Are you in the market to buy a house? Stop right there. Rather than own a house, did you know you could buy an island? For the same price or less as an average American home, a whole island can be bought.
Some islands can cost several millions, yet, a reasonably priced island can be discovered too. Coral Cay Island in Panama can be purchased for just $65, 000. Interested island-buying hopefuls can learn everything about this exotic possibility through privateisland.com, a site with a plethora of information.
There are some things to keep in mind when considering investing in an island. Buying an island is very similar to buying a house; there are several steps to take and processes to look into. Here are a few factors to acknowledge.
Step 1: Set Your Price: Have a price realistic to your budget but know that the less you spend, the poorer quality of the island; it might be a fixer upper. Be prepared for additional costs.
Step 2: Location: An island is purchased for it’s surroundings. Too much privacy can mean that there are no villages or nearby communities to make quick trips for supplies. Also, these remote islands, while offering a lot of privacy, usually don’t have a nice view.
Step 3: Weather: It is a good idea to ask local people and fishermen about the weather pattern for the islands and the surrounding areas. Islands can be prone to flooding, storms, and strong currents.
Step 4: Accessibility: One of the most important things to consider is the amount of travel time to get to the island. Islands are only accessible by boat, so if there is no desire to put up with rough seas and commuting distance, an island closer to a village may be a better idea.
If one is not ready for the responsibility of an island, perhaps an alternative can be renting the space. Renting an island removes all the risks of ownership and is usually staffed with a full service of chefs, private planes, and several boats. For a week or so, live like royalty.
Source: Cheyenne Morrison www.pirateking.com