Windsong's Rental Management Program offers investor's peace of mind know that rental operations are handled professionally and fairly so that all owners enjoy consistent, quality rental management of their investment. Below are some of the most commonly asked questions about Windsong's rental operations. Click here for RESIDENCE PRICING.
Frequently Asked Questions
How are rentals assigned to suites?
Windsong employs a computerized management system, Oracle Opera, that automatically assigns suites on a rotation basis and does so on a very reliable basis. On occasion, that assignment is interrupted for a guest that has a special request such as a ground floor unit or the unit they stayed in during a prior visit. Your quarterly statement will show the occupancy for your unit and the average occupancy of all units of the same configuration. In addition, the occupancy of the resort overall will be indicated.
What is the room revenue split between an owner and the management company?
The room revenue is split 50% to the owner and 50% to the management company after shared expenses. Shared expenses include items such as credit card fee, travel agent and reservation fees.
How many days per year can I occupy my suite?
Windsong is one of the few resorts that does not limit your personal use; however, it is important to remember the more personal use, the lower the annual revenue.
How is the financial performance of my unit reported?
Windsong prepares owner accounting and operations reports on a quarterly basis.
What reoccurring financial obligations exist once the suite is purchased?
The ongoing expenditures are a quarterly Strata (condominium) fee, unit electricity, unit water and any maintenance or repair cost for items within the unit. Cable TV and internet costs are included in the quarterly strata fees. There are no real estate taxes in the Turks and Caicos.
Are all units in the rental program?
All units must enter into the on-site rental management program. If a unit owner wants to be excluded from the rental program, a six-month notice is required. Rentals are only permitted by and through the on-site rental management company’s program. An initial deposit of $3,000 is collected by the management company to provide for accessible funds to pay condominium unit expenses.
Will the management company handle the payment of all the reoccurring bills for an owner?
Yes, all bills will be paid from the owner account by management at the request of the owner.
Can I offer my unit to a friend or family member for rental without charge?
If an Owner wants to offer his unit for a complimentary rental, he may do so. If any rental revenue is involved, it must be processed through the on-site management company and minimum rental amounts are established by unit type and size.
If my unit is booked, can I stay in another unit?
If your unit is booked, every effort will be made to relocate the reservation to another rental unit as long as the guest has not registered with the resort. In the event this is not feasible, and you still wish to stay at the Resort, you can contact the Reservations Office to rent another suite at a discounted rate (subject to availability). The rate will vary with seasonality and availability.
Are there any charges when I stay in my unit?
There is no nightly charge to stay in your unit. The Resort arranges for a departure clean for your unit at the end of each Owner or guest of owner stay, the cost of which will be billed to your rental statement.
How often can I use my unit? Are there any restrictions?
Owners and owner’s guests may use their suite based upon availability. While there are no usage restrictions, it is important to understand that owner usage will reduce the overall opportunity to generate revenue for the suite owner and the Resort. This should be taken into consideration when contemplating personal use of the suite.
What insurance coverage do I need?
The Strata insurance policy covers the building and liability insurance. If you want to have insurance on the contents within your unit, a separate policy will need to be executed. The cost for this coverage runs approximately 1% of value per year.
Can changes be made to the Windsong’s Rental Management Agreement?
No. In order to provide for an equal and consistent management structure, all the agreements need to be the same.
Can I rent my unit on my own to help subsidize my revenue?
No. Windsong regulations state that the on-site management company has exclusive rental rights. This is necessary in order to provide consistency for our vacationing guests.
How are the rental rates determined and managed?
The on-site management company develops rates every year as a part of the budget process. There are many facets that affect the rental rates. The short-term rental market in the surrounding area, supply and demand, weather, school vacation/holiday schedules, the economy and much more go into determining rates. Our Revenue Management team keeps a very close eye on the daily, weekly and monthly happenings in the vacation rental market and works diligently to ensure that the rental rates are competitive within the current market.
What do I do if I decide to sell my unit?
Please notify the management company if you have decided to list your unit for sale. Also, make sure that your Real Estate agent is aware of the fact that your suite is in the rental program and the buyer will be subject to the terms of the existing rental management.
How many condominiums are there within Windsong?
There are currently 32 completed condominiums and our final phase will add about 48 additional for a total of 80. Some condominiums have multiple rental suites so the total number of rent-able units (keys) will be about 105.
How large is the Windsong project?
The Windsong development contains just over 3.1 acres with 435 feet of beach frontage on Grace Bay.
When did the Windsong Resort open?
The Windsong Resort opened on December 28th, 2008
Who do I contact if I have additional questions?
Further questions regarding the rental program, should be addressed to the development office at 649.946.3766.
TURKS AND CAICOS
A stunning turquoise sea, world-class beaches and wide array of outdoor activities aren’t the only benefits to investors in Turks and Caicos. As a British Overseas Territory, Turks and Caicos is a stable Caribbean country with no restrictions on foreign property ownership. Financing and insurance are available to new arrivals. Below are more reasons Turks and Caicos appeals to real estate investors. Strong Economy: Sovereign Credit Rating of BBB+, sold annual growth rates and the US dollar as the national currency.
Good Investment Climate: No direct corporate, personal, capital gains or inheritance taxes.
Strong Legal System: A British Dependent Territory with an effective judicial system based on English Common Law.
Close Proximity to the US: Miami is 1.5 hours by plane; New York is 4 hours.
Easy Access: Extensive direct air routes, including twice-weekly flights from UK and over 150 weekly flights to and from US and Canadian cities.
Quality Healthcare: Providenciales has a well-managed hospital and qualified medical professionals.
Residency Opportunities: Temporary and Permanent Residence status are available to qualified investors.
Real Estate Transaction Fees
Each party is typically responsible for its own legal fees; 1% of the sale price is a good budget number. There is no title insurance program so the attorney researches title as part of the fee.
Many investors prefer to hold real estate anonymously in a Turks and Caicos Islands Corporation or Trust. Corporate set up fees are about $2,500, then $1,200 annually. This includes administration, government fees, nominee shareholders, corporate secretary, annual filing and preparation of minutes, as required by law.
Terms and rates vary by applicant. Banks will lend 50% to 75% of property value for up to 20-year terms. Current rates are around 7%. Private mortgage money is also available.
It is customary for the Buyer to pay stamp duty. Stamp Duty Ordinance: Effective July 1, 2013 The Turks and Caicos Islands implemented a stamp duty structure for property sales in Providenciales. The rate structure is shown below.
Purchase Price Duty Single Pay
- $250,001 - $500,000 -- 8.0%
- $500,000 or greater -- 10.0%
- Stamp Duty does not apply to personal property.
Click here for RESIDENCE PRICING.