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.

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.

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.

If you’ve decided that you want to purchase your own private island, either as an investment or your personal vacation paradise, you have a lot of decision-making ahead of you. In many ways, purchasing an island is very much like buying a home, but there are plenty of additional factors that need to be taken into consideration before you decide on a purchase.

As with all property, the first step is to figure out what your budget is. It is better to spend as much as you’re able to rather than settling on an island of poorer quality just because it’s more affordable. You will end up with both a better investment and a more attractive purchase.

Location is also important–one of the most important factors in choosing to buy, really. Take the surroundings into account, not just the island itself. The local infrastructure is essential. Make sure that you will have access to an airport and a town or village where you will be able to purchase needed supplies.

The price of luxury California real estate continues to drop — not terribly surprising for anyone who follows the market.  However, looking at property that has a history of celebrity ownership can give us a better glimpse into just how the market is doing.  After all, these high-profile sales catch the attention of more than just real estate aficionados.

One recent listing that caught our eye was the return to market of a home that had previously been owned by actress Denise Richards. This contemporary ranch home is located in the exclusive area of Hidden Hills, CA and has been listed for $3,495,000.  Back in May of 2006, Richards purchased the property for $4,000,000.  While she originally listed it higher in an attempt to make a profit, her final sale was a loss at $3,800,000.  That was October of 2007.  Will this property sell for the current asking price of $3,495,000 or has the market fallen even further than the current owner realizes?  We’ll have to wait and see.

A representative from Sunwise Realty said: “We have recently seen a lot o foreclosures in the luxury housing market. The rich were not so effected initially with the economy and the housing slump, but it seems it has catched on with them as well. The number of luxury home foreclosures have been increasing in the market.”