Buying Cayman Islands property, especially for the first time, requires a lot of planning. You will definitely want a property that is the best value for money as a wise investment.
While taking advice from your parents and close relations is fine, you also need to stay up to date with the current status of the Grand Cayman real estate market. Today’s real estate market is different, and some former rules don’t apply anymore. Also, there are many misconceptions that may mislead you in your house-buying decision.
Below are 6 top myths you need to stop believing right away.
- Myth – Looking for Houses is the First Step
Before you start browsing properties, it is important to know your spending capacity. This will help narrow your search and lead you to focus on affordable residential properties in the Cayman Islands that fit your budget.
- Myth – Buying Property is Unaffordable
If you are looking to buy a property in the Cayman Islands, affordability depends on varied factors, including your financial status and residential status (non-resident, permanent resident, etc.), as well as the lender’s terms and rates. Seek the help of a realtor to guide you throughout the process.
- Myth – Buying is More Expensive than Renting
If you think it is more costly to buy than rent, then it is time to look at Cayman Islands real estate for sale. The rental cost may increase every year, for instance, but your monthly principal and interest remain constant if you have a fixed-rate mortgage. Plus, you will build equity in a home, versus renting, for greater financial security.
- Myth – You don’t need a Real Estate Agent
Realtors not only show you the listing of properties for sale, but also negotiate on your behalf, show other properties suited to your requirement and do their homework to determine if there are any problems or issues you should know about. It’s always better to have a pro by your side!
- Myth – House Inspection is Not Mandatory
Don’t be in a rush to seal the deal! Get the house inspected before you sign the final paperwork. Home inspections will reveal any major problems or issues that need to be addressed before completing the sale. It is a vital step before you buy.
Familiarise yourself with the details involved in buying a home in the Cayman Islands. And remember, it is always better to to rely on the professional expertise of a realtor to make the process smoother.