Cayman Starter Homes
If you are looking for an affordable home in the Cayman Islands (priced below CI $450k), there are certain areas that are more affordable than others. If you are on a fixed/limited budget, it is best to contact a local bank/mortgage lender to discuss your finances and they will determine what price range you can afford. Cayman starter homes vary in price and once your price range has been determined, an ERA agent can assist you in finding the right home that fits your budget. Cayman banks that can assist you with the finances are:
Stamp Duty Waiver
If you are Caymanian born to at least one Caymanian parent, and have never bought property, you may be entitled to a stamp duty waiver or reduction saving you as much as 7.5% stamp duty fee. Eligibility for a full exemption:
Land: current market value can not exceed CI$150,000
Property: current market value of building and land cannot exceed CI$400,000.
To be eligible for a 2% exemption:
Land: current market value of land must be over CI$150,000. but not exceed CI$200,000.
Property: current market value of building and land must be over CI$400,000 but not exceed CI$500,000.
An ERA agent would be happy to discuss this further with you.
Working with an ERA Agent
Once you have been pre-qualified to purchase a property, an ERA agent will be able to work with you to find the perfect starter home or property for you. Depending upon your financial situation, you may also want to consider a condo where a management company will manage your property for you or raw land where you can have a home built. We can discuss the benefits of each choice with you. ERA has access to all MLS listed properties in Cayman.
Locations for Cayman Starter Homes
Your pre-qualified amount will be helpful in determining the area that is most affordable for you.
West Bay is more residential offering all types of properties: land, condos and houses. If you want to be on the water, then the prices begin to increase.
North Side and East End are both more affordable areas as they are farther away from George Town centre. If you work in town, then you must consider commute time and traffic. The farther away from George Town, the more value for the price. The values of property in these areas may increase in the future with the addition of the Cayman Islands Health City Hospital.
Seven Mile Beach and South Sound are usually not within the Starter Home budget as these are higher priced properties due to the proximity to beach, schools and town.
Spotts, Newlands and Lower Valley, starting at Grand Harbour and heading towards Bodden Town, are upcoming areas for development. Prices may increase in the future, but for now, may fit your starter budget.
Any properties below CI$450 are getting more difficult to find and when they do come onto the market, they are bought very quickly. Speak to one of our ERA agents and if you are interested, we can contact you if any property in this price range becomes available.