Pitfalls To Avoid While Buying Properties In Cayman
If you intend to buy properties in Cayman, it is important to know the mistakes that you can make. Listed below are some common pitfalls that new buyers are bound to make in Cayman. You will do good to avoid these to ensure that your property is free of any issues in future.
This tops the list. It is imperative for you to find out the hidden costs in a property before you go in for a purchase. Request your realtor to break down the monthly costs of maintaining a property in Cayman. Some HOAs require quarterly cleanings from professional pressure washer companies. Split that into two – winter months and summer months to get a proper idea. It is possible for a four bedroom house to have an electricity bill of CI$1000-CI$1500+ and a water bill of CI$650 per month assuming the property is well insulated. Cayman is prone to hurricanes as we know it hence it is imperative to consider those as well.
Check for Special Assessments
If you are planning to buy a condo, it is necessary that you check for any special assessments planned for the property. Special assessments can cost you a considerable amount. In that case, you can request the current owner to make the payment for such assessments. Also check any HOA laws that may not be commonly known such as fines for leaving drills or table saws on your balcony or parking a car with lettering outside.
Site Surveys, Home Inspections and MEP Report
It is necessary for you to have a site survey and home inspections done before purchasing any property. An MEP report will help as well as it gives you a detailed description of the mechanical, electrical and plumbing work in the property. If it is plain land, then it is important to have a Conditions Site Survey done. This will help you ascertain whether the house to be built needs pilings that will increase the building cost considerably.
If you are buying a built property, always check whether the previous owner has been using pest control measures to keep out roaches, ants and rodents. If this is not the case, you may find that the property heavily infested. Apart from the infestation, you will have to spend dearly on the property to get rid of the pests. If you are purchasing a wooden property, ensure that check for termite infestation.
Air Conditioning Service
Check whether the previous owner has been regularly servicing the air conditioners in the property. Lack of servicing can reduce the durability and can cost you heavy for repairs or new systems.
Cross check whether the last water bill has been paid by the previous owner. Water companies may not hold you responsible for unpaid bills, but you can save yourself from a few phone calls and constant enquiries.