Owning a private island, which used to be reserved for the wealthiest of the wealthy, is actually more affordable than you may think. But before you decide to invest, make sure you do your research.

There are hundreds of private islands all over the world that are available to rent or buy. Surprisingly, some of these islands weigh in at about the same cost as a vacation home, around $200,000. Others may set you back millions of dollars and hefty transportation fees. The price of these personal paradises largely depends on their locations. Islands in Northern climates tend to be lower in price since there are an abundance of lakes, and therefore more islands. The islands in the Caribbean and South Pacific tend to carry a larger price tag since they are more valuable and scarce.

Besides the price of the island, you must also consider the transportation costs incorporated in getting there. Think about the how much it will cost you to reach your island, and the frequency that you will be going there. If you are only planning on taking an annual vacation to your island you may be willing to pay more in transportation fees. On the other hand, if you want your island to become you ‘second home’, airfare that costs an arm and a leg will add up quickly over time.

Don’t forget to consider your necessities, such as shelter and water. Are you looking for an uninhabited, stripped down island, or one that already has existing facilities? Either way, remember that is costs almost twice as much to build a house on an island than it does on mainland.

Whatever island you decide on, visit first if you can. It is a great way to get any questions you have answered…while on vacation!