Top 10 Property Buying Tips in The Cayman Islands
Top 10 Property Buying Tips in The Cayman Islands
Real Estate In the Cayman Islands - Investing in Real Estate in the Cayman Islands
When looking at properties for sale in the Cayman Islands, beware, do not leave your ‘brain on the plane’ and let your heart rule your head! Just because you are in a foreign country the same rules apply in buying property. Top Ten Tips for Buying a Property in the Cayman Islands – Real Estate Cayman Islands
- Be prepared to do some thorough research, checking basic facts and legal issues. Find out who owns the land you want buy . Is there planning permission in place? Does the developer have references and a good track record?
- Viewing toolkit: take with you a camera, compass, tape measure, pen and paper.
- Engage a reputable, English-speaking local lawyer who is familiar with property laws and who will be able to give you impartial advice. The less you leave to chance, the less opportunity there is for things to go wrong.
- Visit the area at different times of the year. A lot of holiday destinations are seasonal and may shut down when the tourists go home.
- Repairs or additions - Find out what building work has been done to the property in the last 10 years and ensure receipts and guarantees are available – and that any alterations had full planning consent. Also check the utilities - gas, electrics, sewers, air conditioning system, cistern, and septic tank.
- Try to meet your neighbours, it’s always good to know that there are people around to keep an eye on your property.
- Make sure you are fully aware of any restrictions on renting out the property and that you understand the financial and legal implications before you sign on the dotted line.
- Capital growth - Look for areas where demand for property is high and supply is restricted – the need for housing can also increase due to population growth, demographic changes, e.g a new marina being built, or school.
- Take a step back and try to get an understanding of the overall market. Analyze what makes an area so popular and see if you can predict the next one.
- Think about what happens if you want to sell your property, would it look inviting to another potential buyer?
