Factors to consider before buying property

Posted by Amos Fred on March 18th, 2019

Anyone looking at Turks and Caicos property for salecan be forgiven for falling head over heels in love. After all, these islands are some of the most beautiful places in the world, with abundant natural beauty, beautiful white sand beaches, and clear blue water. Anyone seeking the island lifestyle and looking for waterfront property can be forgiven for seeing only the good points. However, when purchasing any island or waterfront property, there are certain points that you need to consider before trying to live the dream.

Five Things to Consider

1.  While beachfront property holds its value better than most other types of property, during a downturn, it may take a while to sell. Make sure that you can afford to hold onto the home in an adverse market. If you can write it out, you may realize a significant profit when you sell the home.
2. Have a plan. While you might dream of amazing vacations, or even snowbirding to a warm climate for the winter, your house does not need to sit idle. Planning what to do with your home when you’re not at home should be a part of any home buying plan.
3. The desirability of a given property as a rental is based on where the property is located. Certain areas of the Turks and Caicos are more in demand than others. Know your market before you buy, and preferably rent in those areas where you are considering buying property.
4. Do your due diligence. When a lot or home is going for significantly less than its neighbors, it may be less a case of getting a terrific deal then getting a real stinker. There are a number of reasons that particular property would go for less than average for the neighborhood, including seawall issues, high water table, a history of flooding, or other drawbacks of purchasing waterfront property.
5. Factoring in insurance. Homeowners insurance frequently does not cover damage from wind or floodwater. These writers must be purchased separately and can be exceedingly expensive.
6. Coastlines shift over time. That deep expanse of sandy white beach can disappear in a heartbeat, so it pays to look at historic surveys of the high tide line.
7. Hurricanes. Even a “little hurricane” - a category one or two - comes with high winds between 74 and 110 mph and torrential rains. These storms can knock out power for weeks or months, and play havoc with septic systems and potable water.

Get an Experienced Agent

A key factor to success in purchasing Turks and Caicos property for sale is retaining an experienced real estate agent to work on your behalf. Local agents are best; they’ve been around for longer and know the market better than anyone else. Additionally, local agents often have access to exclusive listings that other less well-connected agents do not. Trust your agent to guide you around the process of purchasing property in the Turks and Caicos, and making sure that your piece of paradise is as trouble and worry-free as possible.