Coldwell Banker Islands Blog

Not every buyer has enough stashed away for a large downpayment, and a credit score above 700. Here are some ideas that might help you become a homeowner in a not-ideal situation.

1. Investigate local and national down payment assistance programs. These programs give qualified applicants loans or grants to cover all or part of your required down payment.

2. Explore seller financing. In some cases, sellers may be willing to finance all or part of the purchase price of the home and let you repay them gradually, just as you would do with a mortgage.

3. Consider a shared-appreciation or shared-equity arrangement. Under this arrangement, your family, friends, or even a third-party may buy a portion of the home and share in any appreciation when the home is sold. The owner/occupant usually pays the mortgage, property taxes, and maintenance costs, but all the investors’ names are usually on the mortgage. Companies are available that can help you find such an investor, if your family can’t participate.

4. Ask your family for help. Perhaps a family member will loan you money for the down payment or act as a co-signer for the mortgage. Lenders often like to have a co-signer if you have little credit history.

5. Lease with the option to buy. Renting the home for a year or more will give you the chance to save more toward your down payment. And in many cases, owners will apply some of the rental amount toward the purchase price. You usually have to pay a small, nonrefundable option fee to the owner.

6. Consider a short-term second mortgage. If you can qualify for a short-term second mortgage, this would give you money to make a larger down payment. This may be possible if you’re in good financial standing, with a strong income and little other debt.

If you want to purchase real estate, but aren’t sure you qualify, come in and talk to one of our Coldwell Banker agents. They are trained in local laws and customs. Helping buyers and sellers of real estate is our business.

According to CaymanNetNews, the immigration law has been changed to encourage investment in the Cayman Islands.

“Wealthy investors who meet certain financial and employment criteria now can live in the Cayman Islands for 25 years, a move seen as an incentive to attract more foreign revenue and benefit Caymanian workers.

“The amendment to the Immigration Law passed by the Legislative Assembly last week is aimed at attracting foreign investors by offering them a Residential Certificate for Investment if they meet the criteria, which include investing in a business that employs at least 50 percent Caymanian workers.

“The amendment offers the $20,000 Residential Certificate for Investment to individuals who:
*Have a net worth of at least $6 million
*Who invest at least $2.4 million
*Whose investment must be in licensed businesses that employ at least 50 percent Caymanian workers
*Who must sit on the board of directors, have a sound business background and a stable business, must invest in a revenue-generating business and have “substantial management control” of that company
*The investment must add to the economic life of the Cayman Islands.

“In addition, the investor - along with his or her spouse and dependents - must pass a criminal background check, be in good health and possess adequate health insurance. The investor would not hold a Trade and Business Licence or any other business licence in the Cayman Islands.”

Cayman Islands is moving to make their tourism products more eco-friendly, in line with the worldwide interest and commitment to all things Green.

Two of the Cayman Islands’ most popular dive resorts are now carbon neutral - West Bay’s Cobalt Coast and Compass Point. Cobalt Coast is a family-friendly resort offering tutoring to both experienced and novice divers.

Both resorts are now Green Globe Certified, confirming the carbon neutrality and joining Queen Elizabeth II Botanic Park, also certified.

Green Globe rewards business efforts to improve the environment and protect natural resources. The certification is highly valued in the travel and tourism trades.

Other sectors of the Caymans are taking part in the Environmental Project for Tourism initiative. The have made advances in aquatic preservtion, boasts the Central Caribbean Marine Institute, and is the natural habitat of the rare Cayman blue iguana, rescued from extinction by Cayman scientists.

To put the best face on a listing and appeal to buyers who follow Feng Shui principles, keep these tips in mind.

1. Pay special attention to the front door, which is considered the “mouth of chi” (chi is the “life force” of all things) and one of the most powerful aspects of the entire property. Abundance, blessings, opportunities, and good fortune enter through the front door. It’s also the first impression buyers have of how well the sellers have taken care of the rest of the property. Make sure the area around the front door is swept clean, free of cobwebs and clutter. Make sure all lighting is straight and properly hung. Better yet, light the path leading up to the front door to create an inviting atmosphere.

2. Chi energy can be flushed away wherever there are drains in the home. To keep the good forces of a home in, always keep the toilet seats down and close the doors to bathrooms.

3. The master bed should be in a place of honor, power, and protection, which is farthest from and facing toward the entryway of the room. It’s even better if you can place the bed diagonally in the farthest corner. Paint the room in colors that promote serenity, relaxation, and romance, such as soft tones of green, blue, and lavender.

4. The dining room symbolizes the energy and power of family togetherness. Make sure the table is clear and uncluttered during showings. Use an attractive tablecloth to enhance the look of the table while also softening sharp corners.

5. The windows are considered to be the eyes of the home. Getting the windows professionally cleaned will make the home sparkle and ensure that the view will be optimally displayed.

Talk to any of our Coldwell Banker agents about other ways to maximize the marketing potential of your property when you are ready to sell.

For several years, local Caymanians have been pushing the business community to reduce the number of plastic bags they use and give to consumers. Three Grand Cayman supermarkets have agreed to replace their plastic bags with biodegradable bags, for which they will charge 5 cents, starting in June. They hope this will encourage customers to reuse and recycle.

In Cayman we use over a million plastic bags a month from the supermarkets alone, which will all end up in one place - the landfill, or even worse, in the ocean, where the bags can have a serious impact on marine life. There is a lot that can do to address this, not least changing old habits.

All the supermarkets on Grand Cayman supply sturdy, comfortable, roomy reusable bags for a small fee, and these will continue to be sold in stores. On Cayman Brac, reusable bags can be purchased at Billys Supermarket and The Market Place. On June 9, Foster’s, Hurley’s and Kirk supermarkets will start the new program.

