Tips for Buying Cayman Luxury Property

Tips for Buying Cayman Luxury Property

• 1. Remember the old Saying, “Location, Location, Location."

  There is more truth in the old adage than can be conveniently communicated with the breadth of a few words. Remember that there is Cayman luxury property scattered across three islands, and not concentrated solely in one place.

  Yes, there are many luxury condos situated in the vicinity of Seven Mile Beach in Grand Cayman, but there are many other luxury properties scattered across the same island and dispersed throughout Little Cayman and Cayman Brac.

  It all comes down to what you truly desire in a home, a condo, or a piece of land. Some buyers, perhaps yourself included, may be able to find exactly what you most want in a condo or a house that’s already built and furnished with the bells and whistles, but remember, this is luxury property, not a luxury building.

  Buyers should remember that the purchase of land can lead to the development of Cayman luxury property that does not exist yet. What we mean to say is, consider all listings; don’t limit yourself to what’s already standing. You may be able to complete your vision on your own.

  Remember also that the general location of the property may render it more or less luxurious with respect to the surroundings. If you personally appreciate the bustle of a slightly busier lifestyle, then you might find a luxury home in or around George Town or the Seven Mile Beach area to be most suitable. If luxury, to you, is peace and quiet, well, there are land and homes for sale on the Sister Islands that may be more to your liking. The location of your investment won’t change, so making the best-advised choice up front is imperative.

• 2. Develop a Vision for the Investment Property, and Consider your Ability to Grow with it.

  Once you know what you’re looking for in terms of location, you can develop a vision for development, or for the future in general. Something to remember is that, while you should absolutely strive to secure every single feature you desire in a luxury property, up front, there is always room to grow. You should absolutely keep future possibilities in mind.

  Let’s say you’ve found a home for sale in the Cayman Islands that you truly love, with a floor plan, appliances, and amenities that check off all of your points of interest. Perhaps there is only one thing missing; for example, a pool.

  Some might advise you to keep on looking, but if that location has really caught your attention, and the home is perfect in every matter except one outlier, critical thinking should prevail. If the home has adequate room and you’re permitted to make such alterations, don’t pass by a diamond in the rough. A diamond in the rough only requires cutting and polish to become a gem. Don’t lose sight of potential, is what we mean.

  Don’t lose sight of the fact that once a property is yours, you will be more or less free to grow with it, considering local or community rules and regulations. If a luxury home has just about everything you want, you can take it nearly to everything you want in short order.

• 3. Let a Local Expert have your back; they’ll Serve as your Advisors, too.

  One of the most vital keys to success when it comes to the search for luxury properties is to enlist the help of a trusted, experienced, proven local expert. The value of local expertise cannot be underestimated - even for local buyers. Not everyone has experience in matters of real estate, even in their home market. Foreign buyers naturally have even less, and no one can be an expert in all things, all of the time.

  Local experts provide value that defies quantification. They know all about local listings and are often aware of properties that are going to be listed before they actually go up for sale. Beyond being familiar with current listings, they are deeply familiar with past listings, property histories, community history, sales values, and the constituents of local communities. They may even be able to put you in touch with communities that will welcome you and your family.

  Beyond that, local experts will have a personal connection to the markets they serve. For them, real estate doesn’t simply provide a job. It is a link to their human identities, and those that are a part of the community which they serve know it backwards and forwards. Besides home values, they know things to do, places to see, and other insider tips and advice. Local experts are, after all, a part of the community.

  Most importantly, a local expert can serve as your advocate in a market in which you will not be particularly familiar yourself. It takes years, if not a lifetime, to get familiar with a locale, and local real estate experts can help you in ways you won’t understand until you experience them.

• 4. Be Aware of Condominium Rules and Regulations.

  Some buyers are drawn to the community living of condominiums, and the fact may be that for some of them, a condo will suit their every need in Cayman luxury property. However, while it is true that condos will provide a sense of community living and provide certain suites of amenities while covering certain maintenance expense items, buyers might find limitations in what they can do with the property.

  Many condominium properties will hold their value extremely well, but it might not be the prime choice for a buyer who’s interested in land or making extensive alterations to the property. Contact us to learn more about luxury condo living, as well as what buyers should consider.

• 5. Take Advantage of Financial Opportunities.

  Another thing that buyers should remember is that list prices don’t necessarily need to be as intimidating as they can be. You also don’t necessarily need to feel as though you need to make a purchase in cash.

  Many, many prospective property investors make the wise, financially sound decision to accept the help of financing for their purchases. At Crighton Properties, we work with financial professionals that can work out a financial plan that meets your budget, potentially putting luxury homes well within your grasp.

  In addition to the fact that leveraging financing can put some luxury homes within your reach, financing can also give you the ability to keep your liquid assets invested in lucrative projects that yield returns, themselves helping to finance your interest in properties.

  

• 6. Pictures Aren’t Everything.

  You’ll find nothing but extremely high-quality photography in our listings here at Crighton Properties, and though pictures say 1,000 words, that’s about all they say. This article alone is twice that length. Photographs are useful, but they don’t validate a transaction.

  Many buyers of Cayman Island real estate come from abroad, and their first interactions with our listings are sure to be, at least in some cases, photographic. However, if you’re one of these buyers, don’t lean too heavily on photographs. There is no substitute for visiting the listed property in person to get a feel for the spirit of the place.

• 7. Don’t Rush.

  Chances are if you are shopping for Cayman luxury property that you can afford to take your time, and you absolutely should. Few wise purchases have ever been made in a rush, if any have been made at all.

  You’re in the driver’s seat, so take advantage of that fact. While you should learn to strike when the iron is hot - a deal in real estate won’t last long - you also shouldn’t rush headlong into a huge financial decision without fully thinking it through.

  While listings fluctuate, the Cayman Islands aren’t going anywhere, and there’s no telling what might come on the market tomorrow. It really might be your dream luxury home in the Cayman Islands, but you won’t know unless you give it some time to hit the market.

  That said, if you’ve done your research and been shopping for a reasonable amount of time, don’t be afraid of taking the opportunity as it presents itself. Just be sure you’re familiar with your goals beforehand.

• 8. Go Beyond the Home: Check out the Community.

  As location is one of the elements that makes a luxury property a luxury property, it is not the only thing that offers or secures value. When you are shopping for a new home or property, look past the property lines and see what’s in the vicinity.

  Pay close attention to other home values in the area, because these will affect the price of your own. If your property is surrounded by land that may one day be developed, this will affect your home value as well.

  Nearby amenities, facilities and shops will also potentially impact the value of your property, so don’t be afraid to conduct a thorough search or ask questions of your real estate agent. They’re your first resource and can make sure you know everything about the area.

• 9. Don’t Forget About Resale Value.

  While you may be interested in buying a property and living in it for a long time - even retiring there - don’t forget about the vast potential of resale value. Even if you think it doesn’t apply to you in your current situation, no one really knows what the future holds.

  In the event that you truly intend to make a permanent residence from this new luxury property and never leave, remember this important detail. Projected resale value is a bargaining chip for you right now, even if you’re never going to sell the home. A home with an asking price that is not commensurate with its potential resale value is a lever you can take to sway negotiations in your favor - perhaps even enabling you to get a luxury property for a better price.

• 10. Don’t be Afraid to Negotiate

  

  Finding the right Cayman luxury property that meets all of your needs doesn’t necessarily mean you need to make big compromises on price or pay more than you want. You’re in as much of a position to negotiate as the seller is, at least some of the time. Use whatever means are within your abilities and don’t be afraid to negotiate. If you can find the home of your dreams, great. If you can find the home of your dreams and not pay more than you’d expected, even better.