PROPERTY SPOTLIGHT: CAYMAN ISLANDS Are you really clear about the true costs of buying a property in the Cayman Islands? Well to provide
a helping hand with your budgeting, we’ve picked a home and itemized the typical costs that come with buying it – and other ongoing sums. This townhouse is on Seven Mile Beach in Grand Cayman.
THE PROPERTY
Located on the pristine golden white sands of Seven Mile Beach, Grand Cayman, Cayman Islands (a British Overseas Territory) this two bedroom, two bathroom townhouse is a perfect retreat to relax and unwind. This townhouse is bright and airy and well maintained with nearly 1,400 sq ft of living space. Silver Sands is on the quieter end of Seven Mile Beach but is still close enough to shops, fabulous restaurants, snorkeling, watersports and world class diving. Swim in the crystal blue Caribbean Sea or hang out by the large swimming pool, then enjoy a game of tennis on the private tennis court. Perfect for owner’s residence, short term or long term rental.
PURCHASE PRICE $675,000 (£425K)
MORTGAGE OPTION Mortgages available locally. Banks typically ask for deposits between 10-35 per cent with term of 10-25 years and interest rates follow US prime with banks charging between 1-3% above this. This example is 65 per cent LTV over 15 years, at 4.25 per cent.
ONE-OFF PURCHASE COSTS Deposit (35 per cent of £425k) Stamp duty (7.5 per cent)
Mortgage, legal, registration fees (2 per cent) TOTAL ONE-OFF PURCHASE COSTS
$236,250 (£148,720) $50,625 (£32,083) $13,500 (£8,497)
$300,375 (£192,300K)
ONGOING COSTS (NOT TAKING INTO ACCOUNT ANY RENTAL INCOME) Monthly mortgage repayment Monthly strata fees (HOA /upkeep) Monthly buildings insurance
(Excludes utilities bills, which will vary according to usage) TOTAL ANNUAL OUTGOINGS TOTAL MONTHLY OUTGOING
RENTAL INCOME
This townhouse should rent for up to $2,500 (£1,574) a week on a short-term basis or $3,500 (£2,204) per month on a long-term contract.
THE REAL DEAL
Budget to have £192,300 in the bank to take ownership of this property with a 65 per cent LTV mortgage. This would make the property’s annual running costs around £32k (excluding utilities). If you let the property you’d need to factor in management costs on rentals but note that in the Cayman Islands there is no income, property, capital gains or inheritance tax.
For more information on this and other properties, contact Sheena Conolly at Sotheby’s International Realty, +345 623 1234 ,
email:
sheena.conolly@
sothebysrealty.com or visit
www.sircaymanislands.com. The above is a guide only. Exchange rate used: £1=$1.58
$3,300 (£2,079) $624 (£393) $287 (£181)
£31,836 £2,653
SEVEN MILE BEACH GRAND CAYMAN
Tel: 001 345 623 1234
UK: 0208 1234 738 Skype: SIRCayman E-mail:
info.cayman@
sothebysrealty.com www.SIRCaymanIslands.com
MLS# 114252. Member of CIREBA. Each offi ce is independently owned and operated. 16
aplaceinthesun.com
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