It's cold.
We’ve all been there: trapped indoors on the most frigid of days. If you’re like me, you’re probably imagining being somewhere else. A place so remote, your cell barely registers service. Butterscotch-strawberry swirl sunsets, palm trees swaying amid cool ocean breezes…I’ll take one private island to go, please.
I may not ever be ready to fork over serious coin for my own piece of paradise, but I’ll keep the daydream alive by considering the logistics of purchasing an island. And who knows? There may be someone out there who’s squirreled away enough change to actually do it. But fair warning: snatching up a spit of land in the great blue deep is no cakewalk. Before taking the plunge, here's what you have to consider:
Inventory & Cost - Per the Private Island Buyer’s Guide, fewer than 1,000 islands are listed on the market each year - but limited availability isn’t the only hurdle. How do you know that island you’re coveting is actually worth its hefty price tag? The reality is, you can’t know for sure. Islands are difficult to appraise due to the relatively low amount of comparables. Time spent on the market isn’t a benchmark, either, because buyers are few and far between. Cue investor woes.
Accessibility - Nobody wants to arrive at their destination devoid of happiness because they got held up at the baggage claim. Pick an island in a location that suits your allotted travel time. A long flight won’t be an inconvenience if you plan to visit for an extended period of time, but if you’re looking for a weekend getaway, you’ll want something nearby with a shorter commute. Another fun fact: many islands lack the infrastructure to support proper medical care. You’ll have to figure out where the nearest hospitals or clinics are, and establish an open line of communication so you can reach out in case of an emergency.
Ownership - There are two ways you can hold a title to an island: freely or with a lease. Freehold titles imply just that: that slice of heaven is all yours. Opting for a leasehold means you’ll own the island for x amount of time - usually between 30-99 years! Leases are generally less expensive and an ideal choice for foreign buyers, as there isn’t a ton of red tape to work around.
Environment & Culture - Your final homework assignment: researching the island’s climate and customary ways of living. Will you embrace local tradition? Are you going to be happy with seasonal changes (read: storms that rival biblical disasters) or maneuvering through rugged terrain? Brush up on the basics before you commit.
Think I’ll keep dreaming...
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The preceding was originally published on RISMedia's blog, Housecall.
Mark
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