Things To Consider Before Buying Your Own Private Island
Dreaming of owning your own private island is no longer an unattainable dream. Those dreams can turn into reality. Gone are the days of thinking on the wealthy and famous can afford a private island. With the use of the internet, there is more information out there that shows that private islands are not something you only dream about. In most cases, they cost just as much as a house would.
The Naomi Island, located halfway between New York City and Albany along the Hudson River costs only $99,000 and is only reachable by boat. Round Island in Nova Scotia is going for $58,647 for 2.7 acres of land. Owning your own private island is something attainable. If you are thinking about purchasing your own private island, here are some things to consider before buying.
Location
The location of your future private island is an important thing to consider. There are tons of islands in this world, and it is best to narrow it down to a specific region you want to purchase on. Would you want to live in the Southeast Asia region where they have some of the biggest archipelagos in the world, like Thailand or the Philippines? Would you prefer to live in the Bahamas or Central America? Some regions have a limited selection of islands that are available for purchase.
Every region has different laws for purchasing land. For example, the Philippines does not allow non-citizens to purchase islands whereas Sri Lanka does. Taking the location into consideration will help you understand how to move forward with your purchasing steps.
Kind Of Island
Take into consideration what kind of island most fits you, your personality and your goals. Will your island be a place you go to when you can take a few days off from work on a random holiday, or is this someplace you will frequent every year around the same time? Will you be living there for an extended period of time? Are you planning on turning your island into a resort location for commercial use?
Asking yourself those questions will help you to determine what work needs to done or what kind of island you want to buy. Some islands do not come fully developed, but others do. For those that do not come fully developed, you will have to consider what it takes to develop that land for commercial use or for extended use. It may require you to get permits and pay fees.
Cost
It is true, not all islands are as expensive as you may think. Bahamas private islands for sale will be more expensive than those in places like Novia Scotia. An island that is already developed will be more expensive than one that has not been touched by human hands. Purchasing the latter may seem like the most cost-effective option, but there are costs attached that are required to get the island running smoothly.
Aside from the financial costs, there could also be environmental costs that you should consider. Though you may be living on an island, you still have to be mindful of nature. As an island owner, you are now responsible for that island’s ecosystem, which is a very delicate thing. Consider looking into local regulations on the nearest mainland for guidance on maintaining the ecosystem while making it livable at the same time.
Climate Region
Consider the climate of your future private island. If the climate there does not suit your needs or wants, you will be miserable. Other than the everyday weather, keep in mind of the frequency of natural disasters like tsunamis and earthquakes. Knowing this information ahead of time can help you make a better-informed decision before purchasing.
Now that you have taken into consideration these things important factors that go into the quality of your future island, and you are about to pull the trigger on buying it, you should be aware of some pitfalls to look out for and how to avoid them.
Stay On Or Near Your Island Before You Buy
This ensures you know what it will be like when you start developing that island. There is nothing worse than funneling tons of money into a project only for you not to like it. The same can be said about your island. You want to make sure it is a place you feel comfortable in. This can also help you to determine whether or not a region works best for your vacation goals, lifestyle and personality.
Make Sure You Can Develop On The Island
That would be terrible if you purchased an empty island with intentions on developing it only to find out that is not possible because the government that island falls under will not let you. Do research on the jurisdiction your island falls under so you can research the laws on developing. Your island could be an environmentally protected area, in which case you cannot do any development. Maybe you can do some developing but you need permits to do so. It is better to find out about that stuff and get the ball rolling on those things before you purchase.
Again, Consider The Costs
This cannot be stressed enough. There are going to be tons of costs associated with purchasing an empty island that you may not even think about that will make your island suitable to live on. For example, you need things that make it possible to obtain fresh water, you may need some kind of waste management system in place, you may need to install solar panels for energy and on top of all of that, you have to consider costs for constructing a place you can lay your head. All of these things need to be taken into consideration as those can cost several hundred thousand dollars and it would be good to know that before you spend money on an island.
Try To Stay Relatively Close To The Mainland
Being away from civilization may be the very reason you decided to get a private island in the first place, but you do not want to be so far out that it can be difficult to transport supplies and other important things needed for sustainable life on your island. If you are willing to travel a long way to the mainland to get your supplies, that may not be a problem for you but it still benefits to know these things before you dish out all your money on purchasing a private island.
Determine How You Will Pay For Your Island
You may have to pay upfront, and with cash, as banks typically will not give out loans to buy private islands. This is because there are not any comparable properties on that island or nearby so it can be difficult to establish a cut-and-dry monetary value. In the rare event that you get approved for a loan to purchase your private island, it may only cover small costs. This is definitely something to consider before you think about purchasing your own private island.
Houses That Already Exist On The Island Barely Affect The Price
A house that can sell for $1.5 million somewhere else may not equate to the same amount on an island’s listing price. Sometimes a house already existing on an island can decrease the final purchase price because potential new owners might have different needs for the property, according to Coastal Living.
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