Whether it’s a palm-fringed atoll or chilly northern rock, owning a private island has long been a status symbol for the privileged. Oracle founder Larry Ellison has one in the Bahamas, Virgin boss Richard Branson owns Necker, and Leonardo DiCaprio is converting an island in Belize into a resort. But the practicalities of owning an island can be daunting, even for the wealthy.
Island ownership often involves a lot of maintenance, especially on a large scale, says de Mallet Morgan. Those with more modest goals may have to fly in an engineer or contractor to repair a problem like a broken pipe. Depending on the size and nature of an island, it could take up to a year to get everything up and running.
It’s important to do your due diligence before buying a private island, experts say. Ask about the availability of utilities and water, its location in relation to the mainland and other islands, its soil quality and topography, and what’s already on it. Then, consider what you plan to use the island for. For many people, it’s not about the “money, money, money” but simply about escaping the fast-paced world and having a place to unwind and recharge.
The cost of an island can be prohibitive for some potential buyers, and there are tax and legal complexities to consider as well. Then there’s the fact that it takes time to get to know an island and become comfortable with its rules and restrictions. It can also be expensive to maintain the property and provide amenities, which can make it hard to recoup costs.
Despite the challenges, private islands can be a great investment, particularly for those who plan to rent them out to others. And they often offer more privacy than mainland waterfront.
A reputable real estate agent can help you find the right island for your needs, but if you’re planning a larger project, you’ll need to hire a team of architects, engineers and contractors. A private island offers a once-in-a-lifetime opportunity to create your own piece of paradise, but it’s important to do your research first.