The Advantages & Disadvantages of beachfront land

by Pathlie Lee Business consultant

When it comes to real estate in Turks and Caicos, it’s easy to see the picture postcard perfect scenery. Gorgeous white sand beaches, prestige developments, and the idea of owning a little slice of paradise in one of the premier tax havens of the world can be very tempting. Investing in real estate is, after all, one of the methods to attain permanent residency status, along with investing in a business, or in public works. Beachfront property is the hottest commodity in the islands but investing or owning in these properties comes with upsides and downsides.

The Good

There are so many terrific things about owning a home in the Turks and Caicos Islands. Whether it’s a small studio condominium or a large private home for family and friends, there are four big advantages to buying real estate in the beautiful islands.

 

1.      Owning your own slice of paradise on a private beach can be a dream come true. Whether you are retiring or taking frequent vacations, your spot is always reserved.

2.      Additional income comes from putting your home to work when you are not in residence. Short or long-term, rentals at peak season can really pad out the bottom line.

3.      Endless summer. Temperatures in the Turks and Caicos Islands average about 80° year-round. 75°F is considered to be cool.

4.      Do all the things. Swimming, snorkeling, boating, fishing, or whatever your heart’s desire might be, the ocean is right there at your doorstep.

 

The Bad

Of course, there are drawbacks to purchasing coastal properties that range from the mildly annoying to the devastating.

 

1.      Of course, no property in the Caribbean is free from the danger of hurricanes and sea level rise is a growing concern. Much of the damage can be controlled by building with erosion controls, keeping natural dunes in place, and building with the highest quality materials and engineering.

2.      With these hazards in mind, insurance for beachfront properties can be higher than for inland properties on higher ground. In the event of a major hurricane, your home may be rendered unreachable or uninhabitable. Make sure to ensure for loss of use and replacement value.

3.      On a more lighthearted note, it may be difficult to enjoy your slice of paradise when everyone from your hometown wants to be your houseguest. It may be especially difficult to get them to leave.

4.      During high season, the crowds and the tourists can be overwhelming. Can you blame them? These legendary Carribean islands are one of the most beautiful places on earth. All the same, your private beach and views may not be so private after all.

 

 

Local Know-How

Working with local real estate pros is the best way to find an appropriate property for either your primary residence or as a full or part-time rental. Experienced local realtors do many deals with international buyers and know the ropes and pitfalls that would be hazardous to an amateur. Pick an experienced firm for purchasing real estate in Turks and Caicos, and by your own slice of paradise.

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Created on Feb 14th 2019 20:45. Viewed 281 times.

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