Tips for New Home Owners
Now that you own your own piece of paradise, here’s some helpful hints to take care of it and enjoy it to the fullest.
HOW TO…properly insure your property. Here’s the three with regard to insurance:
- RESEARCH your preferred insurance company’s history and check out rates and requirements, which may vary from company to company. If you prefer one provider over the next, sometimes your favorite will match the rates of their competitor, or will restructure your policy to better suit your needs.
- READ your policy very carefully and discuss it with your insurance representative. There are various types of policies and coverage situations that you should be aware of. Not all policies are the same. The most important question to ask is: What type of weather condition does my policy cover? Many times, policies cover building damage, roof leaks, broken windows, etc but it may not cover flooding, fire or burglaries. By asking this specific question, you may find that you need to have your policy amended to include various “Acts of God”.
- RE-EVALUATE your home and the policy value from time to time, particularly when you do improvements. Do not just insure your property for the value of the loan if a mortgage is involved – insure it for it’s full value based on replacement cost, not at a depreciated value. We suggest having a property evaluation carried out on your property at least every 3 years. Adding a pool or extending your home’s living space increase the value of your home so if you do this, get an evaluation once the work is completed.
Insurance companies take a usual 2% deductible from the insured value, not the value of the claim.
HOW TO…prepare your property for a storm. You’ve heard this before: “Prepare for the worst, hope for the best”. Driving around Cayman very late on Saturday Afternoon, the island was as ready as it could have been for the storm and the Hurricane Committee was in full swing. Listening to local news updates on the storm is more beneficial that international websites as local experts work closely with the National Hurricane Committee in Florida to provide accurate information important to Cayman. The usual hurricane preparedness activities – moving outdoor furniture inside, securing loose items around your house, buying necessary supplies, canned goods, etc – are crucial to preventing property or personal damage, but here are some things that you may not think of:
- Place any valuables in a secure, sealed area where water won’t get them. Smaller items are safe in Ziploc-type baggies; larger items can be stored in a plastic storage container but bear in mind that they won’t be water-tight. Purchasing a waterproof, fireproof safe is the best bet for storing important documents. Place them in a Ziploc bag and then in the safe.
- Always have enough life preservers for everyone that is with you. If the water is out for a number of days, you’ll want to have sterilizing tablets, baby wipes, alcohol and all other health and hygiene products available. If you can’t shower, you can prevent germs and disease by using these items.
- Don’t forget plastic cups, plates and napkins – if you can’t wash dishes, these will come in handy.
- Fully charge your cell phone and if possible, have another backup battery for it. Keep your phone secured to you at all times in case you are stuck in one area for a number of hours. Know how to use your phone and all it’s features!
HOW TO…choose a property manager. Condos along Seven Mile Beach predominately offer on-site managers that will take care of all short term income items, such as overseeing your unit, arranging bookings, handling check-ins and check-outs and maintaining your unit to high standards. If your unit is being rented out long term, you’ll need to get in touch with a property management company. There are several companies for you to choose from. Their fees are based on the details of the property, so a meeting with the potential manager is recommended so that when you are not on the island, your property is left in very good hands and cared for as you wish.
HOW TO…pay your bills when you aren’t here. Technology has made this a very easy task! You can manage your accounts on your own via on-line banking, or have your property manager take care of this for you. It’s important that you organize your utility payments immediately at closing, which The Coleman Team will help you with, so that you have no surprises at bill time!
You can have a Cayman bank account with a bank that offers on-line banking. This will give you total control over your accounts and allow you to manage them on your own. Bills can be mailed to whomever you wish. Alternatively, you can have your company manager pay your bills for you.
HOW TO...fix up your home. Now that it’s yours, you’ll want to do a few personal touches with your new place. Cayman offers many places for you to get the little things like an iron to big things like furniture. We have lots of favorite retailers, so let us know what you’re looking for and then we can guide you accordingly.
Kass Coleman and The Coleman Team is a full service real estate group. We firmly believe that our real estate job does not stop at the closing!
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Buying in the Cayman Islands
FAQs
Moving Suggestion Checklist
The Procedures of Purchasing Property in the Cayman Islands
Stamp Duty
Tips for New Home Owners
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