The first step – you need to consider your financing abilities with the bank and make sure you can afford it. Next, you need to do everything you can to pay off all your debt. Interest rates are low right now, so you’ll want to pay off that debt as soon as you can! Eat into some of that capital. One day soon, when rates increase, you'll be happy you paid off a big portion when rates were low.
When determining what kind of property you can afford in Cayman, it's important to stay within your means. That means being disciplined, being feasible, and being practical. There are also some unique factors regarding Cayman real estate that you should be aware of. For instance, did you know you have to have life insurance in Cayman in order to buy a property? If you didn't, that's an extra few thousand dollars that isn't accounted for.
As a general guideline, use the stepping stone approach to property investment and don't over-invest yourself. This will allow you to sleep better at night…. And you’ll be able to grow your property portfolio over time! Be patient!
If you have any questions for us, feel free to give us a call or send us an email. We look forward to speaking with you soon!
Thanks for joining me once again, everyone. Today I am happy to be joined by Karim Awe, from Cayman Insurance Center. We are here at Smith's Barcadere, locally know as Smith’s Cove, one of our most beautiful locations in Cayman. I wanted to take a moment to introduce my clients and customers to someone who I do business with on a regular basis to help make your transaction as smooth as possible.
When you get a mortgage in Cayman, the banks require you to have life insurance. Karim and his team have helped thousands of people get life insurance, and can get everything accomplished in a matter of a few days. Karim works with the three best providers on the island: Americo Life, Occidental Life, and Sagicor Life. I highly recommend Karim for any and all of your insurance needs. He makes my client’s lives a lot easier, and has a load of experience too so can guide you as needed.
If you have any questions at all about this topic or anything else real estate related, don't hesitate to give me a call or send me a quick email. Until next time!
