Buying in the Cayman Islands
Over the years, Kass has worked with some many people to bring them to the island or even change them from their existing home on the island to their new one, take them from a rental property into finally their own home.
It is because of this knowledge that and experience, combined with working personally with our clients that we can bring to you the HOW TO’s below. As always, please let us know if you have any questions, or would like to add to our list to assist others with their buying process.
HOW TO
…start the property-buying process. The process should begin with your meeting a local sales associate to get an overall feel for the market. During this meeting you should lay out your goals and ideas. If you’re looking for a family home you may want to gear your attention toward a residential area close to schools, sports facilities, shopping, etc. Cayman’s diverse market offers homes and condos from CI$200,000; land from CI$50,000 to development tracts priced in the millions. Streamlining your criteria with a knowledgeable sales agent will get you in the right direction and curb what could be an overwhelming situation without proper guidance.
…choose a bank. Financial decisions are some of the most important decisions you will make in life. Having a good relationship with your bank and its staff is important, but doing your research is where it all starts. Many banks now have Relationship Officers who will work with you to discuss investment strategies and assist with the best way to structure your mortgage and personal loans. Check around and make sure that the bank you are with will offer the services you want and has the facilities to meet your changing needs. Look for family-friendly banks – the banks that offer student savings plans, student loans, flexible mortgages, investment portfolios, low monthly fees and on-line banking to name a few benefits.
…properly insure. Cayman is now going to have two phases in history with which to compare their lives to – before Ivan and after Ivan. Before Ivan, there was a bit of complacency with regard to severe storm damage and many people chose not to insure, deeming it a waste of money. Read your policy, understand what it covers, research your insurance company and update your policy regularly. If you add significant value Now, we know all about storm surges first hand and what a hurricane can really do!
…design and furnish your home. Home is indeed where the heart is! In order to take full advantage of your home, you need to plan the interior design to fit your lifestyle and your family. Active families will enjoy larger, more open spaces to entertain with ease and have the kids play safely. Many people are now craving the previous rarely or never-used dining room for those intimate dinner parties or family gatherings. This allows two activities to be going on at once – adults in the dining room; children in the living or family room. Furniture quality and style should be taken into consideration in all rooms in the house and be flexible so that as your needs change and as the kids grow, your furniture can too! There are many excellent interior designers and furniture companies on the island that can provide a myriad of expertise in this seemingly overwhelming aspect of home life.
…landscape your home. Yes, landscaping adds tremendous value to your home, no doubt! But did you know it does so much more than that? The smallest of homes and the most lavish estates all benefit from landscaping in more ways than one. Properly placed trees and shrubs can provide an excellent source of shade to keep your house cool. Solar lighting is a cost-effective way of adding a touch of security, nighttime drama and elegant flair to your home. An irrigation system needn’t be elaborate to keep your yard looking its best. Contact one of Cayman’s many plant nurseries for a personal home visit and they will guide you based on the position and location of your house and your budget.
…invest with knowledge on your side. Cayman is one of the world’s largest financial institutions and we encourage and invite foreign investors to make Cayman their home away from home. Unlike other small islands, you can own a property outright in Cayman without being a resident. Other than Stamp Duty mentioned above, there are no other forms of property tax. Sit down with an experienced sales agent to help determine the best properties to focus on based on your investment parameters. There are positives to all properties but their strengths may not meet your criteria. Discussing all the variables will allow you to make a confident, comfortable decision before buying.
…relocate to Cayman. Cayman is a wonderful family-friendly island. There are lots of activities for kids of all ages. The safe environment and warm climate help to feed the activity, healthy lifestyle. Schools in Cayman provide either a British-based or American-based curriculum with pre-school to college programs available. There are public and private schools available and most private schools are tied in with a local church. Religion – Catholic, Baptist, and Presbyterian - is taught in all schools. Children will have no problem making friends and finding things to do; parents will love knowing their children are busy and happy! Kids will never be bored, that’s for sure. Local media is excellent at getting the word out about local events. Cayman is also very charity based, and there are a lot of volunteer organizations to get involved with and this is a really great way to meet new friends and families.
Cayman is a wonderful, beautiful place to live – the climate is awesome year round, the population is made up of over 70 different nationalities that blend together extremely well, the restaurants are sensational, the activities are plentiful and getting here, living here and doing business here is easy! Call The Coleman Team to find out how you can be a part of Cayman on a full or part time basis. Either way, you’ll call Cayman your home!
Buying in Cayman is not a complicated issue and you shouldn’t be afraid to do it - with the right agent and the right lending company, you could be paying your own mortgage instead of someone else’s sooner than you think!
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