Buying waterfront property is a dream for many people and there is certainly no shortage of spectacular beachfront homes for sale in Cayman Islands. However, with this type of purchase there are additional things to consider.
Whilst it is true that there are more risks involved in trying to buy homes in Cayman on the waterfront it does not need to stop you from achieving your dream. Milestone property’s expertise can guide your search through all the Cayman homes for sale and find you the perfect waterfront property. By simply taking some additional steps in the process you should be able to enter in to a contract with confidence and ease.
Here are Milestone Properties’ 10 Top Tips for Buying a Waterfront Property in Cayman!
- Mortgage pre-approval – When purchasing any home, it is always a good practice to start by getting your financing in order. This is particularly true as purchasing waterfront property is typically more expensive.
- Consider additional costs – Homeowners Insurance will be more expensive to cover the additional risks of having a waterfront property as we do live in the hurricane belt. Make sure you are fully covered for wind and flood damage. Look in to this early so you know what to expect and most importantly; shop around! The Cayman Islands have several A+ rated insurance companies and brokers that are well versed in home and contents insurance.
- Find your real estate agent – Find a real estate agent that has extensive knowledge of waterfront property in the area. Here at Milestone properties we have years of experience in helping clients find their dream homes on the water. As we are a member of CIREBA, (Cayman Islands Real Estate Brokers Association) we have access to all active waterfront listings on the MLS (Multiple Listing System) which means you have the ease of viewing you picks with one agent.
- Consider your lifestyle – Finding a property that works for your lifestyle is so important. Don’t be blinded by the perfect home. Think about the things you love to do and how they will work with the property. Do you plan to have a boat? Do you like walking out your door onto the beach? Knowing ahead of time how you envisage spending your time will help your realtor find more suited properties.
- Consider the location– You may dream of escaping the beach to a canal front paradise but do you want to be closer to shopping and schools? Do you want to be able to walk to bars and restaurants in the evening? Perhaps go to the gym? We recommend spending time in the areas you are considering to see if it is really what you are looking for.
- Check the property structure – The Cayman Islands is within a hurricane prone area and all Cayman homes and buildings must be Cat 5 built and rated. Check that the property is properly certified and get a home inspection from a surveyor. Waterfront homes are far more exposed to the elements and therefore require more maintenance. Also consider looking for properties that have hurricane shutters already installed.
- Can you make alterations – Find out what you can and cannot do with the property? Are you able to make alterations to the property such as building a dock or seawall? There can often be very strict rules about such changes and knowing ahead of time can save lots of problems in the future.
- Restrictions – It is also a good idea to check if there are any restrictions for the body of water close to the property, for example is the use of boats and jet skis permitted. How deep is the water? And what kind of water access is on the property or nearby?
- Homeowners’ Association – If there is a Homeowners Association this can help you become more familiar with the responsibilities of owning a waterfront home. You can discuss and get information from the HOA’s management company about what upkeep and maintenance will be expected from you.
- Located in new development – If you want to buy a Cayman home in a brand new development or build your own then check on the availability of services such as electricity, water, cable and internet plus make sure there is an adequate septic system.
Buying property in the Cayman Islands is an easy process once you have found a realtor that you like to work with. The Cayman legal system makes the purchasing process straightforward and there is always your Milestone Properties agent to assist you through every step of the process.