Before you Buy Real Estate in Grand Cayman, Read This

Whether you’re buying a condo or a single-family residence in Grand Cayman, you should make sure that the property you are buying won’t cause you grief in repair costs. Buying real estate in Cayman Islands is no different from purchasing anywhere else in the world. You’ll still need to perform due diligence, but there are a few subtle differences in what you pay and what you need to supply to complete the transactions.

Obligations

Property in Grand Cayman is often touted as “tax free”, which is a correct statement that is often conveyed incorrectly. Income you receive from renting a property in a short-term capacity is free from taxes. That makes the Cayman Islands an excellent investment in the age of the Internet, where advertising your property has never been easier.

You’ll need to provide a valuation on the property if you intend on getting a mortgage. Valuations are technical descriptions of a property that are similar to a home inspection. This does not absolve you from performing a home inspection, which should be done if you are left with any questions about your property after a valuation is performed. These inspections should provide you with information on any defects your home has, and provide assurance you’re paying fair market value for the home in question.

Final Notes

The final consideration to make is how long you plan to stay on the island and who will watch the property while you’re away. Buying vacation property isn’t like taking a vacation from home. It’s not as simple as recruiting a neighbor to watch the home while you’re away. Property management companies do that heavy lifting for you, along with maintenance and marketing. It’s worth considering the costs and benefits before you buy.