How to Buy Your Own Island
Owning your own island is pretty common for rich celebrities, but did you know that you can purchase your own private island from as little as $82,000?
Would you believe that some of these islands go for as little as $200 thousand? And we aren’t talking about some sort of cannibal-filled hellhole, either. Consider Paradise Cay, off the coast of Nicaragua for sale at $225K. This 2.5 acre island is accessible by speedboat via river or sea, and is about 60 miles north of a town called Bluefields. Two and a half acres in Chicago would cost literally millions. This sunny paradise goes for under a quarter mil.
There are a few things you need to do when sorting out the funds for a private island:
* Get pre-approval for the projected purchase price. This makes you a competetive bidder instead of a window shopper. You won’t be taken as seriously otherwise.
* Before you apply for that pre-approval, clean up your credit. Get rid of credit rating liabilities you may have such as a big potential debt ratio on unused credit cards and contest any blemish on your credit report.
* Negotiate terms–many island purchases require between a modest 10 percent and outrageous 50 percent down.
* Investigate the company you are purchasing from. Ask your lender about the reputation of the company you are about to deal with and get a real estate lawyer involved who understands the issues.
Your expenses for buying a private island will also include paying appraisal fees, property taxes, docking fees for boats, and any development needed to make the island livable. You may need to pay for wells, construction or repair of a boat dock, installation of generators and fuel, and supplies to make the first month’s stay comfortable.
Things to keep in mind about purchasing an island
Getting there: Even mega rich celebrities such as Mel Gibson need to hire a plane or boat to get to their island. Assess how easy the land is to access and how much it would costs you to get there and back.
Hidden fees and charges: Do you need to pay extra taxes or fees for the purchase? If you are buying an island outside of Australian waters, you may well be up for all kinds of taxes and other charges. Similarly, if you decide you want to build or develop the land, you may need to pay large sums of money as part of the approval process.
Paper work and insurance: Ask the broker or agent about the paperwork that may be involved in the purchase. This also applies for any building or development you may want to do on the land. Find out more about how many forms are involved and how long the local authorities normally take to process the paperwork.
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