Property

Buying an Island

The dream of owning an island has long been the goal of many people. It used to be possible only for the wealthiest of buyers, but this is no longer true. Island real estate is now on par with property on the mainland although it does tend to be more expensive. Living life on an island has become a dream that is within reach of many people, but it will take research to find just the right place to purchase.

There are a few drawbacks with island living, but they are not usually deal breakers. Many islands, even off the coast of developed countries, often have no utilities. Electricity and water must be either imported or built locally. Even islands that have been previously developed may only have off-the-grid utilities. Solar or wind power is the favored way to get electricity, and this is expensive to install. Drinking water must be either imported, or a well must be dug. These are costs to consider when purchasing an island abroad.

Transportation is another factor to consider when buying an island. Boat transport is usually a staple, but it cannot be used in rough seas. The weather will also affect air transport where it is available. Isolation during storms may be a risk that needs to be calculated before purchase. Local weather forecasting may not be available to warn of approaching storms.

Many islands have already been developed, but there are still some untouched properties. Buyers must decide how much work and money they want to invest. The buying price of a developed property should be weighed against the cost of importing building materials may be prohibitive. Local weather conditions throughout the year should be a consideration as well as transportation options. Questions and costs for basic utilities should be factored into the equation before the decision to buy is made.