Living in the tropics has its many wonderful advantages and maybe once in a while a perk or two. I’m not going to lie to you, yes the sun, the beach & the sea are wonderful but the weather isn’t always so benign. Once in a while during the rainy season you will get wet. A tropical storm is a force to be reckoned with. There will be rain, lots of it, wind in gusts that will knock you over and humidity will rocket. This will only happen during the “hurricane season” that spans from may till mid October. But as I said before this is part of the cycle that brings lushness and prosperity to life in the peninsula.
Why am I telling you this? Well it’s because of my experience in the real estate business. People invest large portions of their patrimony in properties that have to withstand this environment year in and year out. This means always keeping a close watch on the maintenance needed in order to keep the property’s value and maximise its equity in case you are acquiring it through financing.
Here you will face three options:
- Living in the property so as to keep up with whichever maintenance is needed on a day to day basis. This comes out directly from your pocket so you must make provision for this matter and take it as the cost of living much the way you are doing so wherever you reside for the time being.
- Renting your property either long term or just for vacational periods which will give you enough revenue for you to keep up with whichever maintenance costs should arise. Many investors go this way and usually use such revenue to pay for the financing as well as maintenance. But you’re forced to hire a company which will do al the administration for you as well as keeping an eye on the property. And
- Investing on a property under the “condo/hotel” modality which will ensure you full ownership but will run it as a hotel in which case all maintenance costs are covered and will even give you a nice ROI at the end of every year. Here you can enjoy your property several weeks a year with all the amenities of a hotel but have no worries on maintenance and administrative issues.
I’ve been in the real estate business for quiete a while and have helped many friends acquire a residence in all of the above options. I have sat with them and fully explained the pros and cons of each and everyone of them. I’ve helped them make the best choice and kept in contact so as to be sure they are happy with it.
Don’t get me wrong, the rainy season may be a little bit harsh on the property but instead you get to enjoy many a day of wonderful sunny and dry living on the tropic.
I will save my experience with hurricanes and tropical depressions which are the rarest of all occurrences for a later date. In the meanwhile have a great day and stay safe.