If you’re like me, you’re sitting at your office dreaming of getting away to a tropical island, dipping your toes into the sand, and breathing in the salt water aroma of the ocean. While many of us do enjoy the beach in the summer, who says you can’t permanently live in a tropical island of your choosing? For those with tens of millions to spare, or for those who just take pleasure in fantasy living, here are 4 tips on what to consider when buying your own private island.
Inventory and Cost: RIS Media reports that less than 1,000 islands are listed on the market each year. While there isn’t necessarily a surplus of options, this also means that it’s hard for an appraiser to appraise an island when there is so little inventory. With not much to compare from, an appraiser could overestimate the value of an island, but if you’re lucky, he or she could also underestimate its value.
Accessibility: when buying, make sure to pick an island that’s easy to get to. While you might plan on living at this island full time, distance might not seem to be a big deal. However, this could be a problem if you want guests to visit, or if you want to return home every once in a while. Remember, island fever exists! Something else to factor in is what type of infrastructure exists elsewhere on the island. One might want their island completely removed from the hustle of a main town, however, if there are no airports, hospitals, or even grocery stores nearby, this could be a problem.
Ownership: another factor to consider when buying an island is what type of ownership you want. One can choose to buy freely or with a lease. Many individuals, or, those who can afford to buy private islands, choose to opt for a leasehold. A lease will allow one to own the island anywhere from 30-99 years, and is generally less expensive than buying an island freely. However, isn’t there just something nice about saying that you own an island entirely to yourself?
Environment and Culture: lastly, make sure to research the island’s culture, customs, and climate. Will you get along with the locals and take advantage of the culture of the island? Or do you think this won’t suit well with you? Keep in mind that the climate in many islands may look tropical, but often, secluded islands have heavy rainstorms, natural disasters, and rugged terrain.
Now that you have your checklist with you, best of luck with your island shopping, or, for most of us, island dreaming. And remember, if you ever need someone to take care of the property while you’re away, you can always call me!