Caribbean property for sale - 1 Bedroom Cabana, Barbados

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Caribbean property for sale. This lovely Caribbean property is located within a tropical setting with water features, banana plants and many sub tropical flora. The wonderful, relaxing environment with walkways between the water features and car parking on the edges creates an idyllic setting.

Owners of the Cabanas have the option of purchasing a luxurious furniture package for an additional cost and all owners of these Cabanas will have the full facilities of the Merricks Hotel and Spa. This will include swimming pools, tennis courts, the spa and much besides.

Own a charming Caribbean property from as litle as £395,000 and 100% finance is available 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     £227,500        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.

Check out our knowledge base for more information on buying Caribbean prperty, owning a place in Barbados, living in the Caribbean and much more. And don't forget to download our handy property return on investment calculator to help you work out what it will mean financially to you.

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

Development

The Merricks, Beachside properties, Barbados/Caribbean

Facilities near this development

Facilities in this property