The Cayman Islands are filled with beautiful luxury condos for sale in central locations, and from Seven Mile Beach to George Town on Grand Cayman Island, opportunities abound – often within walking distance of sights and attractions.
Buying a Cayman Islands condo gives you a potential opportunity to own a slice of a paradise for yourself – that is move-in ready and has community living built in.
That said, purchasing conscientiously is imperative, as is doing your due diligence. Luckily, if you partner with an experienced Cayman Islands real estate agent, you’ll be in good hands. Just make sure you ask the following 6 critical questions if you’re serious about purchasing!
1. How much are the HOA fees?
How much Cayman condo HOA fees are is important for two reasons – it affects the overall price of the property, and you can hold it in comparison to other communities in the area.
In order to get a good understanding of what the real expenses of living in a condo will be, you’ll need to know how much you’ll have to pay each month, as this will not be reflected in the asking price of the property.
2. What do the fees cover?
Just as importantly – you need to know what the HOA fees cover. Commonly, homeowners’ association fees typically cover the expenses associated with maintaining shared properties and amenities. Some of the things that HOA fees may cover include the following:
● Common areas like swimming pools, tennis courts, gyms, and clubhouses.
● The cost of hiring maintenance and security personnel.
● They may also cover utility and service expenses such as water, trash, and internet.
However, the only way to fully understand where the fees are going is to ask for an itemized breakdown.
3. What are the most important HOA rules I need to know? (And, if the realtor doesn’t know, ask them to put you in touch with the person that does)
Your realtor may not know off the top of his or her head what the proprietary rules of a given Cayman Islands condo are, but knowing them is still important.
You should know before you purchase whether or not you can store items on your balcony, for example, or if there are any restrictions on pets. Ask for a full copy of the bylaws or condo association rules.
4. Are there any assessments coming up soon?
From time to time, condo associations perform assessments of windows, roofs, and other features before determining whether to repair, replace or update them.
Sometimes, associations determine that the cost of updates or construction will be determined and then the responsibility of payment will be distributed to the members that live there.
You may not want to move into a condo if it has a big assessment on the books and you’ll be responsible for the bill, and it can’t hurt to ask.
5. What exactly does the association’s insurance cover?
Some condo associations offer insurance that does not cover liability for personal property or is otherwise fairly restrictive in its provisions. Others may require you to purchase additional renter’s insurance.
Either way, the time to be asking questions about coverage is not when you intend to file a claim. Ask for comprehensive policy coverage documentation so you can determine if you need to purchase an additional policy, what you need to cover, and how much it will cost.
Getting Ready to Buy a Cayman Islands Condo?
Ready to get serious about looking for a Cayman Islands condo? Do it with the help of an experienced member of CIREBA like Crighton Properties, which for over 50 years has been helping people like you achieve their dreams of owning a home in the Cayman Islands.
Visit their website to learn more at CrightonProperties.com or contact them directly by phone at 345-949-5250.