How much would you be willing to pay for a home? How about $150 million dollars? That’s what Candy Spelling, the wife of the late television impresario Aaron Spelling, is asking for her 56,500 square-foot, English-style home simply known as The Manor. The sprawling Southern California estate recently topped Forbes Magazine’s list of the most expensive homes in America.

As you would expect, The Manor has some features that most homes on the market lack, such as a bowling alley, wine cellars and a room dedicated to gift wrapping. The 4.6 acre complex also has parking for 100 cars. However, even though that’s the asking price, the true value is set by the market, and the fact that The Manor has been listed as “for sale” since 2008 shows that perhaps even a house this opulent might not be worth $150 million.

A new estate making the list of most expensive homes this year is in Honolulu, Hawaii. The Kaiser Estate is the former home of American industrialist Henry Kaiser and was put up for sale last year for a price of $80 million. The estate is actually three different parcels of land that together make up 5.5 acres. Along with stunning views of Oahu, the Kaiser Estate features a 15,000-square-foot home and 12,000-square-foot boathouse and marina.

Anchorage is an important thing to keep in mind when examining if an island for sale is suitable for your needs.  After all, you want to be able to land on your island.  Perhaps more importantly, you don’t want to be stranded on your island, unable to leave.  The anchorage, also known as the stability to the ground, is a key factor in both of these situations.

What traits make up suitable anchorage?  There should be access to the beach with water of a sufficient depth.  You’ll need a sandy bottom if you want good hold.  You want to avoid coral and rocks that could damage incoming watercraft.  And lastly, you’ll want your anchorage to be sheltered from prevailing winds.  To make sure that your potential island’s anchorage is of sufficient quality, make sure that you examine it during both low tide and high tide.

Much like a human’s facial features, the face — or topography — of an island can vary widely.  Many Caribbean islands are characterized by seeming perfectly flat, while other islands can have rocky, almost hazardous-seeming terrain.  There is no type that is considered “best”–it really depends what your plans are for your purchase.  Flatter land is better for building, but some people prefer to have their own areas for rock climbing or other outdoor sports.

Be sure to notify your brokers about what topography you are most interested in for your island purchase.  Keep in mind that most islands aren’t going to be entirely flat, particularly continental islands, which primarily consist of the tops of drowned hills.  The workable surface of these islands generally falls between 10-12%, which is important to keep in mind when you’re laying out your development plans.

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.