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Real Estate in Bermuda, Bermuda for Extended Stayers, Choosing Your Island Home

The Benefits of Buying a Property Abroad to Rent Out

6 minute read

Want to escape the hustle and bustle of the city? These days, you can find amazing properties to purchase popping up in plenty of enviable locations, many just a short flight from the east coast of the US. 

Most people indulge in a vacation property abroad just for a specific location they love, to either share or spend in retirement. The property is entirely yours to visit when it's not being rented out and can potentially make a great rental. Here are some other key benefits of buying a property abroad to rent out. 

 

Your Own Piece of Paradise

The hectic city life can be exciting but it is also tiring - frequent escapes to somewhere a little more relaxed become an essential luxury. Whether it’s a change in climate or culture you’re looking for, you can have your very own paradise getaway with a property abroad.

You might have fallen in love with a location you visited or want somewhere similar to home, but a bit more exotic. For example, Bermuda is a combination of many different cultures and customs, taking heavy inspiration from both British and American heritage. It is also a “first world” country with a highly developed infrastructure including a state-of-the-art hospital. You’ll find it strikes the right balance between familiarity and laidback island life, meaning you can settle in rather quickly. You can even use US dollars there - no need to exchange!

How fantastic would it be to jet off to your dream destination whenever you felt like it? What’s even more impressive is if you purchase in a condo hotel model, your property is maintained while you’re away. So you just turn up and enjoy a professionally decorated abode with everything spotless - even after accommodating guests. 

This convenience and low maintenance style of ownership are what more and more prospective owners of property abroad are looking for. It means you don’t have to keep up-to-date with rental laws and regulations as the on-site management takes care of everything. You just bypass all the hassle and continue to reap the benefits of a property in an amazing location. 

New condo hotel residences also provide buyers with an opportunity to purchase in a resort at a much lower entry price, which is a major advantage for first-time vacation home buyers especially.

Is Yours to Enjoy Whenever & Can Also Be Rented Out

If you purchase a property abroad, it’s likely you love the destination enough to establish a foothold there. It might seem obvious, but the main benefit is you get to vacation there whenever you like. It’s your second home, somewhere you can continue to experience new things and people.

You get to return to a place you love time and time again. You’ll find yourself very popular with your friends and family when word gets out you’ve bought a property abroad, especially in a spectacular destination. All they need is a flight and their sense of adventure.

Airbnb might be how you manage your property, but there are great benefits to buying a condo in a resort branded under one of the big hotel names such as Hilton, rather than a single-family home, for example. The rental operation featured in these properties get to utilize the brand's worldwide reservation system and can access its loyalty members.

For instance, Bermudiana Beach Resort is part of the Tapestry Collection by Hilton. Situated in Bermuda, a cluster of mostly-interconnected small sub-tropical  islands, this sought-after destination has become a second home for many on the east coast of North America. With whole ownership of a condo at Bermudiana Beach Resort, you get 180 days available for personal use each year and the remaining 195 days are available for rental.

Hotel condominiums often have upscale amenities to keep guests occupied and encourage them to return. They’re all yours to experience and enjoy when you’re at the property, from pools to bars and restaurants.

Please be aware that government regulations prevent Non-Bermudian home owners from renting out their home without express permission from the Government Ministry.

A non-Bermudian who owns a hotel condominium (like the ones at Bermudiana Beach) - can rent out short term to both Bermudians and non-Bermudians with a work permit, residential certificate or to any non-Bermudian staying for less than 180 days in Bermuda.

 

Get the Ball Rolling and Purchase Your Property Abroad... 

Buying overseas property opens up an exciting world of opportunity but it’s also a world of risk if you’re unsure of the process. Don’t worry, we’ve got just the guide. We’ve put together a resource that will help you get better acquainted with condo buying laws and guide you through the buying process.

Download it below today for free.Buying a Vacation in Bermuda Guide