Buying a vacation property in the Caribbean is an exciting undertaking, but it can be quite complicated. There are a lot of factors to consider - and a lot of room for potential mistakes.
Here are some of the mistakes we often see first-time buyers making when they are considering a property in the Caribbean. It’s important to be aware of these potential pitfalls, so you can ensure your vacation rental property purchase goes as smoothly as possible.
Thinking There’s One “Right Way”
When it comes to purchasing a property in the Caribbean, there’s never only one “right way” to go about it. Some choose to purchase the full property, others opt for a timeshare, and others choose fractional ownership. Each different type of property purchase has its own advantages and disadvantages.
Partbnb offers you the option to own a piece of property in the Caribbean via fractional ownership. You don’t have to own the entire house, you can own a small piece of the property. You’ll be able to manage your portion on the online dashboard, earning ongoing income from vacation rental earnings while also being able to stay in the property yourself.
Assuming Every Caribbean Island is the Same
Many people make the assumption that if they have seen one Caribbean island, they have seen them all. However, that’s simply not true.
In fact, the islands of the Caribbean are incredibly diverse and each one has its own unique attributes, culture, history, weather, and more. From the Eastern Caribbean islands of St. Maarten, St. Lucia, and Barbados to the Western Caribbean Islands of Grand Cayman and Belize (and everywhere in between!) there’s so much to discover.
Before you buy a home in the Caribbean, take your time to do your research and learn about each of the distinct islands. You may find that one particular island really calls your name and just feels “right” for your vacation home.
Not Doing Your Own Research
One of the big mistakes you can make when buying a property in the Caribbean is to only read one source when it comes to learning about the property and the location. It’s important to do a bit more research so you have a clear picture of what you’re getting into.
There are many ways you can get detailed and balanced information about the destination you are considering. For example, you can post in group forums and talk to others who own property about their experiences. There are many great communities online for Caribbean vacation homeowners and they can offer you some excellent insights.
Forgetting About Seasonal Weather Changes
Before you buy property in the Caribbean, it’s important to understand how much the weather can fluctuate throughout the year. From trade winds to hurricane season to tropical rains to blazing sunshine, each season is very different. You’ll want to take this into account when deciding when to stay in your property, as well as predicting peak times for tourism.
Each island in the Caribbean has slightly different weather patterns. However, typically the dry season goes from December to May. The hurricane season, which has higher levels of rain, usually lasts from June to November.
Buying Without Visiting First
It would be a big mistake to purchase a property in the Caribbean without visiting the location at least once. You can do plenty of research online, but there are certain things you can’t really understand about a destination until you’ve been there in person.
Ideally, you should visit the location a few times during different seasons. Many Caribbean destinations are dramatically different depending on the time of year you are there.
Of course, this is not necessarily a bad thing. You might find that you even prefer the location in the off-season. The weather might be slightly cool and rainy, but there will be fewer crowds and more opportunities to enjoy the laid back local vibe.
Forgetting to Factor in All Costs
When you are purchasing a property in the Caribbean. It’s important to consider all the other costs associated with the home sale. Fortunately, when you purchase with fractional ownership via Partbnb, the costs are relatively straightforward. You can choose a home and purchase 1/8th of it, with our expert team helping to guide you through the buying process.
You’ll have a very clear and agreeable Owners Agreement that makes all costs transparent and easy to understand. Then, you can manage your partial ownership in the property via the smart online platform.
However, don’t forget about the other costs you will incur during the process of purchasing a property. For example, the costs of flights to and from your property and other expenses when exploring and getting to know the area.
Expecting to Find the Perfect Home
One thing to remember when you are looking for property in the Caribbean is that there is no such thing as the “perfect” home. You will have a lot of options, each with their own pros and cons. However, most of the time there will be some aspect of the property that doesn’t work for you.
The key is to think about what’s most important to you. You might decide that having a beachfront location is most crucial, or that square footage is your essential factor. When you determine which features are most important to you, you’ll be able to excuse the other imperfections that won’t make much of a difference to you.
Second Guessing Yourself
Many people hesitate when it comes to making the final decision on buying a property in the Caribbean. While it is important to do your research and take your time choosing the right property, at one point it’s time to just go ahead.
You could potentially lose out on the opportunity to live your dream of a vacation home in the Caribbean if you second-guess or hold back. So, of course, you should proceed with caution - but be sure to proceed!
Learn More About Owning a Caribbean Vacation Home
To learn more about fractional ownership of a Caribbean vacation home, check out the details of our buying process. If you have any questions, you can feel free to contact us at any time.