How to Buy an Island: Guide for the Brave
Today, buying an island is as common as buying an apartment or other real estate. About 300 islands are sold in the world every year. You can choose an island for yourself in different parts of the world. To make it easier, we would like to share some tips about how to buy an island and answer the most common questions.
How much does an island cost?
The prices for such pleasure start at hundreds of thousands and reach hundreds of millions of dollars. The most expensive one, Lanai island in Hawaii, was bought by Larry Ellison for $ 610 million, and the cheapest islands that are now on sale are offered at a price of 60-80 thousand dollars. Usually, good options among the islands cost about 3-4 million dollars.
However, when buying such property, you should take into account the high cost of maintaining an island. The fact is that all work on the island often exceeds the market value by 3-4 times due to the peculiarities of transportation and delivery of the necessary materials. Keep this in mind when developing further plans for your private island.
Another nuance that you may encounter is the inflated price of an island. This situation is often the result of a special attitude towards such a private plot and a large (and often unjustified) investment in island property, which you may not need at all. How to choose an island profitably and at the right price? Find some tips at the end of the article.
What should be considered before buying an island
To be satisfied with your grand purchase, you should explore each offer carefully and first pay attention to the aspects that are important for you personally and for the life on the island in general. Here are 10 important questions that have to be answered before buying an island.
- What is the jurisdiction of the island territory?
- How difficult is it to get to an island? How much time does it take?
- Is it possible to land a helicopter? Is it possible to place a runway?
- What is the condition of beaches and other areas?
- What are the peculiarities of the weather on the island? Are there storms and tides? Is the desired area of the island protected from bad weather conditions?
- What are the emergency provisions?
- Where are the nearest medical facilities located?
- What is the depth of the coastal waters, and is it possible to sail by a cabin cruiser or a boat if you count on that?
- Does the island belong to a protected area? What restrictions apply in the territory?
- What are the options for supplying products and essentials? How long does the delivery take?
The list should be supplemented with other items depending on your goals and wishes.
The most important tips for those who want know how to buy an island
Here are some simple tips to help you buy an island.
- Check out the available options. This way you will get an idea of the approximate prices and the available data of each option.
- Get help from a realtor/broker. No matter how great your research is, buying an island is a complicated procedure, so you should turn to the best experts in the market and this area. Moreover, these should be people particularly specializing in buying and selling islands.
- Find a good lawyer. Brokers do not always provide sufficient qualified legal support for the purchase of an island, especially for its further operation. So do not discard a specialist who will fix all the regulatory issues.
- Check the jurisdiction of the country to which the island belongs. When you decide to buy an island or have several locations to choose from, task No. 1 will be to thoroughly study the local laws on the disposal of the island, the construction possibilities, the environmental protection nuances, etc.
- Clearly define your goals, expectations and action plan. Buying an island is only the first step and, perhaps, the easiest one. For the purchase to justify its purpose, it is necessary to clearly understand this “purpose”, as well as to have an action plan and costs plan for the implementation of all the desired goals. Also, consider all the potential failures, solutions and backup ideas.
Buying an island is not always a good investment, but it is the decision of the brave and determined people, the dreamers and leaders. And if your plan works out, you will get great pleasure and take full benefit from the island.
And how will Find Island help to buy an island?
Unfortunately, we do not provide realtor, legal or consulting services for the purchase of an island. However, we are here to make buying an island a more convenient and faster procedure. We are working on developing an island catalog for the convenience of all parties to the transaction – buyers, sellers and intermediaries. If you are interested in information on how to buy an island subscribe to our updates. In this way, you will be the first to get information about the catalog launch and the available islands.
We wish you a good mood and the realization of your wildest dreams!