Houses, Condos, and Land for Sale in the Cayman Islands Which Is Right for You?

Land for Sale in the Cayman Islands - Why Buy Land?

There’s more to this picture. If your heart is set on owning an asset in real estate in the Cayman Islands, you don’t need to purchase a home or a condo. You can purchase land, and there are some buyers for whom land for sale in the Cayman Islands will be the perfect solution.

Land is a very different asset from homes, condos, and other buildings. In fact, it is in a class of its own, and land is, for some buyers, the ultimate investment.

The Draw of Land

So you’re looking for land for sale in the Cayman Islands, or you want to learn more about what attracts people to land when it seems like there’s not as much value there as there is in ready-built properties.

Here are some of the reasons that land attracts buyers, reliably, in all different market conditions. You’ll find that these features of land are not unique to the Cayman Islands, but they’re just as relevant here as elsewhere.

• Low, or no, maintenance fees

When you purchase land as opposed to a home or a condo there are, comparatively, far fewer expenses associated with maintenance or ownership. For example, owners of land usually face less liability than owners of structures and land is generally cheaper to maintain and own.

Homes are expensive to maintain and incur a lot of liability. Also, if you don’t pay for their upkeep, their value will depreciate, which can destroy your investment value. Depending on where you live, not maintaining a home properly can incur penalties or fines. There’s not much you can do to maintain land, most of the time. It generally takes care of itself.

As for condos, they have maintenance fees built right into them that homes lack. On the whole, the purchase of land will free you from many expenses associated with other real estate. That is, at least, until you are ready to pay them.

• No management issues

Unlike properties such as homes, condos, and other structures, land will not need a property manager. There’s just really nothing to maintain. The most you could realistically incur on yourself is the need to keep the grass at the proper length, and even that is not always the case.

The lack of needing to work with a property manager will save you money and time and makes the process of owning land as an investment much more ‘hands-off’ than owning and managing homes or other properties.

• You don’t need to worry about depreciation

Houses and condos are subject to depreciation, especially without steadfast maintenance and care. However, with land, there is no “facade” to maintain and nothing to replace. Land is land, and there’s nothing you need to take care of. There’s nothing that can go wrong, break or wear down.

It’s possible for land to depreciate, but only as a result of market forces, not as a result of wear and tear. This fact alone makes land one of the most lucrative forms of real estate investments that anyone can make. That being said, it is important to keep sight of the fact that land is an investment in a location. It is possible for land to depreciate if owners of adjacent properties do not build structures that increase the value of the neighborhood.

• The purchase of land provides freedom:

Land is also a great investment for buyers who want to build their own home from the ground up. When you buy a house, if you’re not happy with it and want to make extensive changes, that will incur significant investment costs, and even more if you ultimately tear the house down.

Land is also great for buyers who aren’t ready to build yet, and just want it for an investment. You can buy land today and sit on it. The worst thing that can reasonably happen is that the land will go up in value.

• Land is usually more reasonably priced than homes and condos

Land is usually, but not always, more affordable than homes and condos. Not all land is created equal, and beach front, water front and canal front properties are typically more expensive than inland properties. Also, land near the Seven Mile Beach and the capital of George Town, tend to be more expensive than properties farther out of town. If you are looking for more affordable properties, then  consider looking at properties in the interior of the island away from town.

Land can be a strategic long-term investment for some buyers  as it will usually appreciate in value.

• There’s only so much land, and no two plots are alike

In real estate, there is a saying that the three most important attributes of a plot of real estate, whether it be land, a house, or a condo, are location, along with location, and location.

Well, houses can be built and rebuilt, sometimes in exactly the same manner as they have been built before. The same goes for condos and other structures. This makes land the most valuable aspect of any purchase. Where it is and what is near it are worth more than whatever is on it. That can be replaced.

Land is a finite resource. No one can make more of it. That means the purchase of land, today, has the potential to be an extremely valuable asset.

Don’t Go It Alone!

Whether you decide that land for sale in the Cayman Islands is right for you or you need to learn more about what’s available before you can make any hard decisions, we’re here to help you.

For almost 50 years we’ve been putting potential buyers in touch with the properties of their dreams. We know the Cayman Islands inside and out, and we’d love to pass some of that insight along to you.

Whether you’re looking for a development site on Cayman Brac or a place of your own along Seven Mile Beach, in George Town, or elsewhere on Grand Cayman, we can help. It all starts with a call, so get in touch with us at 345-949-5250.