Current MLS Listings of all Cayman Starter Homes
Cayman Starter Homes
What is a ‘starter home’? Usually it means a reasonably affordable house or condominium for the first-time buyer, getting you started on the property ladder.
Finding a home or condo that is affordable when you are first getting started can be a struggle. The first thing to do is visit your local bank/mortgage lender and ask them how much you can get a mortgage loan for. Doing this will give you a good indication of your budget. This is preferred so you don’t start looking at property that may be out of your price range. At ERA we are happy to work with you on finding the right property at a budget that suits you. Cayman Banks that you could speak to about mortgages are:
Stamp Duty Waiver
If you are a first time Caymanian buyer – meaning you were born in the Cayman Islands to at least one Caymanian parent, and have never bought property previously – you may be entitled to a stamp duty waiver or reduction. This is a huge advantage saving you as much as 7.5% stamp duty fee. Usually Stamp Duty is a requirement on every property purchase that is made. To be eligible for full exemption:
Land – current market value of land cannot exceed CI$150,000
Property – current market value of building and land cannot exceed CI$400,000
To be eligible for 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
If you are unsure, we would be happy to advise you on this matter further. Feel free to email [email protected] to find out more.
Working with an ERA Agent
Once you have been to the bank and you know your pre-qualified for a certain budget to buy property, talk to one of our agents about what you are looking for. It could be you want to buy land to build on or as a future investment, perhaps you prefer a condo where you pay strata fees on top of the financing, but a management company will then maintain the outside areas of your complex. If you are looking for a single-family home then you just have to decide how many bedrooms. Get in touch with an ERA agent at [email protected] and as a member of CIREBA (Cayman Islands Real Estate Brokers Association) we have access to all the properties across Cayman listed on the Multi Listing System.
Locations For Cayman Starter Homes
There are certain areas of the Cayman Islands that are more affordable than others so be prepared to open your net wide if you have a fixed/limited budget.
West Bay is a high residential location and offers property of all types including land, condos and houses. If you want to be on the water, then the prices will start to increase.
North Side & East End of the Island are more affordable as they are further away from the centre of George Town. If you work in town this means, there will be some traffic and a commute time. This can also have advantages as you can get more property for your budget. With Health City Cayman Islands Hospital out that way, you will see an increase in property values further into the future.
Seven Mile Beach and South Sound are not within the Starter Home budget usually. These are higher priced locations due to their proximity to schools, town and the beach.
Spotts, Newlands and Lower Valley are upcoming areas with more development taking place in that location. Starting at Grand Harbour and heading out towards Bodden Town. These prices will increase in the future but for now you may still find something within the lower end of the budget.
Trying to find property below the CI$300k is getting harder and harder. When properties in that price range do come on the market, they are usually snapped up very quickly. If you want to stay ahead of the game – speak to one of our agents and we can get in touch with you as soon as property becomes available within your budget. Email us at [email protected] and tell us what type of property you are looking for.