Apartment Property for sale in Palmetto Bay, Barbados, Caribbean.

Apartment property for sale. Set within the fertile tropical landscaped gardens of the Merricks Beach Resort, Palmetto Bay, Barbados, these apartments are built to a very high standard. 

These spacious Barbados apartments are designed for the best in luxury living and benefit from installation of the state of the art interactive entertainment systems and luxury appointments throughout. The apartments come with guaranteed rental income and a 100% finance plan as follows:

The 100% finance scheme works as follows:

Example based on £200,000 property

Reservation deposit £1,000

30% After 45 days £60,000. Note 1 below   

70% Guaranteed mortgage £ 227,500. Note 2 below  

2 Years guaranteed rental £ 40, 000. Note 3 below   

50% Rental share thereafter £ 59,000 pa. Note 4 below  

Estimated mortgage cost £ 18,000 pa. Note 2 below  

How it works

A £1,000 non-refundable fee is only needed for the reservation of a specific property.

Note 1 An additional 30% deposit is then required (less £1,000) within 45 days of reservation. Should you choose to borrow the 30% deposit; the developer will pay the loan repayments, including interest, for this deposit until completion of the specific unit you have reserved. The interest element of these payments will then be added to the purchase price upon completion. (Example, Property price £200,000. £1,000 reservation fee paid. The deposit = £200,000 x 30% = £60,000 - £1,000 (reservation fee) = £59,000. Interest on £59,000 @ 6% p.a. = £295 per month, paid for 24 months by the developer = £7,200 added to the purchase price upon completion).

Due to the significantly discounted off-plan price and the likely capital appreciation during construction, it is anticipated that the £200,000 purchase price will have grown in value, on completion, to circa £325,000

Note 2 At this point a guaranteed 70% loan to value mortgage is available and you will, therefore, be able to borrow up to £227,500 against the £325,000 valuation.  This is ample to repay the outstanding £140,000 (the purchase price less £60,000 deposit paid) as well as the accrued interest of £7,200 and to repay any loans used to finance the £60,000 deposit.

Assuming you borrowed the maximum loan to value i.e. £227,500 the annual interest would be £18,200 based on a rate of 8%.

Note 3 The rental guarantee of 10% (payable in the first 2 years following completion), based on the purchase price of £200,000 will generate an income of £20,000 p.a., which is sufficient to cover your loan interest charges.

Note 4 Alternatively you could retain the £59,000 loan taken out for the original deposit, pay the interest yourself each month, from completion onwards, and use it to invest in a further investment property purchase.

You are free to sell your property at any time, although you are likely to receive an optimum price once your unit has been built and you are in receipt of a guaranteed income stream.

Any recipient of this document who is in any doubt about the investment to which this document relates should consult an authorised person specialising in investments of this kind.

Each of these Barbados apartments feature a private balcony or patio, in a well laid out plan to ensure the best views along the stunning east coast and Atlantic ocean. The furnishings are likewise in a colonial style and have the additional benefit of air conditioning.

The facilities at Palmetto Bay include a choice of restaurants including three roof top cafe where guests and owners can enjoy breakfast, light lunch’s afternoon tea or dinner whilst savouring the stunning views across the bay. Other facilities include

• Several freshwater swimming pools situated within the gardens, all with a concierge service for drinks and snacks.
• A Fitness Centre comprising state-of-the-art cardiovascular and physical training equipment, including resistance weight machines, treadmills, bikes, cross trainers and rowing machines.
• A Sports Academy offering expert tennis, football and cricket coaching for all ages and abilities.
• A Water sports Centre offering, snorkelling, catamaran sailing, kayaking, windsurfing and water skiing.

For relaxation the Resort has a wide choice bars and restaurants which offer an equally wide choice of cuisine, in addition there is the a Beach Club with terraces and gardens providing relaxing, shaded areas to enjoy cocktails and casual dining by day and night.

There is also the unique Island Sanctuary Spa which has indoor and outdoor treatment suites providing a range of, beauty treatments and holistic therapies.

There is a small shopping mall of boutiques offering a choice of fashions, gifts and jewellery. In most shops you have the opportunity to make your purchase at tax-free prices.

If you would like to know more about these properties we can offer, then contact us now for more information.

• Region: View All "Barbados Condos"
• Country: View All "Dominican Republic Condos"
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