1 Bedroom Apartment Property For Sale - Barbados, Caribbean

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1 Bedroom Apartment Suite Property. For Sale in Barbados, Caribbean. Beach property in a stunning setting. Each apartment property will be air - conditioned. Located within tropical gardens of The Merricks Beach Resort, Palmetto Bay is constructed to the highest specification with colonial-style architecture. The spacious one bedroom suites provide 460 square feet of stylish and elegant living accommodation with air conditioning and a private balcony that has views along the stunning east coast and across the Atlantic Ocean.

Each suite is finished to the highest standard and fully furnished in colonial-style, a luxuriously appointed bathroom, an interactive entertainment system with flat screen TV, internet access, stereo, personal in-room safe and telephone.

Prices start from 190,000 for a luxury garden suite.

100% Finance available on these properties as follows:

The 100% finance scheme works as follows:

Example based on £200,000 property

Reservation deposit                £1,000

30% After 45 days                  £60,000          Note 1 below   

70% Guaranteed mortgage       £27,500          Note 2 below  

2 Years guaranteed rental         £40, 000         Note 3 below   

50% Rental share thereafter      £59,000 pa.    Note 4 below  

Estimated mortgage cost           £18,000 pa     Note 2 below  

How it works

A £1,000 non-refundable fee is only needed for the reservation of a specific property.

Note 1 An additional 30% deposit is then required (less £1,000)
within 45 days of reservation. Should you choose to borrow the 30%
deposit; the developer will pay the loan repayments, including
interest, for this deposit until completion of the specific unit you
have reserved. The interest element of these payments will then be
added to the purchase price upon completion. (Example, Property price
£200,000. £1,000 reservation fee paid. The deposit = £200,000 x 30% =
£60,000 - £1,000 (reservation fee) = £59,000. Interest on £59,000 @ 6%
p.a. = £295 per month, paid for 24 months by the developer = £7,200
added to the purchase price upon completion).

Due to the significantly discounted off-plan price and the likely
capital appreciation during construction, it is anticipated that the
£200,000 purchase price will have grown in value, on completion, to
circa £325,000

Note 2 At this point a guaranteed 70% loan to value mortgage is
available and you will, therefore, be able to borrow up to £227,500
against the £325,000 valuation.  This is ample to repay the outstanding
£140,000 (the purchase price less £60,000 deposit paid) as well as the
accrued interest of £7,200 and to repay any loans used to finance the
£60,000 deposit.

Assuming you borrowed the maximum loan to value i.e. £227,500 the annual interest would be £18,200 based on a rate of 8%.

Note 3 The rental guarantee of 10% (payable in the first 2 years
following completion), based on the purchase price of £200,000 will
generate an income of £20,000 p.a., which is sufficient to cover your
loan interest charges.

Note 4 Alternatively you could retain the £59,000 loan taken out for
the original deposit, pay the interest yourself each month, from
completion onwards, and use it to invest in a further investment
property purchase.

You are free to sell your property at any time, although you are
likely to receive an optimum price once your unit has been built and
you are in receipt of a guaranteed income stream.

Any recipient of this document who is in any doubt about the
investment to which this document relates should consult an authorised
person specialising in investments of this kind.

If you would like to know more about these Caribbean properties we can offer then please contact us now for more information about Caribbean property. 

Development

Palmetto Bay - The Merricks, Barbados, Caribbean

Facilities near this development

Facilities in this property