Some 80 minutes southeast of Miami, off the Florida Keys are the Turks & Caicos Islands. Often referred to as TCI for short, this small quaint British Dependent Territory south of the Bahamas has grown to become a vacation and retirement Mecca for Canadians. It's no wonder. No different than the droves of Canadians that head out of the city to cottage country each summer, with multiple direct flights out of Toronto each week, more and more Canadians are opting to invest in a second leisure home in TCI to truly get away from it all and enjoy 12 months of endless summers.
Why buy a home in TCI?
TCI is blessed with some of the most stunning beach coastlines in the entire world. In less time than you can go from the GTA to Niagara Falls and back, you can find yourself relaxing on one of the best beaches in the entire world. With sandy beaches that stretch for miles as part of a national park system, it comes as no surprise that travellers consistently rate TCI beaches amongst the very best in the world. And with over 300 days of sunshine each year it is hard not to reconnect with nature and indulge in an active outdoor lifestyle.
In TCI you will discover that you will never see a traffic jam again. There is not even a single traffic light, any fast-food franchises, or mega malls for that matter in the entire country. Fortunately, by car you can get anywhere real quick. If you do like to shop or wine and dine you will find a cornucopia of boutiques, duty-free, unique eateries, coffee shops, nightlife and fine dining venues. Prefer to eat in and stay connected with the world outside. No problem. What you want is what you get. It is all here. From the simple to the sublime, TCI is the perfect idyllic setting to get back to basics and redefine life as you have always dreamed it could be.
Whether you are interested in buying a charming Caribbean cottage, penthouse condominium or a lavish villa, the process of buying a home in TCI is easy. In fact, it is very similar to the process of buying a home in Canada.
Given the strength of the Canadian dollar coupled with historically low interest rates, and softening in the marketplace created due to the downturn in the U.S. economy, now is the best time in over two decades to invest in the TCI real estate market. With luxury fully furnished condos minutes from the beach priced from as low as $110,000 (OneOnMarlin.com) - much less than the price of even a modest cottage in Canada - it's no wonder the number of people arriving in TCI is up 10% since last year.
The process starts with a Purchase and Sales Agreement. New developers typically use their own standard form of agreement, especially in the case where you are buying a condominium. But if you are buying a resale offered through the Turks & Caicos Real Estate Association (TCREA.com), they also have an industry standard form of agreement. Either way, you do not need hire a lawyer to prepare the sales agreement for your home in TCI.
To get the rest of the information you need to know to invest in Turks and Caicos, including deposits, payments and closing costs, pick up a copy of our October issue, on newsstands until Oct. 12.
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