Now where to begin? This price might not sound bad compared to the cost of beachfront property on the mainland, but such low-priced islands may be unsuitable for development or are otherwise undesirable, and their availability is limited. At the other end of the spectrum are properties like Big Darby Island , about 95 miles from Nassau in the Bahamas.
While the very mention of the words private island evokes images of palm trees, hammocks and frosty umbrella drinks, some of the most inviting and affordable islands can be found on lakes and rivers in much cooler climates. So before you buy your own private escape, one of the first things to consider is your end goal: Do you want a tropical retreat, a prime fishing spot, fabulous snorkeling and scuba diving, a sustainable eco-paradise, or just a private and enduring family home?
You'll want to think about these questions and many more before you commit to such a major purchase, so read on to find out how to buy your own private island.
Before you begin to shop for your own personal paradise, you will want to narrow your search to at least a general region, if not a specific location.
Is there a part of the world you've visited and wanted to never leave? Or are you still searching for the perfect island experience? If you've never lived or stayed on an island for an extended time, you might consider a long-term rental as a trial run to ensure that the reality of island living measures up to your expectations. Once you've settled on a region, what other factors will you need to consider before purchasing a private island?
The first and most obvious is your budget. In most cases, you will need a deposit of 10 percent of the purchase price to enter into an agreement of sale [source: Vladi Private Islands ].
And unless you have piles of cash at your disposal, you will also need to arrange for a jumbo mortgage or private financing to cover the remainder of the purchase amount. If you plan to build a home or other structures on the island, prepare to spend at least one-and-a-half times the amount you would spend for the same project on the mainland, plus the cost of any utilities and infrastructure that may need to be installed.
If you are purchasing an island in a foreign country, you will also need to factor currency exchange rates into both the purchase price and the cost of construction or other improvements. Speaking of utilities and infrastructure, you'll need to find out if the island you're interested in already has power, a wastewater treatment system , and, most importantly, a reliable source of fresh drinking water. Also, how far is it from the mainland or the nearest town?
How will you get there and back, and where will you get food and basic supplies? Is the shoreline accessible by boat? Is the island accessible and inhabitable all year, or only in certain seasons? Is there a protected harbor suitable for a dock? The answers to these questions will help you better understand the true cost of ownership and determine whether the practical aspects of life on the island match your desires and expectations [source: Private Islands Online ].
One advantage of purchasing an island with an existing residence is that a previous owner will have already dealt with at least some of these issues. This stunning destination is already home to 4 of our successful private island projects, including Gladden Private Island and Kanu Private Island each with high occupancy and 5-star luxury amenities. Buyers guide. Let Us Find Your island. Private Islands Magazine. Connect With Us.
Islands for Sale Islands for Rent. Uganda Seychelles Namibia Zambia. Philippines Maldives Indonesia Thailand. Central America. Here is a look at what private island ownership entails. This really is the ultimate million-dollar — or multimillion-dollar — question. Private islands can really range in price based on location, size, and how much development already exists on the island. Where Are Private Islands Available? Put simply, almost anywhere in the world.
This encompasses around 40 countries, states, and territories. How Easy is the Process of Buying an Island? It differs from country to country, based on federal laws concerning foreign ownership. For example, in Canada — where there are more private islands for sale than anywhere in the world — there are almost no restrictions on non-Canadian citizens purchasing freehold private islands and the process has been designed to be relatively straightforward.
Then there are countries, like Italy and Greece, where foreign freehold ownership is available, but there is plenty of red tape and bureaucracy to deal with. Exclusivity: Scarcity is one of the great drivers of value and status — the rarer something is, the more desirable it becomes.
While there are plenty of private islands more sale, they still the only number in the high hundreds. Owning a private island makes a person a member of a very exclusive club.
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