These efforts will supplement a new network organization formed in June 2009. At that time, Deloitte and the Sustainable Development Unit of the Department of Environment (DOE) struck up a partnership to promote and support the implementation of environmental projects and sustainability initiatives in the Cayman Islands. From this partnership has come the “Corporate Green Team Network.” These efforts hope to provide a platform to come together, connect, coordinate efforts, and ultimately work towards the same goal - the sustainability of the Cayman Islands.

Recently built 3 Bed 2 Bath concrete home in a Lower Valley on Grand Cayman. Elevation approx. 18ft. above sea level. Solid concrete construction, good quality finishes, granite counters, travertine tiles, wood cabinets, stainless steel faced appliances etc. Must Sell so make offer! Asking $517.100 US.

Visit our Coldwell Banker Listing page for more photos.

Caribbean Property Magazine’s April issue ran an excellent article on “15 CRITICAL QUESTIONS TO ASK WHEN BUYING OVERSEAS REAL ESTATE” which we summarize here. If you are considering a purchase outside your country of residence, read the entire article (click on the link) and it should help you avoid mistakes, or at the least, suggest research you need to do before you buy.

If you have found a property to interest you - whether condo, house, land for development, investment - look at the big picture and try to isolate yourself from your enthusiasm about the view, or price, or location. The country of your choice may be paradise, but it is still a foreign country.

1. Country Access - is there year ’round access to the area and how long will it take from the airport
2. Building Requirements - are there some, and if not, are there standards in place or deed restrictions
3. Sewage - is there a central sewer system, and if not, and you need to install a septic tank, require a “perk test”
4. HOA - is there a Homeowner’s Association, what are the fees (they will only go up), how financially stable is the association, and how much deferred maintenance is shown
5. Greenbelts - are there common areas, open space areas, a master plan - check the developer’s plans and programs for working with the community on a shared future
6. Amenities - what are they, what do they cost, what are the long-term maintenance requirements
7. Title - what type of guarantee of title will you receive, what language will be included for coastal laws and changing shoreline
8. Telecommunications - is there state-of-the-art telecommunication equipment in place or planned - check phone service, bandwidth, and service providers
9. Water and water pressure - is there enough fresh water and water pressure, does it plan for future growth, how will the growth be paid for - check pressure in any structure by turning on all the faucets and flushing at the same time
10. Hot water - check for hot water plumbing, and if building a new home, double check that hot water will be included
11. Infrastructure - does this include fiber optic, underground electricity, paved streets, sidewalks, storm drains, high-speed internet access - don’t take any of this for granted, and make sure the development has planned for these services or find out how the homeowner will be assessed
12. Assume nothing - you probably will be an off-site owner while your new home is built - who will oversee construction, what avenues of communication will you use, check references of the developer and builder - make sure you verify the plans for proper wiring, air conditioning, dryer vents, etc. - take nothing for granted
13. Development Company - check their financial condition and references - realize financing is unusual so the developer may provide buyer financing - how will this affect their balance sheet
14. Safety and security - if you want 24/7 security, double check it will be part of the property maintenance and cost
15. Health care - Most major Latin American cities have state-of-the-art medical facilities, but if you purchase outside these, it may be a distance to good health care

As the author concludes, “Much of the world outside North America and Europe is the land of ‘Buyer Beware.’ Be sure you know the answers to these important questions and make a conscious decision about what levels of creature comforts are mandatory and which may be optional for you…An educated buyer is a happy owner. There are items you may take for granted that will not be the standards in other countries.”

Contact your local Coldwell Banker office for help with your research and investigation into answering these questions. All of our agents are knowledgeable about their local areas and laws.

Smoothie King has reached an agreement with BW Ventures, LTD, to develop multiple stores in the Cayman Islands within the next few years. Since Smoothie King started expanding internationally in 2003 in South Korea, the company has opened in Japan, Egypt, and Turkey. The expansion of the Smoothie King brand worldwide is a mark of the international movement toward healthy living.

BW Ventures, LTD, operated by Barry Bodden and Gary Watler, plans to have their first location up and running in summer 2010. “In recent years, there has been a strong movement in the Cayman Islands toward healthy living,” said Bodden. “We are confident that Caymanians, as well as the millions of annual tourists to the islands, will make Smoothie King highly successful here.”

Smoothie King has reached an agreement with BW Ventures, LTD, to develop multiple stores in the Cayman Islands within the next few years. Since Smoothie King started expanding internationally in 2003 in South Korea, the company has opened in Japan, Egypt, and Turkey. The expansion of the Smoothie King brand worldwide is a mark of the international movement toward healthy living.

BW Ventures, LTD, operated by Barry Bodden and Gary Watler, plans to have their first location up and running in summer 2010. “In recent years, there has been a strong movement in the Cayman Islands toward healthy living,” said Bodden. “We are confident that Caymanians, as well as the millions of annual tourists to the islands, will make Smoothie King highly successful here.”

Smoothie King has reached an agreement with BW Ventures, LTD, to develop multiple stores in the Cayman Islands within the next few years. Since Smoothie King started expanding internationally in 2003 in South Korea, the company has opened in Japan, Egypt, and Turkey. The expansion of the Smoothie King brand worldwide is a mark of the international movement toward healthy living.

BW Ventures, LTD, operated by Barry Bodden and Gary Watler, plans to have their first location up and running in summer 2010. “In recent years, there has been a strong movement in the Cayman Islands toward healthy living,” said Bodden. “We are confident that Caymanians, as well as the millions of annual tourists to the islands, will make Smoothie King highly successful here.”