Just keep in mind that if you decide to go for an undeveloped island, experts point out that this can typically cost about 1.5 to 2 times more to build on an island than you would pay on the coast or further inland. Of course, if you can afford the price tag for such an extravagant island, likely you will be able to handle the building expenses. But if you have a smaller island you want to use for you and your closest families and friends and your budget is indeed, tight, a feasible way around this challenge is to opt for a prefab house. For a cost of about $20,000 per structure, this can be a cost-effective solution to turn your island into your home.
The price for an island starts at $30,000 and goes on up to $16 million or more.
Don’t Wait Too Long
Whatever you decide to spend and wherever you decide to spend it, just keep in mind that the choices will continue to dwindle over the years, and as availability lessens, the prices continue to grow, so if you want to own your own island someday soon, don’t wait too long or you may miss your chance. Real estate experts also point out that an island with large potential that is close to the mainland is likely a good investment bet, while a more remote island can be risky, since you don’t know how much you will need to spend on development and you there may not be enough demand to get your money back on it. But if a profit isn’t your goal and you just want a place where you can escape to get away from it all, then don’t be afraid to fall in love with a tiny and remote slice of paradise off of the beaten path.
Try Before You Buy
While there certainly are islands for most budgets, no matter whether you pick a small, inexpensive one or splurge on one in a highly desirable location, the fact is that this is a major investment. Therefore, you want to be sure you pick the right spot for you and your preferences. One way to do this is by renting an island and trying it out first, before you make the bigger commitment. Some of the reputable island real estate brokers can connect you with properties for rent. The prices can be in keeping with a typical trip to a hotel. Once you try it for few nights, you should have a good idea whether island living and ownership is the right fit for you.