To own an island is one of the wildest dreams anyone can ever have; but of course, we know dreams do come true. However, it is essential to have a plan or structure for the realization of dreams. The same thing applies to buying a private island. You have to put in place those elements that can help you realize this wild dream.
It is vital to understand that buying an island isn’t always an expensive thing. If you doubt this statement, ask British billionaire Richard Branson who owns Necker Island. Once you realize that islands can actually be affordable, we can move forward to the major points of this article. The procedure for buying an island is similar to the same process you’d take when purchasing any piece of real estate. However, there are some additional components you need to consider such as the nature of the surrounding waters and whether there’s a natural harbor there too.
So here are some tips you could follow.
Have a Budget
Just like any product you want to buy in the market, you need to create a pre-determined budget in order not to over-spend on the item or purchase additional irrelevant products or incur unnecessary expenses. It is possible that you may not have enough money to afford the island you really desire. In this scenario, you can go with two options.
One, you wait until you have enough money to purchase the island. Two, you keep looking for the perfect island that meets your budget. Richard Branson did the second.
Decide what you want to use the island for
While you may be looking forward to buying an island, there are different uses you can put it to. First, you may be looking forward to living there permanently. Second, you may be looking to make it a vacation location for you and your family. Third, you may want to use it to make money by renting it out. The fourth scenario is a combination of the first and the third – living there and renting it out. Many island owners go with the first and the second. However, the shrewd ones go with the first and the third.
There may be the need to obtain some legal documents from the governments. Hence, you will need to know the documents you need to fill and the process involved in such before outrightly buying the island.
Get a Lawyer
The fact remains that laws vary from place to place, and from environment to environment. In this kind of deal or transaction, you need to involved lawyers that are particularly skilled and knowledgeable about laws that relate to properties and island purchase. Some countries do not allow non-citizens to buy real estate outrightly, but they can have it on a long-term lease. Hence, do not experiment with your money.
So there you have them; the above tips have been written to guide you when looking to purchase an island. Islands are one of nature’s most relaxing locations; you have to take strategic steps when planning to own them.