If you're looking to buy some real estate in the Cayman Islands and you are going to be new to the area, there are a few things you want to do in advance. You want to know what your budget is before you meet with a real estate agent, so you can shop for properties that are in your price range.
As you look online and see prices, the actual cost to finance the home may be more than you anticipate. Sit down with a real estate expert and calculate out the following expenses for the types of houses you are looking at.
When you calculate the taxes you have to determine if you are going to claim the area as your primary residence. If you don't, then the property is considered your vacation home, and taxes are higher than if you were a local resident. If you are from out of the country, the cost is going to be even higher. Make sure you know what the cost will be if you are going to have the expense added to the monthly mortgage payment, to get the most accurate mortgage estimate.
The cost for insurance Cayman Islands is going to be higher than other locations because you need to have hurricane insurance, along with other types of property insurance, and you want to know what you are going to be paying. It's going to depend on the age of the home, the location, and what upgrades you've made to protect the home from a hurricane. Get a few estimates from insurance companies to get this approximate amount.
Is It Rentable?
Are you considering renting the property until you are able to live there full time or possibly to make money when you aren't using it? The homeowner's association where the residence is may not allow it, or there could be restrictions because of the area. You want to know before you buy, especially if you are buying with the intention to rent to help pay the mortgage.
Your Cayman Islands real estate agent can help you compile all of this information, so you can get the house that is the best fit for you financially. Once you know these numbers you can try to get approved for the mortgage you'll need to buy the house you want. You'll be able to relax and enjoy your property when you know that you aren't financially strapped paying for it, and that you have all of the insurance coverage that it needs.Share