If you want to make an intelligent investment, real estate can seem like a good place to start. Cayman Islands condo rentals are free of annual taxes, which are usually a huge cost burden, and you won’t need to establish citizenship to live on the Island chain. If you’re considering buying property in Grand Cayman, read on for the advice you’ll need to make a responsible decision.
Before You Buy
Every property should go through an inspection, and receive an MEP report. This ensures your home’s systems and internals are all functioning well enough not to give you problems for a few years. Ask your realtor to provide you with a breakdown of costs you can expect to keep the home in running order throughout winter and summer.
Once you have a firm grasp on how much you’ll need to budget in operating costs, you’ll know your target for rental income.
Partner with Property Management
You won’t have the money to sustain your investment for very long if you have to continue travelling back and forth to the islands for maintenance. It’s nearly impossible to function as a long distance property owner without Grand Cayman property management companies. They book rentals, advertise your property for you, and provide reports and recommendations for upkeep and maintenance.
Determine “You” Time
One of the advantages to owning a rental is that it’s basically your home away from home. Schedule time for you and your family to visit. In addition to being your own personal vacation spot, this helps you acquaint yourself to the area (excellent for that “personal” touch).
Bio: REM Services is a property management company specializing in Grand Cayman commercial leasing and residential management.