Purchasing a private island is a dream for many people. It offers peace, serenity, and a chance to get away from the hustle and bustle of everyday life. However, owning an island is not without challenges. People who are considering this type of purchase should understand the pros and cons before making a final decision.
Besides the obvious privacy, owning an island is also cheaper than living in a city or country with high costs. The cost of food, clothing, and other everyday items is far lower on an island than in a metropolitan area. In addition, an island owner will save on taxes because they will not have to pay city or state taxes. Lastly, it will be easier to meet people as you will not have to commute to work or the supermarket.
One of the biggest disadvantages of owning an island is the lack of access to medical services. If you are injured or ill, it can be difficult to reach a hospital on time. This is especially true if the island is located in a remote location. Therefore, it is important to have emergency plans in place.
A person who is planning to buy a private island should research the infrastructure and environmental conditions of the property before making a final purchase. He or she should find out if the island has adequate power and water supply, as well as sewage systems. In addition, it is vital to find out if the property has easy access to mainland transport.
The most common types of island buyers include developers looking for a flagship property to develop into a resort, individuals who are looking for an island specifically, and individuals who already own waterfront properties but want to upgrade to an island for more privacy or space in the same region. Buyers should have several professionals on their team when pursuing an island, including an attorney who can guide them through the unique legal challenges associated with island ownership and an accountant who can help navigate tax code.
In a world where everyone is connected through social media, the idea of an escape to a private island seems more and more appealing. In fact, the coronavirus pandemic has spurred an increased interest in private islands as people look to escape from the pressures of daily life. According to Chris Krolow, CEO of the Ontario real estate company Private Islands, his business is seeing 150 inquiries a day from people interested in buying or renting an island, up from around 100 inquiries a day prior to the pandemic.
For the privileged few who can afford such an extravagant retreat, it might be the perfect time to purchase an island. Those who are not ready to buy an island can still reap the benefits by vacationing on private islands. This trend is being driven by an increase in demand for whole-island rentals, which allow people to enjoy the lifestyle of a private island for a few weeks or even months at a time.