The Caribbean is one of the most visited holiday destinations in the world and it continues to attract flocks of tourists every year. If you are the entrepreneurial type and you have a chunk of money to spare, you can make that money grow bigger over time by capitalizing on the region’s popularity. Buy a Caribbean villa or apartment and rent it out to tourists (or even locals). Peak months are from December to April, but even during off-peak season, the Caribbean still pulls in a steady stream of tourists.

Buying a property in the Caribbean is also easier for foreigners these days since most local governments have opened up their territories to foreign buyers and investors. As a bonus, you can use the property for your family and yourself whenever you’re in town for a holiday.

One property you might consider buying is the Compostela apartment complex in Grand Cayman—specifically on South Church Street, George Town. This complex has 16 units; 13 one-bedrooms, 2 two-bedrooms, and 1 three-bedroom. There is a common laundry room for tenants and the property also provides ample parking space. Not far from the parking area is a fairly large swimming pool which was recently upgraded.

The apartment complex was built in 1980, but it’s very well-maintained. It sits on a huge lot and there is plenty of extra space where new owners can build additional units.

The apartment complex has a very laid-back feel. It doesn’t try to be fancy, but it’s not shabby either. It’s unpretentious yet cozy and charming. And since Compostela has simple exteriors, there’s a lot of room for fun redesigning projects—not that the apartment complex needs it. It looks fine as it is, but for owners who have a creative eye, the uncomplicated features of Compostela are a great outlet for their artistic urges.

The entrance to the property, for example, is an unpaved driveway flanked by plots of Bermuda grass. It’s clean and pleasant, but a landscape designer will probably see it as a canvas full of design possibilities. New owners with a passion for decorating might also want to give Compostela a whole new look. The Compostela apartment complex has its own quiet charm, but it’s admittedly a bit lacking in personality. Adding some color to its mostly white structures is sure to liven up the place.

Buyers who can afford other properties more expensive than Compostela might be tempted to dismiss it due to its relatively humble appearance, but there is so much potential in this apartment complex. In fact, it currently brings in a gross annual income of more than $300,000 USD. It also has a very convenient location—being close to some of the best beaches and other amenities such as shops, schools, and hospitals.

With a little redesigning and a little promotion, new owners can greatly boost the earning potential and overall value of this property. If you have a passion for buying real estate and making the place even better than when you first found it, you’re definitely going to enjoy making a project out of the Compostela complex.

 

This entry was posted on Wednesday, August 29th, 2012 at 6:24 pm and is filed under George Town Villas - Grand Cayman. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.