If you are looking to buy a home in the Cayman Islands, congratulations! You are about to make a smart investment in one of the most beautiful and prosperous places in the Caribbean. However, buying a home in the Cayman Islands may not be the same as buying a home in other countries. There are a few things you should know before you start looking for properties. In this guide, we will give you some important tips to help you find the perfect home.
Know the types of properties available
The Cayman Islands has a wide range of properties available for sale, from luxury villas to modest apartments. It is important to know what kind of property you are looking for before you start your search. Some popular property types in the Cayman Islands include single-family homes, condos and townhouses. You should also consider the location and amenities of the property you want to buy.
Find a reliable real estate agent
One of the most important things you can do when buying a home is to find a reliable real estate agent. A good agent will help you navigate the local market, find the best properties within your budget, and negotiate a fair price. With over 50 years of combined experience in Cayman Islands real estate, we are proud to offer clarity and assurance in communication with you and potential sellers.
Know the buying process
The buying process for a home in the Cayman Islands is similar to that of other countries, but based on our tax friendly environment we have no on-going property taxes or capital gains taxes, with only a one-time stamp tax at initial purchase. Title is guaranteed by the Cayman Islands Government if your real estate attorney has done their homework. Your agent will also require notarized copies of your passport, proof of residence and a source of funds statement to finalize sale.
Similar to other jurisdictions, the Cayman Islands Real Estate Brokers Association (CIREBA) bases membership on an MLS system so your chosen representative can guide you through the entire market. CIREBA has 39 brokers and almost 300 trained agents to ensure members follows strict rules and regulations, providing an additional layer of comfort to buyers and sellers.
Determine your budget
Before you start your search for a home in the Cayman Islands, you should determine your budget. The cost of living in the Cayman Islands is higher than in many other countries, and properties in the most desirable areas can be quite expensive. You should also factor in additional costs, such as stamp duty and legal fees.
Consider the location
The location of your property is important, not only for your own enjoyment but also for its resale value. The Cayman Islands is made up of three main islands: Grand Cayman, Cayman Brac, and Little Cayman. Each island has its own unique character and attractions. Grand Cayman is the most populated island and is home to the capital, George Town. It has a lively downtown area with shops, restaurants, and cultural attractions. Cayman Brac is known for its natural beauty and outdoor activities, while Little Cayman is the smallest and most secluded of the three islands.
Get a home inspection
Before you finalize your purchase, it is important to get a home inspection. A home inspection can reveal any potential problems with the property, such as structural issues, mold, or termites. This can save you a lot of money and headaches down the road. You should also consider getting a survey of the property to ensure that there are no boundary disputes or encroachments.
The process of purchasing a home in Cayman can be challenging. The tips above should support you in the initial stages of your search. There are additional factors to consider when purchasing a home, but not to worry – we are here to help you every step of the way. Contact a Corcoran Cayman Islands agent today, and discover the Corcoran advantage.