A Step by Step Guide to Buying a House in Cayman Islands by Paul Young
March 21, 2017

A Step by Step Guide to Buying a House in Cayman Islands

Published by

Buying a house in the Cayman Islands is an opportunity to own real estate in one of the most beautiful, friendly and exclusive destinations in the world.

A sophisticated real estate market compared to other Caribbean islands, buying property in the Cayman Islands is typically a straight-forward process.

Here is a step-by-step guide to make the exercise easy.

BUDGET

BUDGET

The first thing you need to do is calculate how much you can afford to pay for Cayman property. When you establish your budget, remember to consider stamp tax and professional fees (legal, appraisals, etc.) If you are an offshore buyer, you may also incur additional costs to wire funds.

If you need financing, get pre-qualified by a local bank. Banks can take a few weeks to conduct diligence on your application, and will likely require proof of employment and residency status. Once you are pre-approved, get a copy of the pre-approval letter from the bank.

Now you are ready to start looking at Cayman Islands houses for sale!

RESEARCH

RESEARCH

Before you arrange appointments to view Cayman residential property, do some research. Think about which part of the island offers convenient access to your work, an easy commute to schools and after school activities if you have children, and proximity to services and activities that you regularly use and partake in.

This is a good time to take a look at property values in those neighbourhoods, and to determine if they meet your budget guidelines. Also look at long term development plans for those areas. The economy is booming on the island and with the recent and on-going changes in road networks, what might not have been an appealing area to you in the past may be on the verge of being transformed.

FIND A GOOD REALTOR

FIND A GOOD REALTOR

The best way to research opportunities is by working with a good realtor. Work with someone who has lived on the island for several years, who has access to a ready supply of industry reports and statistics, and who will take the time to help you analyze the data you collect. While buying property in Cayman Islands is a good investment, it has to match both your short term and long term goal for owning property in Cayman Islands.

CLOSE THE DEAL

Once you have found your dream home, it’s time to close the deal. In addition to a good realtor, you should engage an experienced appraiser/home inspector and also a very good lawyer. Ask for references and get some quotations before engaging someone.

Take time to carefully review the contract. Ensure your legal representative has excellent experience in residential property transactions. If you are going to buy a beachfront house in Cayman Islands, make sure you fully understand the environmental guidelines associated with home ownership on the beach.

Paul Young of Prime Locations Cayman is a highly experienced Grand Cayman realtor who has helped many people buy property in Cayman Islands. For almost 20 years Paul has worked in the real estate industry on the island, and brings a wealth of knowledge, experience and a genuine passion for helping people find their dream home. Whether it’s a rustic beach cottage or an oceanfront mansion, Paul will skillfully guide you to the property that meets your budget and lifestyle goals, and ensure the sales transaction is a smooth and successful process.

For more information contact Paul at 345.936.888 or email paul@primelocationscayman.com.