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Buying a private island is not just for the rich and famous. With research, a realistic budget, and assessing location, accessibility, and development, affordable options can be found. It’s a matter of making an informed choice and taking the plunge.
For most people, the idea that you can actually buy a private island is as real as the tooth fairy. Buy a private island, you say? You are crazy? Everyone knows that real estate of this type is the only province of the very rich and very famous. Only those jet-setting types with their own private planes and Swiss bank accounts could ever afford something so indulgent. After all, it’s common knowledge that private islands are the bastions of luxury, opulence, and wealth.
That’s the problem with common knowledge, though. It is so rarely verified, that it is often difficult to distinguish hearsay from the truth. Private islands aren’t cheap, but they aren’t as expensive as most people think either, especially if you expand your options. Remember, this amazing planet is covered in uninhabited patches of land, most of which go unnoticed about their existence. With that kind of mindset, the desire to buy a private island isn’t as ridiculous as it sounds.
Basically, the process involved in looking to buy a private island is not much different than buying any other piece of land. These are securities, deeds, a bit of haggling over the purchase price and a good amount of money. The exact amount of money, of course, depends on a few factors, the first of which is supply and demand. Predictably, there’s a greater desire to buy a private island with white-sand beaches and dancing palms than an iceberg in northern Alaska, so sanctuaries in the tropics are always more expensive.
Then again, there are still plenty of relatively affordable private pieces of paradise in more remote areas of the globe, some of which cost as much as the average second home in the United States. Southeast Asia, for example, is full of quite affordable islands for sale, each one more beautiful than the last.
The first step in your quest to buy a private island is research. This can’t be stressed enough – you need to do your research well.
Start by assessing your needs and set a realistic budget. Contact real estate agents and look at websites. Believe it or not, there are a number of websites that cater to people who want to buy a private island, and it’s really just a matter of making an informed choice. Scroll through the choices to get an idea of what you can afford.
Once you find a desirable private island in your price range, take a look at the location. Is it so far away that you may not have the time or resources to travel regularly? Is it so close to a national border that you might have problems with nearby government in the future? Are there conflicting territorial claims to the surrounding land and waters?
Next, look at accessibility. How accessible is the private island to the outside world and how accessible is the world outside the private island? Is it too isolated? Is there an airport nearby? An hospital? Some kind of coast guard? What will your means of transport be like? Are the waters around your island always safe for travel? Remember that the sea in some parts of the world can be quite unpredictable. Calm waters one day can become virtual whirlpools the next. Find a way to ask locals how the waters are year-round.
And finally, look at the degree of development. In addition to evaluating the quality of the structures, if any, that are located on the island, also look at what modern necessities have already been installed. The biggest problem with private islands is that due to their size and lack of population, most governments have not seen the need to provide these islands with electricity, irrigation or telephony. Because of this, you will most likely have to look into it yourself. Ask your realtor if he has a generator or some form of communication device.
Once you’ve addressed all of these things, there’s only one more step to take: take the plunge! Buying a private island isn’t for everyone, but given the right circumstances, it can be the best investment you can ever make.
