Villa or Condo? Investing in A Rental Income Property in Turks & Caicos
Do you love to vacation in the Caribbean? Are you thinking of ways to visit there more often and make some money at the same time? What about investing in rental income property in Turks and Caicos? But should you purchase a villa or a condo?
Two Important Decisions
Before you start making any real estate purchases, consider a few things first. The two most important considerations are deciding what you can afford to spend and how much income you want to make from the rental unit.
In Turks and Caicos, rental income property can generate anywhere between 3% and 10%, on average. For example, if you buy a property for $100,000, you will make between $3,000 and $10,000 per year in rent. Of course, the amount will depend on a few key factors.
What Are the Key Factors?
The circumstances that influence how much rent you will generate include the size of the property and how often you, the owner, will use the rental unit. A large unit with several bedrooms can sleep either an entire family or several couples. In addition, remember that any time you spend there means you won’t be collecting rent for those days.
Then there’s location, location, location. Potential guests may want to stay close to the beach. With its white sand and turquoise water, Turks and Caicos is a beach lover’s paradise. However, if you and your guests enjoy fishing and boating, better rental income property in Turks and Caicos would be located close to a marina or on a canal.
On the other hand, the best thing about Turks and Caicos is that no matter where you live, the beautiful beaches and clear ocean water are never far away.
Villa or Condo? Which Rental Property Should You Buy?
Some vacationers love the privacy and extra space of a villa. Other visitors enjoy staying in a condo with neighbors close by. Which one should you choose? If this is a potential retirement location or do you plan on spending several months of the year there? Think of yourself and your needs first. Where do YOU want to live?
However, if it’s strictly a rental income property in Turks and Caicos that you want, find the best location you can afford first. Then find the largest unit. A higher rental fee can be charged for a bigger and better place, whether it’s a condo or a villa.
Rental Income Property Benefits
There are many advantages to investing in rental income property in Turks and Caicos:
- When you own a property, you have the benefit of enjoying it whenever you want and generating revenue when you’re gone.
- There is also NO Income Tax collected on income from a rental property. However, upon purchase, to be paid to the Government, is a onetime stamp duty fee.
- Turks and Caicos is home to a great climate, gorgeous beaches, a top-rated golf course, world-class restaurants, friendly locals, luxurious surroundings, and more. It is a highly sought-after island for vacationers.
- Easily advertise your rental on online vacation rental marketplaces.
- To manage your property while you’re away, professional local property managers are available.
TINT Turks and Caicos
Now is the perfect time to consider investing in rental income property in Turks and Caicos. Currently, there’s a wide variety of quality properties available to match nearly every requirement of an investor! Contact one of TINT Turks and Caicos’ real estate professionals today. We are happy to help you find the perfect home away from home.