studio apartment for sale
St Vincent and the Grenadines - Buccament Bay Beach Resort Apartments, ST VINCENT
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This property is available with the following number of bedrooms:
Studios from $US 245,318
1 Bedrooms from $US 276,972
2 Bedrooms from $US 308,626
- Distance to Airport: 15 minutes
- Distance to Beach: Front line
- Completion Date: Summer 2010
- 100% FUNDING IS AVAILABLE (including the deposit)
- Only 30% deposit, balance on completion
- 70% LTV guaranteed non-status mortgage available
- 2 YEAR 10% RENTAL GUARANTEE (including 30 days personal usage) followed by AN ONGOING 50% ROOM RATE SHARE
- Fully Furnished
Buccament Bay Beach Resort will nestle in the beautiful bay of the same name. Only a 15 minute drive from the existing and proposed airports, the resort is superbly positioned on the Western coast. Experienced Caribbean lovers will be aware that on neighbouring islands, West coast properties command a substantial premium as they boast the quieter, more sedate waters of the Caribbean sea as opposed to the Atlantic.
The finished resort will have a mixture of properties, from studio apartments to four bedroom plantation houses residing in their own landscaped grounds. Facilities will include a gymnasium, full hotel facilities, pools, spa and casino.
The cabanas make up the infrastructure of the hotel supplying five star rooms with the freedom of your own private villa. Aimed at the investment market the cabanas come fully furnished with air-conditioning and free occupancy for the owner one month per annum.
The whole complex will be run as a hotel, much as the famous ’Plantation Beach’ in St Lucia. This provides an excellent investment opportunity and the fulfilment of a lifelong dream to own property in the Caribbean.
Rental occupancies for neighbouring St Lucia and Barbados currently run at over 80% and with property prices a fraction of those of it’s West Coast neighbours, the rental returns are likely to be incredibly substantial in the next few years.
PAYMENT EXAMPLE - 100% FINANCE AVAILABLE
Based on a Purchase Price of £200,000
- To reserve a specific property you will need to pay a £1,000 non-refundable Reservation Fee
- Within 45 days of reserving your property you will need to pay a 30% Deposit (Less the £1,000 Reservation Fee) which is £59,000 (£60,000 - £1,000)
- Should you choose to borrow the 30% deposit (by way of either a secured or un-secured loan), the developer will pay the loan repayments, including interest, for the 30% deposit until completion of the specific unit you have reserved. These payments will then be added to the purchase price upon completion.
- Example: Property price £200,000. £1000 reservation fee paid. The deposit = £200,000 x 30% = £60,000 - £1000 (reservation fee) = £59,000. Interest on £59,000 @ 6% p.a. = £295 per month, paid for 24 months by the developer = £7,080 added to the purchase price upon completion.
- Due to the significantly discounted off-plan contract price and the capital appreciation during the construction phase, it is anticipated that the £200,000 purchase price will have grown to a property value at completion of about £325,000
- At this point a 70% "Loan to Value" guaranteed mortgage is available and you will therefore be able to borrow up to £227,500. This is clearly ample to pay for the £199,000 (purchase price less £1000 reservation fee) that you owe as well as to repay the payments that the developer has paid (£7,080 in the example above) towards your 30% deposit loan
- Assuming you borrowed the maximum loan to value mortgage, available from the example above, you would borrow £227,500 on which the annual interest payment would be £18,200 based on a rate of 8%. The Rental Guarantee of 10% of your purchase price of £200,000 will generate you an income of £20,000 each year, should cover your mortgage payments. If you wish you could retain the £59,000 loan you took out for the deposit, pay the interest yourself each month, from completion onwards, and use the money to invest in a further investment property purchase
- After 2 years the 10% Rental Guarantee will end. At this time you will be able to take advantage of the 50% Room Rate share which is estimated to be worth at least £40,000 per year cash flow
Stage payments are required during the completion phase which can be made as follows
- The developers have an arrangement by which they will be making the payments on your behalf which is being supported by their bankers in the Caribbean.
- The developers will be appointing an independant quantity surveyor who will be inspecting the works undertaken at each stage and on this report the bank will forward the developer the funds related to the work undertaken. The customer will be charged the interest only that relates to the amount of money that the bank releases. The interest rate will be the rate charged at the time by the bank.
- This process gives you the peace of mind that the work is progressing well and that the bank is watching and looking after your investment.
- Once the property is ready the 70% is due, which you can pay in full or within the six months prior to completion, can arrange a mortgage with the bank in the Caribbean.
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- Posh Property International Ltd does not claim to be a Financial or Legal Advisor
- Any investment examples are for illustrative purposes only and cannot be guaranteed