Considering Buying Real Estate in Grand Cayman? Read This

Considering-Buying-Real-Estate-in-Grand-Cayman-Read-ThisWritten by: RE/MAX Cayman Islands

If you’re one of the thousands considering Cayman luxury real estate for your next home purchase, you probably already have your picturesque plot of land staked out and a mental image of what your kitchen will look like once you’ve unpacked. Not so fast! Before you buy, it’s crucial that you carefully consider every aspect of your purchase. Many are drawn in by the prospect of a tax-free income, but few consider modern amenities, location or long-term prospects for that property.

Purchasing in the Cayman Islands

Investors who purchase real estate in Grand Cayman tend to do so because they like the island lifestyle and want to make it a part of their own home. Owning property here means you can come and go as you please, so it’s basically like a second vacation home that can produce tax-free rental income. However, you will need to pay a stamp duty on any transaction.

The town is a resort town, but there is a thriving international banking infrastructure here too. As a result, the quality of life is somewhat higher than what you’d find on the mainland. There is significantly less crime on Grand Cayman, and real estate in Cayman Islands tends to come with most modern amenities. It’s common, for instance, to find houses ready for solar power or with beautiful pools and ocean-front views. Considering what amenities mean the most to you will help guide your purchase.

The final piece of the puzzle is to figure out whether you’ll need a property management company to assist you in the upkeep of your property. Most people who buy don’t live on the island, so property management is essential to keeping your property livable. They also assist in finding renters and marketing your property, which is a valuable service for those looking to build their retirement portfolio.