Set Your Budget
How much are you willing to spend on this endeavor? It’s important to set a budget up front so you know what you can afford to invest in an island, and also what you can devote to its upkeep. Keep in mind that many banks won’t finance island property since it is difficult to appraise, so you may need to have cash in hand for this purchase, as well as for any building and maintenance costs. It’s also essential to note that in addition to the initial expense, the costs of owning an island are ongoing, so keep this mind as you look around. Operating details such as water, electricity and other modern conveniences can be more expensive on an island than on land.
In addition, depending on in which part of the world the island you are considering exists, you may have to deal with different real estate and investment laws, so always be sure to check out the facts and also to hire a lawyer to protect your best interests. You want to be sure that the title to the land is clear and that there are no claims on the land, among other things.
What It Costs
How much are you willing to spend for paradise? What you can expect to pay can span an extremely large range. The prices start with a small, very remote island in Nova Scotia, Canada, for just under $30,000. While this is the low end of the price scale, you will have more to choose from as you increase your budget. Most undeveloped islands in Canada are about $100,000 and up (in American dollars). Or for about $200,000, you can find a small Maine island with a habitable structure on it. If you are willing to spend upwards of about half a million, give or take, islands in the South American region may be a good bet.
A million dollars can get you a modest island in Tahiti, Italy, the Philippines or a host of other places. And $2 million gets you a hideaway off the coast of Curacao, while $3 million can buy an Alaskan island.
And for a steeper investment, on up to about $16 million, you can have your own island in the Bahamas or the Caribbean or somewhere else highly desirable. Some of the larger, and more accessible, locations may have the potential you need to build a large resort that will cater to the rich and famous.