Investment Property in the Caribbean - Features and Benefits For Investors - Part 4 Quality

The Caribbean is synonymous with luxury and quality and there are a number of famous holiday resorts in the region which literally drip with both. Resort names such as Sandy Lane and Royal Westmoreland and islands like Mustique and Eleuthera conjure up holiday destinations delivering the ultimate in luxury and quality, in which only the very rich and famous can afford to invest.

Of course, quality is very important in attracting the maximum number of people to holiday in your Caribbean investment property. If you have decided to have a self catering apartment, house or villa outside a resort development then it is important that the quality of the local environment, build, furniture, and facilities are all to the highest standard you can afford.

If you are investing in a property within a Caribbean resort development there are so many more items that need to be of the highest quality to keep visitors coming into the resort, again and again if possible.

The quality of every aspect of your property investment is important, of course. You may get the location absolutely correct by choosing a well established tourist island such as Barbados or an up and coming rival such as St Lucia. However, there is not much point if you have purchased a shack in which nobody will want to spend their holidays.

But you're not going to do that because it doesn't make economic sense and the demand in the Caribbean is for quality holiday accommodation and the more quality, the better the tourists who visit the Caribbean like it.

It doesn't follow that everyone who holidays in the Caribbean is a multi-millionaire, but there are a lot of people who regularly spend their holidays in the islands and look for the highest quality they can find.

You don't necessarily have to buy the best quality property money can afford but it's advisable to buy the best you can afford, because demand in the Caribbean is for more, not less, quality holiday accommodation.

There are a number of quality developments taking off in such islands as the Dominican Republic where you may expect to find typical Caribbean climate and scenery mixed with high quality resorts, but at a much lower price than a lot of other islands such as Barbados where the price of quality is high.

In Part 3 of this article series we looked at the importance of having a building standard against which to judge the quality of the construction and finish. This applies whether your investment property is in a resort or outside it. Your property is unlikely to be attractive to visitors if the finish is poor and the overall effect unsightly. People may stay once but they will not return and worst of all, they will not recommend your property to their friends.

So, make sure that the quality of the finish, the fittings and anything else, like kitchen equipment, is specified in the documentation provided by the developer. If the property has already been built and you are buying as seen, then make sure that you do see it, and ensure that it is up to the standard you would expect from the detail given on the specification. Make sure that if anything is not to your expectation, or the specification provided, that it is reflected in the snagging list which you provide and send to the developer. And keep pestering the developer to fix the problems, as developers are notorious for disappearing from a development when it is finished, sometimes never to be seen again. If necessary, get your lawyer involved to get everything fixed to the standard it should be.

It is a little more difficult if you are buying off plan as the specifications will give you a taste of what to expect, but only until you can see it with your own eyes will you know exactly what it looks like. So, please do look closely at the specifications and if you think from your knowledge and experience that anything needs changing before the build takes place, discuss it with the developer to see if it's possible to make the changes you want. Of course, do look at whether they cost a disproportionate sum by comparison with their perceived value to the attractiveness of the property overall. If you are being advised by international property agents they will be able to advise you on the quality standards sought.

Given the Caribbean climate with its hot sunshine and tropical storms it is important that the materials and finish employed externally are sufficient to withstand anything the weather conditions can throw at it.

But when it comes to standards of quality in a Caribbean resort there are other elements to consider. A resort provides not just a collection of properties for holidaymakers to stay in but also furniture, gardens, beaches, restaurants, bars, swimming pools, service and so much more.

The quality of these elements all have to be delivered to a high standard to attract and retain visitors who want the best their money can provide. The expectation of people on holiday is much greater than it would be in different situations. Either they have saved their money all year for this occasion or they are taking out very valuable time to take this break in the sun. So, everything had better be right.

Standards of service in the Caribbean are rarely of the highest quality. The region is prized more for its laid-back approach to life, often at the expense of the service quality delivered. So, if you want to purchase a property in a resort which stands out from the rest because of the quality of service it delivers, look at the resort management group involved. There are management groups committed to delivering the highest quality such as West Paces Hotel Group and Solis Hotels and Resorts who already manage an outstanding resort in Jamaica. These are just a few of the emerging brands dedicated to quality.

This is a lot to consider when buying an off plan property in a Caribbean resort. But find out as much detail about all these services as you can before committing to the investment. People visit highly star-rated resorts probably once a year if they are able to, and if the standards of service they expect are not delivered they will not return and the reputation of the resort will suffer.

Find out from the developer who will be responsible for managing the resort when it is completed and open to the public. Look closely at their record of managing other Caribbean resorts and, if this is their first, look at the experience of the principal officers in delivering high standards of service. You will be reassured by the quality of the establishments they have served in previously. If you are not, think seriously about whether this is the right resort for you.

The Benefits

The higher the standard of quality you can secure in all aspects of your Caribbean property investment, the more people will be attracted to stay there and, hopefully, they will continue to repeat the great experience year after year. If this happens it will have made worthwhile the effort you have expended in ensuring the quality standards of everything associated with your Caribbean investment are at the highest level.