As with any large purchase, it is smart to do all your research before agreeing to sign on the dotted line with a private island resort. Most private islands for sale nowadays are situated in the Caribbean, Central America, South America or Asia. But you may also find choices in the United States, Europe or even in Asia.
Go into your research with some basic questions in mind. For example, what is the average cost per acre of private island rental properties on the open market? What is the average cost per unit of various popular resorts and hotels?
You want to make sure you are getting the best deal when buying a private island. But you also want to consider how long you will be staying on the islands. Some islands may only be suitable for short-term rentals, while others provide a more permanent home base. If you plan on moving around often, consider the cost per acre of units that allow you to move from one island to another every few months. Look for shorter-term rentals that charge the least per acre.
Another important factor in buying islands is location. Many islands that have been isolated for centuries are now gaining tourist appeal as people seek a more stable environment to invest in. Buyers should look at the main attractions located on the islands they are considering buying. If there are other properties available within driving distance, some buyers may prefer the seclusion of a private island over others that are less preferred.
While the price of islands does vary from one property to the next, there is a general range of prices for different types of islands. The smallest islands can be purchased for as little as two hundred dollars, but larger properties may run into the thousands of dollars before any costs are taken out of the equation. If buying a private island appeals to you, consider what your budget will allow for the cost of property. If not, you can still find some properties that fit your budget without having to compromise on features.
The cost of islands can also depend on which island you choose. Buyers should consider the location, size, and amenities of properties they are considering. Some islands have better views, more amenities, or are located near popular vacation spots. The size of the island and its amenities will help buyers determine if the property is right for them and their lifestyle.