What Should You Do First After Moving In?



When moving into a new home, people have a lot on their mind. This can lead to forgetting some pretty logical tasks every new homeowner should attend to. Because the 'stress' of the situation can divert your attention away from other important tasks, we're here to help you keep some things in mind:
  • Change the alarm code: You want to be the only one who has the ability to disarm your security system. It's an easy way to help sleep well at night. 
  • Change the code for the garage opener: Again, you want to be the only person who has easy access to the interior of your home.
  • Replace the batteries in smoke detectors: There is no way to know how much longer the batteries will last. It's best to play it safe. 
  • Replace the AC filter: This is for hygienic purposes, as well as to ensure your system is operating efficiently. 
  • Re-key all external locks: You have no way of knowing how many people have access to keys for the locks on your new home. Re-key the locks so you can... yes, sleep well at night!
These are just a few basic things that often get pushed aside for the more pressing tasks upon moving to a new home. If you would like to chat about some other small things people often forget about, we're always available to chat. Give us a call or shoot us an email for the assistance you deserve! 
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Location: Cayman Islands

How Can You Save for a Down Payment?



Many people ask us how they can save for a down payment for their new home. This is a tough one because the answer isn't what people typically want to hear. The truth is, saving means sacrificing. Sometimes, you have to forgo the things that bring instantaneous gratification so that you can afford the property that will keep you happy for a long, long time.

Closing costs in Cayman range anywhere from 15%-50%, varying in large part to what the bank requires you to put down for a deposit. So it's hard to know exactly how much you'll need until the time comes. The problem reminds us of a concept learned at a seminar: the "latte effect." When you think about going to your favorite coffee shop for a drink early in the morning, it makes perfect sense; but when you look at it in the long run, spending $7 five days a week ($1,820 a year) is a fair amount of cash that could be allocated to better use...

Saving for a down payment comes down to making a series perhaps of small and large compromises. Instead of indulging at the coffee shop every morning, save money by brewing some at home or ween yourself off it altogether. I'm not trying to micromanage your finances - we just want you to start thinking about the little things you spend money on that could be going toward a more worthwhile investment.

The key is to focus and be patient. You may even find that these little compromises make you feel better!
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Location: Cayman Islands

Don't Shy Away from a Home Just Because It's Been on the Market a While



We're often asked whether the amount of time a home spends on the market affects its value. Many people feel that if a home or condo has been on the market for an extended period of time it's probably defective in some way. In the Cayman Islands, this is certainly not the case, not always at least. Homes are often on the market for an average of 465 days before being sold, while condos are typically on the market for about a year.

This high number of days on the market is not because these homes and condos have something wrong with them. Rather, it is entirely normal for great places to remain on the market for long periods of time here in Cayman. So don't hesitate on a great property simply because it has been on the market for what seems like a long time - know that the market works a bit differently here. In main part we only have a population of 60,000.

Now, if a vendor really wants to sell their home quicker, that is of course possible - but it's a matter of reducing the asking price accordingly as well as incorporating some great sales techniques and incentives. It really comes down to a fine balance between your specific timing and your financing parameters. If you want to get top value for your home, you should anticipate it to be on the market for quite a bit longer than it would be in North American jurisdictions.
 
If you have any questions about this topic, feel free to give me a call or shoot me an email. I would be more than happy to explain a little better or guide you in other respects.
 
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Location: Cayman Islands
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