Beachfront Penthouse

Turks and Caicos Property also has a number of excellent homes and villas currently listed for sale that would generate income and allow an owner to occupy when desired.

Turks and Caicos Islands Home for Sale, Blue Mountain

Mandalay Island House PLUS Cottage

La Sirene Oceanfront Turks and Caicos Villa

Breezy Villa, Oceanfront Turks & Caicos Islands

Barefoot Beach House for Sale in Turks and Caicos

Long Bay House, Turks & Caicos Luxury Real Estate

Mandalay Villa Long Bay Beach Providenciales

Buyers please note that several of these properties also offer separate accommodations. An owner has the option to stay in the “guest” suite or house, while renting out the main residence throughout the year. Now is a good time to consider purchasing, as there are a variety of quality properties currently on the market. A Turks and Caicos rental income property to match just about every investor’s requirements!

Benefits of owning a rental income property in the Turks and Caicos Islands

Here are some of the advantages to purchasing a Turks and Caicos rental income property:

  • The Turks and Caicos Islands are home to world renowned beaches, great climate, friendly locals, a top rated golf club, world class restaurants….the list goes on and on. Most of all, you can’t beat owning a property in one of the most sought after destinations in the Caribbean!
  • Professional local property managers available to manage your property.
  • Ease of advertising on an online vacation rental marketplace such as Vacation Rentals By Owner (VRBO).
  • Owners have the benefit of generating passive income with the option of enjoying their property when desired.
  • Please note that there is also NO Income Tax on revenue made from property. There is however, a one time stamp duty fee payable to the Turks and Caicos Government on the purchase of your property.
  • Owning a Turks and Caicos rental income property is also a great opportunity for retirees that would like a second home in a warm climate with frequent flights from/to the US and Canada.

Contact Bernadette Hunt for additional information on purchasing a Turks and Caicos rental income property and to arrange a showing of one of the many vacation rental homes she has listed for sale.

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About Bernadette Hunt

Bernadette Hunt

© 2018 Turks and Caicos Property · Last modified: 31 July 2017 · Log in · Real Estate Web: darrylo