Choosing whether to sell or lease your Caribbean island home can be a hassle. While choosing to sell might mean you are ridding yourself of that property, have you considered why it might not be the best decision? With falling market prices, inflation, and so on, selling off your property might not be in your favor. You might also find that your Caribbean island home doesn’t fit your standards anymore, but still enough to yield profits for you. So why should you choose leasing out your Caribbean island home over an outright sale?
1. Profit: Thousands of tourists visit the Caribbean islands yearly for their Caribbean escape. This means that accommodation is always in high demand. You can take advantage of this by listing your home for rent, sit back, and earn huge profits as a property owner. As the festive season approaches, tourists around the world are packing their bags for their respective Caribbean escape, and your property might be the right place for them.
2. Safety against inflation: Inflation is the bane of every real estate market, especially in the Caribbean, where prices often fluctuate. How can you protect your property? During a period of low inflation, your Caribbean island home can be a security, and during a period of high inflation, you can sell your home and make much more profit. In the long run, leasing your home instead of selling it off might be a call in the right direction.
3. Vacations: After a hectic work period, you may miss the Caribbean islands’ serenity. At this point, that property you’ve been considering selling might come in handy. So, instead of selling it just yet, you can lease it out for a short term while you are busy going after other pursuits.
4. Accumulated profit: Once you can always ensure your lease revenue outweighs your cost, your profits will continue to accumulate over time. Given the high demand for homes in the Caribbean islands, property owners who have multiple structures on lease or rent are able to periodically (monthly, quarterly or yearly) compound their profits.
5. Avoid incurring losses in a down market: Selling your home would not be in your favor if market prices take the worst turn. When market prices plummet, keeping your property for lease would be a safe bet. First, you get to avoid incurring huge losses on your Caribbean home. Secondly, with rents flowing in at all times, you are sure to earn a stable income irrespective of market conditions. You can also rent out your property for special events like house parties to keep your costs at bay during market downtimes.
Also read: Why you need a good property manager?
Your doubts should have been cleared about selling or leasing your Caribbean island home. That your Caribbean island home no longer suits your current demands does not mean you should sell. After all, tourists could still find it good enough for their Caribbean Escape.
This article explores the reasons why leasing your Caribbean property is much more preferable to selling.