5 tips for buying Caribbean beachfront property, Turks and Caicos Island homes, Cayman Islands property online advice
5 Tips for Buying a Beachfront Property in the Caribbean
27 October 2022
The Caribbean is known for its numerous, diverse beaches.
From white and pink to black sand beaches to a range of caves, you’ll find the perfect spot to enjoy a relaxing and fun-filled day on a beautiful coastline.
Buying a beachfront property in the Caribbean, therefore, makes sense when you want to have a second home in any of the countries here.
A beachfront property is everyone’s ultimate dream home. It’s the perfect place for your long vacations and impromptu getaways to escape the daily grind and get some much-needed rest. A beachfront home gives you, your family, and guests quick access to the nearest beach. This means no more long rides or treks just to be able to relax on the sand and take a dip in refreshing waters.
You’ll also have fantastic views of the sea, sunset, and surrounding panorama right inside your home or outdoor space. The sounds of the soft lapping waves won’t fail to put your mind at ease and help you relax at any time of the day.
Investing in Caribbean real estate is pretty straightforward as well, with different types of residential properties and locations to choose from and plenty of professionals who can help you with every step of the purchasing process.
Buying the Ideal Beachfront Home in the Caribbean
Although options and professional assistance are abundant when purchasing a property in the Caribbean, you still have to practice due diligence throughout the entire process.
You can ensure you buy a beachfront home in the Caribbean that meets all your requirements when you follow these tips:
1. Select the right Caribbean country to own a home in.
There are several countries in the Caribbean where you can own a second home. All nations here have their fair share of lovely seacoasts, meaning they have plenty of beachfront properties to choose from.
However, some Caribbean countries offer more than just stunning beaches and the chance to own a home near one of them.
Antigua and Barbuda, Dominica, Grenada, St. Kitts and Nevis, and St. Lucia are Caribbean countries with plenty of amazing beaches and Citizenship by Investment Programs (CIPs). These programs allow foreign investors to own a second passport and home at the same time.
The passports issued by these countries are some of the strongest in the world, allowing holders visa-free entry to various parts of the globe.
Aside from granting lifetime dual citizenship, these CIPS let you have access to attractive tax benefits. These include exemptions or low payments on capital gains, estate, inheritance, and wealth duties.
If you are interested in getting a second passport, enjoying tax benefits, and owning your dream beach home in the Caribbean, consider narrowing down your options to properties in the five countries with CIPs.
2. Study the specific location of each property.
Once you’ve narrowed down the countries where you want to buy a beachfront property, research the best residential addresses.
First, check the proximity of the property to the water. Although a home near the beach is highly convenient, it might increase your flood risks and insurance rates.
The ideal beach house should be at least 500 meters from the coastline. However, this can be farther depending on local housing laws.
Find out if the place is too remote as well. The house shouldn’t be too far from the main road or street; it should be accessible by foot and transportation.
Next, ensure the area is convenient and pleasant for you to live in. You should have quick access to restaurants, supermarkets, convenience stores, pharmacies, and other places you frequent.
If you want to turn your beach home into a holiday rental whenever you’re not using it, you have to check if the area is popular among tourists.
Additionally, try to get an idea about what your neighbors are like. You want them to be nearby and friendly but not loud and intrusive that you won’t be able to relax and de-stress in your own home.
Aside from doing your own research, work with a property advisor to check all these factors to help you narrow down your choices further.
3. Get details about the property’s foundation and construction.
Hurricanes and monsoons are common occurrences in the Caribbean. Because of this, ensure the beachfront home you buy is weatherproof.
If you are leaning towards a beach house and the area is prone to flooding or storm surges, look for a property built on stilts.
Also, find out if the construction materials used are wind and flood-resistant and durable enough to stand up against heavy rains and high temperatures.
In general, concrete and strong wood are the best materials for beach houses and villas.
Again, your property advisor can help you get these details if you cannot obtain them yourself.
4. Check the outdoor living area.
One of the things you’ll look forward to doing when you have a beachfront property is relaxing and spending time outdoors.
Because of this, you have to ensure your future home has an outdoor living space you like.
Check the property’s outdoor space. Does it have a patio, porch, front or backyard, or both? If you want a private swimming pool or recreational and entertainment area, find out if there is one on it.
Whatever outdoor features you need, ensure your beach property has it to get the most out of your investment.
5. Consider all expenses included in buying and owning the beach home.
Without a doubt, you’ll still have plenty of potential properties to choose from, even after you’ve considered the key elements.
Go one step further in your beachfront property search in the Caribbean by taking note of the amount you set aside for buying one and the recurring expenses you have to pay.
Consider your budget when choosing from your shortlisted properties. However, don’t forget to include the other costs of purchasing a home, such as taxes, insurance, and consultancy fees.
Also, if you are buying a home under a CIP, ensure you set aside money for the application fee and other related costs.
If you’re not buying a new home, think about the upgrades and fixes you might have to do, which can be costly. You may also need to invest in some renovations and additional furniture if you want to turn the property into a holiday rental.
Lastly, consider the property’s maintenance costs. Beachside homes usually need more frequent repairs and upgrades because of the salty air, sudden weather changes, and extreme temperatures.
Buying a beachfront property in the Caribbean is a dream worth fulfilling. Follow these tips and you’ll have a home you won’t regret owning in an island paradise.
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