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Getting into a foreign market can be a harrowing experience because there’s just so much to learn. If you’re seriously thinking about buying overseas, whether you want a home away from home, an investment property, or even to make a new life, there’s so much to learn.
You need to become familiar with a new set of laws and procedures that govern the transaction of land and other assets; you need to learn about the neighborhoods and areas where you intend to buy, and so much more. Just like real estate in any market, there is much to consider.
Except, in a foreign market, the chances are high you’ll be starting from scratch, and that’s where the insight of a dedicated, experienced Cayman real estate company can make the process a lot easier on you.
Still, even finding a real estate company can be an equally harrowing experience. We aim to make that easier for you - you can start here and lean on these tips to make sure you end up with the ideal choice, which we’re confident will be with us.
Nonetheless, starting out with these questions will help us better serve you as you explore the opportunities that exist on our islands!
In searching for real estate companies you will probably find that some are suited to specialty markets, whereas others are more generalized. Some real estate companies might hypothetically deal only in land or agricultural sales, whereas others might specialize only in the sales of commercially zoned properties. This is good if you know right out of the gate what you’re looking for, but not helpful if you don’t. Specialization is certainly valuable in some markets, but if you’re starting out at square one, it can be more limiting than helpful.
There are two ways to go about this. One is to ask yourself what you want to buy; that is, whether you’re more interested in purchasing some form of residence, such as a condo or a house, or if you’re interested in purchasing land or commercial property. Then you can proceed with a partnership with a Cayman real estate company that specializes in that area.
The other way to proceed is by taking a general approach, partnering with a real estate agency that can offer you a little bit of everything, and narrowing down your search from there. A good real estate agent will also seek to understand your objectives, which means the right partner can help you identify where opportunities lie to help you meet your goals.
Secondly, and this is especially important if you have never purchased in a foreign market before, you will want to ask questions, and plenty of them. If you don’t, there’s no guarantee that anyone else will - we here at Crighton Properties are consultative agents that get to learn your goals as a buyer - but you know yourself best, and only you can say for sure whether you have the information you need to proceed or to make a well-informed choice.
When you choose a Cayman real estate company, one of the first things you need to do is start asking questions. If it’s in your mind, ask it; ask questions about anything and everything. Ask about the history of home values in the area or in the neighborhood. Ask about options for financing. Ask about any relevant by-laws that will influence how you can develop your property in the future.
If you’re concerned about culture, history, or shopping, ask the agent for advice on what type of infrastructure is in the area. Are you going to be doing a lot of traveling, say, back and forth to the United States via air or sea? Ask about local airports, or about a marina in the vicinity where you can keep your vessel.
Any and all of these questions are not only valuable but important because you should not move forward with a prospective purchase until your concerns have been put to rest - and you need to ask the questions to get the information you need to do so.
Once you’ve started to get an impression of what type of property interests you or is a good match for your long-term goals, then you should also make it a point to solicit the input of the agent you’ve chosen to work with. After all, they’re there to help you get through the process of buying a new piece of property for a reason. You might as well get the most possible value from the relationship.
Ask them about other buyers that they have served in the past and look for feedback. No two buyers are exactly the same, but many share similar interests and you can learn from the experience of other buyers that came before you. Did they buy in one neighborhood but then ultimately move elsewhere? Did they think they wanted to buy a house but then ultimately decide that a condo or some other form of community living was better suited to their needs?
See what the Cayman real estate company you’ve decided to work with has to offer. They should be more than happy to offer you recommendations or guide you in a direction that their experience would indicate would be fitting for you. This goes along with asking questions and will help you get closer to your goal of finding a new piece of land or a new home in the Cayman Islands.
For what it’s worth, a real estate company with a history of success speaks for itself. That’s one of the reasons that businesses in so many industries are so quick to state their tenure. Business is competitive, and surviving, or even growing, for many years, is a sign that a business is doing something right.
There is an element of trust that comes along with a longer-term of service as well. The more positive customer testimonials a business can accrue over a long period of time are more reliable than one or two positive marks upfront.
For our part, we’ve been helping customers realize their dreams of homeownership in the Cayman Islands for almost 50 years. Since the 1970s, Crighton Properties has been a trusted resource and a helpful asset for those interested in Cayman Islands Real Estate. Our high level of service and dedication to peerless customer service continues today, and as a member of CIREBA (the Cayman Islands Real Estate Brokers Association) are an accredited, trusted partner for prospective buyers from all around the world.
A long history of service is a convincing selling point, but it comes nowhere close to constituting a complete list of reference points for determining which real estate agent you should work with. It’s also worth your time to find a partner that specializes in your market of interest and can demonstrate absolutely extensive experience in that market as well as in-depth familiarity with all of the nuances of that market.
If you’re set on buying in the Cayman Islands and sure there’s nowhere else you want to be looking, then your real estate partner of choice should be able to exhibit uncommon knowledge about that market. Since the 1970s that’s all we’ve done - we’ve put prospective buyers in touch with the homes and other properties in the Cayman Islands that suit their needs, from Grand Cayman to Cayman Brac.
We feature a wide range of properties from all across the islands and are actually the exclusive agents for a number of high-end communities, including Lalique Pointé, Crystal Harbor, The Channels, FIN, and Harbor Reach.
We know the Cayman Islands because this is our home; we know the laws and codes, communities, and history and have a passion for putting buyers and sellers together. That’s why we’ve been a trusted real estate company for so long - we know the Caymans and we’re dedicated to meeting our customers’ needs.
Since you may find you’re going to need to work with a Cayman real estate agent in order to find the right property for you, you might as well get the most value from the bargain. A trusted real estate partner will also be instrumental in uncovering opportunities for financing on which you can capitalize to help you with the purchase.
Unless you’re going to be buying a property in cash, financing is crucial. The right financing can make the difference between a new home that you can actually afford and one that is out of reach. It’s not only about the financing options themselves though - it’s also about the real estate partner that you choose to work with.
It’s fairly common knowledge that you might need financing to purchase a home, but what a good real estate agency can do is actually put you in touch with lenders that will provide you with a multitude of financing options that are unique to your specific situation.
If you aren’t sure where to start, we’ll put you in touch with local representatives that can provide you with options for financing a new purchase, which will give you a place to start.
When you’re looking for a new Cayman real estate agency, in the modern age, social proof is your ally, and there’s more than one way to go about it. You can learn more about a real estate agent through their own social channels, where you can hear what their clients are saying and keep up with news and developments. For example, you should feel free to follow us on Facebook, Linkedin, and Instagram. Keep up with news and developments there so you can stay current.
Finally, one more way you can investigate (preliminarily, at least) if a real estate agent is for you is by skimming their listings. Are they showing listings that are interesting to you or not? If they are, then at the very least you’ll know that that agency can put you in touch with properties that might meet your criteria.
Why Investors Love the Caymans
Whether you’re looking for luxury real estate on Grand Cayman or something away from all the noise on one of The Sister Islands, you’ll find an atmosphere in the Cayman Islands that is remarkably welcoming to foreign investors.
The Cayman Islands have imposed no restrictions on foreign ownership and do not impose direct taxation on owners. The Cayman Islands are also home to a wealth of safe neighborhoods, enjoy modern infrastructure, stable government, and one of the highest standards of living in the world.
If you want to learn more about finding your next home or investment property in the Cayman Islands, we’re only a call away and we can help you get there. Get started by giving us a call at 345-949-5250 or email us at info@crightonproperties.com, so we can learn a little more about your goals. We’ll help you figure out what to look for and where to look and we’ll answer any questions you have along the way!