Buying Property, Cayman Islands, Island-Living

REAL ESTATE QUICK TIPS: BUYING LAND ON A BUDGET

Maximise your networth:

If you have $85,000 cash budget to buy land it may be tempting to look for a piece that you just fall in love with. When investing in real estate (especially in a tight market like we are experiencing in the Cayman Islands right now) it is a good idea to own as much as possible on your budget in separate areas (ensures you have something in a market shift).

Instead of buying one house lot in an expensive area for $85k, look for 2 lots in separate up and coming areas – perhaps one for $50k and the other for $35k – you will have 2 land lots accruing value instead of buying one that may be nearing its max value.

Also, be sure that wherever you buy the land that development is protected by strict covenants – this makes certain your neighbourhood has a standard that will allow value to grow over the years.

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