Have you ever dreamed of owning your own private oasis somewhere in the world? It may feel like a dream, but you can actually do it if you want to!
It’s easier than you think to buy an island, and it’s not as expensive as you’d think either. For many, it’s a wonderful investment.
Once you have one, there’s more that you can do with it than just visit or vacation there. Let’s look at how to buy an island in this article!
How Much Does It Cost to Buy an Island?
When you think of buying an island, you probably feel that it’ll cost millions of dollars. This isn’t completely true.
There are islands all over the world that you can buy for the same or less than a house around your city or state.
You can buy an island for tens of thousands of dollars all the way up into the millions. Price is typically dependent on location, acreage, features, and other aspects of the island. The great thing about this is that there’s an island and location for every budget.
Do You Pay Taxes On An Island?
If you’re looking to buy an island to avoid taxes, you’re unfortunately out of luck. Islands are still part of municipalities, so you’re going to have to pay taxes in accordance with those regulations if you buy an island in an area where they apply.
You’ll also have to keep in mind that laws and other rules will still apply on your island. Before buying, make sure that you’re able to abide by all of the rules and restrictions that may apply to that area.
Research is key to choosing the right island to buy!
How to Buy an Island
Have you decided whether buying an island is the right move for you yet? If not, don’t fret. We’ll go over the process and more to help you make that decision.
First, we need to consider a few things before proceeding.
What’s Your Purpose?
There are many reasons why you might want to buy an island. For some, it’s the beauty of waking up in your own private oasis every day.
There are no neighbors to deal with and no stress or hassles. You can simply enjoy your island on your own.
For others, it may become an investment property. You may buy the island and make it even better than it was when you bought it. You can turn a nice profit if you do it this way.
Another reason could be to rent out the island for some extra income. Many folks would love to enjoy the beauty of their own island, but simply don’t have the fund for it.
Renting gives them the option to enjoy an island by renting it, and gives you the ability to make some extra money.
What Are You Looking For In an Island?
Every island is different and has its own unique features. One thing that you’ll need to consider heavily is the location.
Private islands can be bought all over the world, so you can choose one anywhere that you want as long as it’s within your budget. Many folks choose to go with an island in a tropical area, but you can buy them in some scenic places in the north, too.
An island in North America is going to be much different than one in the Caribbean, but you may prefer one over the other. You don’t have to stick to the conventional type of island that usually comes to mind.
One way to choose what will be best for you is to consider what you’ll enjoy doing on the island. Will you be lounging on the beach or going hiking around your newly owned property? You’ll want to find an island that fulfills you and makes you feel at home.
What’s Your Budget?
With an idea of what you’re looking for, you can make a budget that will accommodate that. You need to consider whether or not you’ll want to leave some room in your budget for renovations or additions to the island as well.
Some islands can be bought with homes on them already, while others are simply land that you’ll have to build on if that’s what you want.
These are all important considerations when crafting a budget.
Find an Agent to Work With
There are many different real estate agents to work with, but to buy a private island the right way, you’ll want to choose someone with experience in the area. Agents are a valuable resource to have on your side, as they’ll know the processes and regulations that are unique to buying an island.
With them on your side, you can be sure that it’s done correctly the first time, and also ensure that you have a great handle on the process.
Search For the Right Island to Buy
No island is the same as the other, so you can be sure that you’ll get your own little slice of paradise no matter which island you decide to buy. With your budget and an idea of what you’re looking for, you can effectively find the right island for your needs.
There are plenty of awesome places to find the right island for you, and your agent will always be a valuable resource. They will have their eye on new listings daily as part of their job and can help get you onto a new property quickly.
This is advantageous because they have a network of other real estate agents that they’re connected with and can hear about properties in ways that folks outside of the know cannot.
You can also take it upon yourself to do some research by scouring real estate listing websites. There are sites specifically dedicated to buying an island, and they may be a great place for you to start.
Found Something You Like? Buy an Island!
Once you’ve found something that you like, the process is quite typical of other real estate purchases. You’ll be able to book a showing, make an offer and hopefully secure the island of your dreams.
All that’s left to do is enjoy it with friends, family, or even just by yourself. The possibilities are endless once it’s yours!
Buy an Island For Yourself Today
When you buy an island, you’ll see that you will go through a similar process as buying a house. There are some extra considerations and a few extra steps, but overall, the process is quite simple.
Not to mention, some islands are more affordable than you think. Especially if you’re willing to compromise on certain aspects in return for a piece of paradise.
Are you going to buy an island of your own? Let us know in the comments.
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