The luxury island dream has become a reality for high-net-worth individuals looking to build private retreats in pristine environments. However, this is a lifestyle that comes with its own set of pitfalls. It’s important for buyers to consider these challenges before pulling the trigger on their island purchase.
One of the biggest challenges is that buying a private island will not be cheap. Depending on the size and location of the island, it will likely cost millions to construct luxury homes. Additionally, it may be costly to import all the materials needed for construction and to maintain a functioning island.
It will also be necessary to develop a sewage system, power supply, and internet connection on the island. Furthermore, it will be important to establish a workforce and make sure that the island has enough water for all its residents.
The other challenge is that it can be difficult to stay connected to the outside world while living on an island. The best way to get to a mainland city will be by boat, yacht, or floatplane. This can be expensive and a hassle, particularly when the weather is bad. It is also important to keep in mind that many islands are remote and far away from the nearest large city.
While the White’s enjoy their private island, they also miss having easy access to family and friends. They also miss being able to go shopping and have the variety of foods available to them in their home town. Despite these challenges, there is no single buyer profile for an island. Anyone who wants peace, privacy, and a sense of perpetual vacation will find a private island to be a wonderful place to live.
Lastly, it is important to remember that island living can be very socially isolating. This is because there are often very few inhabitants and people who do live on the island tend to know each other well. This can be a good thing, but it can be challenging to keep personal matters private. It is also important to be prepared for the fact that news will travel quickly, especially if someone is involved in an incident.
Finally, it is important to consider the climate of the area. A person may not want to live on an island in a place that will be susceptible to tsunamis, earthquakes, or other natural disasters. This can be a major drawback for some buyers. It is also important to consider the possibility that an island may be impacted by sea level rise in the future. As with all real estate, due diligence is key to a successful island investment. The Real Estate Institute of Australia warns that buyers should carefully research all aspects of the island they are considering purchasing before making a final decision. This includes conducting a survey to determine the island’s ability to sustain development and a full assessment of its existing infrastructure. Moreover, it is important to conduct a thorough inspection before signing any contracts.