27 Feb Tips for buying a private island
A private island – the ultimate symbol of someone who has arrived. Ordinary folk dream of them when they play the lotto, and successful entrepreneurs entertain the idea of purchasing one.
If you desire a private island where you can embrace solitude, quiet, and the peaceful rhythms of life by the beach/on the lake, the following tips for buying a private island will guide you through this process.
1 – What do you want in an island?
Many buyers fall in love with the idea of buying an island without considering what they even want to get out of the purchase.
How much space do you need? If you go too small, building can be challenging, and a tiny islet may be claustrophobia-inducing to some.
Is your heart set on the tropics, or is having an island getaway close to home more important to you? Are you ready to take on the challenge of building a home in a remote setting, or do you want an island with buildings which are in excellent condition?
All these questions and others need to be answered before you start contacting sellers.
2 – Know the area where you want to buy
You might be clear on what you want, but your work is far from done. Learning about the area where you are considering an island purchase is the most important part of the process.
If you want to buy in the tropics, but you can only get away from home in the fall, it is vital that you don’t buy an island which has its rainy season during this time of year.
A remote isle will require generators, solar panels, or micro wind turbines, as they are too far from the power grid.
Most of all, know the law where you are buying, as this will save you from making expensive mistakes which may end up costing you your property.
3 – Establish a budget and stick to it
Unless you are Bill Gates rich, it is entirely possible to overextend yourself by buying more island than you can afford.
There is more to this than the sticker price – an island where you can move in on the date of purchase will have lower external costs than one where structures need to be built from scratch.
Even islands with pre-existing buildings can cost much more than planned if they had been neglected by the previous owner.
Define all costs above the asking price before committing to an island purchase so you can be certain you can afford it without placing yourself under undue financial strain.
4 – If possible, rent first
Not sure whether island ownership is even for you? Try before you buy. Inquire whether a prospective purchase is available for rent, and spend a weekend test driving it.
You might find it is everything you’d hoped it would be – or that it isn’t the spot for you.
Better to spend thousands on a weekend and hate what you find than to be stuck with an island which doesn’t resonate with you.