Considering the fun and motivational feedback from your end, here is another installment of the “Should you buy…..” series. This time I asked the question: Should you buy an island?
In case you are interested in the other posts in this series. we already looked at:
Should you buy an island?
First off, credits for this post go to HaltCatchFire, for initiating the idea and providing some interesting reading materials. Cheers mate, this one is for you! Keep on calling me evil for getting you to day dream 😉 Speaking of day dreaming, the picture below takes us back to our 9 week road trip! Lake Bled in Slovenia was amazing, very pretty area and great for hiking/cycling.
The search for an Island
Now sure where these people get there numbers from, but some suggest there are over 1.000.000 islands on this planet. This would include about every speck of land that is surrounded by water and actually sticks above it most of the time. That’s a lot of islands! Many will be government land, but there have to be several islands that are privately owned and up for sale. And indeed, this site shows a total of +620 islands for sale world wide. In Europe we have about 30 islands for sale at time of writing this post.
Warm & Sunny?
So what are we looking for? Well, I prefer something warm with blue water where possible (you?). Also already having something developed (i.e. a house) would be nice. After a little digging, I found this one that I think is particularly interesting. For future reference, the original brochure can be downloaded here. The only “downside”, you can still walk to it, as it has a walking bridge connected to the mainland. Still classifies as an island, right?
For €627.000 you get a private island in Panama, with main house and guest house. You also get a custodian house on the mainland! No mentioning of staff included in the sale though 😉 Other added bonusses, not property tax for the next 20 years! Transfer tax (2%) is paid by the seller.
For reference purposes, the same amount of money will only get you a houseboat in Amsterdam…..
Sometimes cold but cheap?
The private island with house in Panama discussed above is pretty nice, but it’s still a lot of money! What can you get for the equivalent of a Dutch townhouse? This is what I found in Nova Scotia, Canada. An +8.000m² island with traditional log home, solar panels and stove. The perfect getaway for the summer season :-). All this for only about €221.000! Here is the brochure again for future reference.
That being said, the total purchase price is obviously higher due to transfer taxes (about 1.0-1.5%) and other fees. It looks like the total fees are about 3% of the sales price. However, you will also need to get to your island, so you need to buy a boat too! My guess is that you should be ready to go at a total price of €245.000-250.000 (including a decent boat).
This looks pretty sweet to me, but the downside are the cold/rainy winters and the occasional hurricane/tropical storm that might knock on your front door. As a holiday home, this might work, but as a primary residency it could be rough at times. Albeit certainly not impossible! It also has the potential to be rented out, as it’s large & comfortable enough. But you will need a special type of people that know how to survive on an island without the “normal” utilities. You are really off the grid with this one, but with backup generator 🙂
Are normal people actually buying an Island?
Yes, there are actually some “normal” people that do this; buy an island. Not alone, no, with 10 of them. That was the way to make it really affordable for all. This was also a Canadian island, for just about $100.000. Their story is really cool, definitely worth a read. They now have made a main building and separate structures for all parties involved. Heck, him and his friends also bought more than just this island.
For most of us Europeans this it’s not really an option to buy a Canadian island, as flying there would be expensive and really not good from an environmental perspective. However, not all hope is lost, there is this island in Ireland. It’s undeveloped and “only” costs €200.000. For this you do get about 6 hectares of unspoiled land! Just not sure if I like the rain that much….. Property taxes are not too bad though.
Who is with me? If there 10-20 of you that can spare about €10.000- 20.000 each, just let me know 😉
P.s. we can also “build” an island, very modern and environmentally friendly!