It’s been very obvious that the prices for real estate have dropped and there are some good deals out there for those looking for a retirement or vacation home. Many Canadians are looking in places like Phoenix and Las Vegas for houses that have come down in price considerably over the past year.
But maybe you really want to get away from it all on your vacation or retirement? One type of property you may not have looked into is buying a private island. There’s often a perception that you would need to be a millionaire to afford to buy your own island. While that’s often the case, with many islands throughout the world costing well over a million dollars, you can get a cabin on an island of one to nine acres for less than the price of your current house.
Looking online at Private Islands Online or Vladi Private Islands, you can find islands with cabins in Ontario for $300,000 to $400,000. Looking at Nova Scotia, an island without a cabin can be had for $30,000. Keep in mind though, that the price of building on an island can cost twice as much as on land due to transportation across water and foundation issues with jagged rock or sandy beach.
Looking for somewhere warmer? At the I wrote this, I saw a great 0.6 acre island in Texas with a very nice cabin for $350,000. So if you want to take advantage of the low real estate prices that are out there, keep in mind that you could be the owner of your very own private island!
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Tom Drake is the owner and head writer of Canadian Finance Blog.
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I didn’t know you could get your own island for that cheap…sweet
Hey, don’t give away all the secrets;) I’d never buy an island off Texas, though – way too much hurricane and flooding risk.
It may seem cheap to purchase an island and after those prices mentioned it is.
But as you have mentioned there are all the other costs that go with it.
Although you may own the island you may have to abide to rules set out from the country the island belongs too.
Many people move abroad looking for a better life style and a cheaper living only to find that when they get there they have to pay unforeseen taxes and expenses.
If you own an island, you had probably better own a boat. Or be a really good swimmer so add that into the costs, as well as the costs of storing it somewhere near your island.
[...] The Canadian Finance Blog points out that the great deals on personal islands during this recession. Its my dream come true. [...]
I can do even better then Texas if someone wants a beautiful Island. Gooseberry Island almost 8 acres in north channel of Georgian Bay between Manitoulin Island and Mainland. Only $250,000. Lots of pictures and more information coming. Former owner includes Dr. Vladi himself which is extremely rare.
Information Summary can be found here. http://toronto.kijiji.ca/c-housing-other-Private-Island-for-Sale-Georgian-Bay-North-Channel-W0QQAdIdZ147109804
Email: dluton@cogeco.ca for more information
hah! that is sweet…can I borrow $300k?
Cant believe that buying a island is so cheap.
Here is willing to buy your own island
))
http://www.my-island.net16.net/