Rental Property Experiences?

Apologies, I didn't specify where.  Anyone have experience with vacation rental properties in Providenciales.

Thanks

If you need the rental income to afford the purchase of the property then I would suggest that you not buy it.  Generally, you make your money on the appreciation of the property.  If it is a well managed property in a good location then you may make enough to defer the expenses of keeping the house and maybe cover your own stay in the property.  Management is expensive and generally speaking you can look to receive 50 to 60 percent of the rental income.  Monthly management fees around 350.00 per month.  The manager usually gets 10 to 15 percent of the booking fee and an additional 15 to 20 percent commission if they generate the booking.  Cleaning costs, supplies, repairs, utilities (up to .56 per Kw for power).

Thank you Lobomaga!  This is definitely helpful.  I definitely wouldn't want the burden of having to rent it to afford it.  It appears many that use the VRBO sites have a better success rate than those forced into their resort of choice rental pool.  Lots to consider of course. 

Many thanks

You should know that there is legislation in the works that would require any condo owner to place their unit in the management pool on site if they want to rent it.  The goal is to get rid of VRBO rentals all together.  They have broached this topic a few times in the past and backed away from it but know that it is still very much a concern.

Oh yes, I did hear that!  I believe there are only a handful of the resorts still allowing the use of VRBO.  It's such a tough call on both sides of the fence for sure.   Thank you for the update, I'm also considering a land purchase and going that route when the time comes....trying to weigh the pros and cons...

Many thanks again!!