Searching for and finding a new property can be nothing short of strenuous and overwhelming. There are seemingly infinite places for you to purchase land, but there are a lot of other points, measures, and even regulations that you need to think about before buying.
When looking for land available for purchase in a foreign location, however, those close considerations drastically increase. While you still need to adhere to all the points you would when purchasing land domestically, you still need to adhere to other important factors when doing so internationally.
That’s precisely why we have compiled a list of vital points to consider when looking at land for sale in the Cayman Islands. The Cayman Islands is an extremely popular destination for not only tourists but also for those looking to live in the Caribbean. Before you purchase land in one of the most beautiful territories in the world, be sure to think about these considerations.
1. Prepare to Pay Stamp Duty (Most Likely)
When purchasing property within the Cayman Islands, you are required by the government to pay a one-time fee at the time of property transfer, which is called Stamp Duty. Stamp Duty is 7.5% of the purchase price or the market value of the property, whichever is higher.
Fortunately, this fee can be waived or reduced in certain circumstances. Should you be a first-time Caymanian property buyer, when buying bare land to use to build a personal home on and it is valued from CI $100,000 to CI $150,000, then the stamp duty fee is waived or reduced.
2. Know Your Mortgage Options
Foreign land buyers typically require a mortgage in order to buy land for sale in the Cayman Islands. These buyers have two options for getting a mortgage in the Cayman Islands: getting a local mortgage or obtaining one from their country of residence.
When getting a mortgage locally, you need to be aware that it requires a large deposit typically around 30%. However, this is the most popular option for foreigners buying any property in the Cayman Islands.
3. Budget for Legal Fees
Before purchasing anything in life, especially those that are bigger purchases, it’s vital that we know all of the fees involved. When buying a property of any kind, buyers need not only focus on the cost of the property, down payments, or other such purchases, but also fees that may come up at the closing of a sale.
One example of this is legal fees. As you would imagine, you would certainly need to hire an attorney to assist in various legal matters throughout the purchasing process. A buyer should budget about 1% for legal fees.
4. Choose a Reputable Real Estate Company
You need to trust the people that work to find you land for sale in the Cayman Islands. Therefore, it is highly recommended that you work with a reputable real estate company. In order to ensure that, opt for one that is a member of CIREBA, which is the Cayman Islands Real Estate Brokers Association.
CIREBA is in place to provide potential buyers with professional real estate services. Members of CIREBA are forced to adhere to their code of business standards while having access to all multiple listed properties available on the Cayman Islands.
While all four points are going to take some work and careful planning, we can make the last point easy for you. Choose Crighton Properties to spearhead your land investment process in the Cayman Islands. They are knowledgeable, patient, and experienced. The time is now to buy land for sale in the Cayman Islands, and you can start by calling 345-949-5250!