There are a number of factors that go into choosing a private island to purchase. Although determining your budget will tell you a lot about the size of the island you can afford, it’s also important to take into consideration the type of development plans you have for your purchase. It might be that you don’t quite needs as much island as you budget will allow for. In that case, it might be better to save some money on the purchase of the island itself and put it towards construction and other development costs.

If you’re planning to build a small vacation house, an island that measures between 2.5 and 12 acres is probably large enough for your needs. For a larger house or additional guest cottages, a medium-size island (12 to 24 acres) is a good bet. For a large-scale resort property, you’ll need a large island at least 37 to 48 acres in size, with 14 to 24 acres of land flat enough for building.

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Part of the fun of having your own private island is the isolation factor. No longer will you have to contend with the crowds when you want to get away from it all, whether you’re planning a weekend away from home or an extended vacation. Of course, just how isolated you will be should be a major factor that you consider when looking to purchase an island.

It’s important to take into consideration just how much traveling you’re willing to endure to reach your new property, and just how uncomfortable you’re willing for that travel to be. If you have extensive experience with boats, that will make accessing your island easier, particularly if it is in an ocean as opposed to a lake. Keep in mind that the water conditions are an essential aspect to research. The distance from an established town or village can also make it easier or harder to access your new island. Those located closer to civilization will be more expensive.

In this current housing market, which has yet to show a sign that it has bottomed out, seeing new heights reached for home sales is a sign that we can take consolation in. A new watermark has just been set for the highest price paid for a home in the state of California when a mansion in Beverly Hills sold for a fairly impressive $31.5 million.

The French Normandy-style home measures 27,000 square feet and sits one a two acre lot. It’s three stories and has ten bedrooms, thirteen bathrooms, and seven fireplaces. Designed by Richard Landry, it also features a grand ballroom, a library with a glass floor, and a large wine cellar.

While the price might seem impressive, it must be taken into account that the mansion was originally listed for $45 million and sat on the market for a lengthy 255 days. That sounds more like the market we’ve come to know.

When many people think about owning a private island, having a slice of tropical paradise is the image that springs to mind. However, there are several climate options available for those who are looking for something other than a place to catch a tan. The aforementioned tropical islands are generally those located in between the tropic of Capricorn and the tropic of Cancer. If those aren’t to your liking, you might be a fan of Mediterranean islands. These generally have warm temperatures but less rainfall. Aside from the Mediterranean itself, islands of this variety can be found in the Bahamas, Bermuda, the Canary Islands, and so on. Temperate islands are a good choice for those who prefer cooler temperature and might be more interested in an island that’s closer to home. You can find these islands in the northern United States, Canada, and northern Europe. Be sure to learn more about each climate type to decide what’s best for you.

David Evans, better known by his stage name The Edge, has plans to develop mountaintop property in Malibu, much to the concern of some of his neighbors. The erstwhile U2 guitarist plans to build five mountaintop mansions with amazing ocean views, one for him to reside in, one of which would be a home for real estate investor Derek Quinlan, and three that would be place on the market in the hopes of turning a tidy profit. Other residents of the area are concerned both about the noise of the construction and the impact on the cliff side and the surrounding environment. The area that has been chosen for the site of these residences requires a number of difficult engineering feats in order for construction to proceed as planned. Evans has stated that he loves the Malibu area and plans to be environmentally responsible during construction. The California Coastal Commission plans to do a study this summer.

Purchasing your own private island might mean owning a piece of paradise, but it also brings with it a whole set of new responsibilities that must be kept in mind. Aspects of home ownership that many of us take for granted on land can pose serious problems on an island.

One thing to keep in mind is that if you plan to develop your island, you will need to ensure that there is a suitable supply of fresh water. If you plan to reside on your island part-time, you’ll need about 30,000 to 100,000 gallons annually. For full-time living, you will need the equivalent of 40 inches of annual rainfall. The smaller and/or rockier the island is, the less likely it is to have a steady supply of water. Luckily, there are options. If the ground water table is high enough, you may be able to dig a well. If you are close enough to the mainland or another island with a water source, you may be able to access it via PVC piping. Desalination plants can also be purchased for as little as $20,000.