CAYMAN Relocating to Cayman
Whether you are an old hand at moving home or new to the house hunting game, it’s always handy to have the important to know the most relevant factors to make the process as stress free as possible. Whether you are buying or selling, having the right person taking care of you throughout the process is a game changer. The real estate system in the Cayman Islands is based on a Multiple Listing System (MLS), via the nationally recognized body CIREBA (Cayman Islands Real Estate Brokers Association). Essentially, you then deal with one agent only.The most important tip the Williams2 team can share with you is:
Get the right agent.
For Sellers ~
Working with an agent is key. Whilst you can sell your home privately, the Williams2 team has a wealth of experience at getting homes sold in record time, for the right price. They give free valuations, so it’s worth speaking to them and house sales in Cayman require a ‘market value’ report, so getting it right is paramount to the whole process. The benefit of using a company like Williams2 is the huge marketing expenditure they put behind the sales activity. Whilst you may pay them a commission of 5%, it is well worth the money. Williams2 also have buyers waiting, so it’s likely that you’ll list with them and have your house sold in a matter of days.
For Buyers ~
You will work with one agent, no matter how many houses you look at. The Williams2 team has 10 fantastic agents and their job goes beyond finding you the perfect home and managing the negotiations and paperwork through to close. They guide you through the process, advising on all the information you need, who to use for surveys, ideas for home renovation or new builds and most importantly, what you can get for your budget. Their knowledge and dedication is first class and have the most listings, so your dream home could come to you first by listing with them.
In the Cayman Islands there are some standard costs that are worth knowing about before getting into the process:
Stamp Duty – 7.5% (exemptions for first time Caymanian buyers are available)
The stamp duty is paid by the buyer on the market value or sale price, whichever is higher.
1% charged on mortgages of less than CI$300,000 and 1.5% on CI$300,000 or higher.
Legal Conveyancing (property transfer) – a fee of 1% of the property value is standard.
Strata Fees – in Cayman, a strata plan is the common way condos and shared property complexes are managed. The plans vary in amount so this needs to be taken into consideration during the purchase period.
Property Valuation – this is usually done by the purchaser and is required by the local banks for a mortgage. Prices vary.
Outstanding bills and liens – buyers need to make sure there aren’t any outstanding debts associated with the new property. The conveyancing activity should identify any outstanding debts but it is worth checking with the utility companies too.
Moving from Abroad
If you are thinking about buying a second home or are relocating to the Cayman Islands, the Williams2 team can provide immense support and guidance through this process. The team do so much more than find the perfect home, they can help give a wealth of local knowledge about setting up your home, moving to the island, schools, banks, cars etc. The team is full service and the agents go over and above to make sure their customers are happy home owners.