Here's how you attain your personal secluded paradise.
Dreaming of owning your very own island isn't as outlandish as you might think. But before diving headfirst into this endeavor, there are a few considerations potential buyers need to keep in mind.
Picture this: pristine white shores, crystal-clear waters, devoid of bothersome tourists or simply a cozy abode nestled amidst untouched wilderness. This island getaway is the desired vacay spot for many Germans. And why not make it your own personal paradise? What many may not know is that acquiring an island doesn't have to remain a pipedream. You don't necessarily need a celebrity status or a millionaire's bank account - although it certainly wouldn't hurt. When it comes to purchasing an island, there are some key factors you should keep in mind.
Berlin entrepreneur Karsten Kossatz had long harbored dreams of owning his very own island, but never thought the purchase was within his reach. "I thought I could afford an island when I'm old and rich," Kossatz, founder of No Venture Studio, told "Capital." Little did he know that there were affordable options available in Northern Europe. "There are many islands that cost as much as a Berlin apartment," Kossatz admitted. "Then you have to make a decision."
The acquisition process, according to Kossatz, was similar to buying a house or an apartment. He enlisted the help of an island broker, Farhad Vladi from Hamburg, who handles properties worldwide and in all price ranges. Currently, for example, a 9-hectare island on the coast of Nova Scotia, Canada, is for sale for around 87,000 euros, while a more sizeable 174-hectare island in the Bahamas is listed for 45 million dollars.
To determine whether a price is appropriate or not, it's helpful to research similar square meter prices on the mainland or the selling prices of neighboring islands. Factors like location, size, and accessibility play a role in setting an island's value. So, are there safe mooring spots for a boat? Is there an existing structure or are building plans allowed?
Island brokers like Vladi are there to help answer these questions. Vladi, a pioneer in the private island market and one of the most successful island brokers, ensures that the islands he represents are "legally clean," meaning they have clear title documentation and no legal issues with the authorities. He also looks at other factors: "They must be politically and climatically stable. There must be a building permit. The island must be easily accessible by boat or helicopter. And the nearest hospital should not be more than 90 minutes away."
Brittany or Canada?
If the island comes sans cottage or well, some infrastructure needs to be established first. "Making an island habitable takes no longer than six months," says Vladi to "Capital." This could include the construction of a cottage, as well as setting up energy and water supplies. In Canada, for example, log cabins and tiny homes can be had very cheaply, making them an ideal choice for island living.
When deciding where to build your own island haven, location is key. Vladi suggests considering preferred travel and vacation times. For instance, Ireland, Brittany, or Canada in July or August, and the Caribbean in winter or spring would likely be more conducive to island life.
Purchasing a private island comes with additional costs such as notary fees, land registry fees, real estate agent commissions, and real estate transfer tax. While these costs can vary depending on the country, there are advantages to be had. For example, real estate transfer tax is significantly lower in Canada than in Germany.
"It's all wilderness"
Ongoing costs, such as property taxes and insurance, vary depending on the country. Entrepreneur Kossatz has minimal obligations after purchasing his Finnish island. "There's no garden I have to take care of. It's all wilderness," Kossatz explains. "When I leave, I pack my things and can be away for a few months."
Owning an island, however, comes with its logistical challenges. It takes about an hour to reach the nearest island - and then the mainland, if everything goes according to plan. "You have to bring everything you need yourself, and if you forget something, it takes half a day to get back to civilization."
For those who dream of island living but aren't quite ready to take the plunge, there's always the option of renting an island first.
This article was first published on capital.de
You might need to consider the ongoing costs of owning an island, such as property taxes and insurance, which can vary depending on the country. Given your budget, you might find affordable options in regions like Northern Europe, where islands can cost as much as a Berlin apartment.
