Guide to Buying a Home in The Cayman Islands
STEP 1 Contact a Real Estate Advisors from our Team at Engel & Völkers Cayman Islands, One of Cayman's top Realtors!
Choose one of our Advisors to help you through the entire process of buying a home, from obtaining a mortgage right through to closing and after sales service. Our Advisors will suggest a few mortgage lenders and work with you to find the best interest rate and terms. Each Engel & Völkers Advisors has access to the MLS, so once you find a professional full time Advisors that you feel comfortable working with, be loyal as he or she will work hard to listen to your wants and needs locate the right property for you.
STEP 2 Get a Preapproved Mortgage
Once you have shopped around and found your lender with the best deal, the next step is to arrange pre-approval. The lender will give you a conditional commitment in writing for an exact loan amount, allowing you to look for a home at or below that price level. This pre-approved mortgage will give you a distinct advantage when dealing with a potential seller. You will avoid disappointment, and it will save you time as you won't be looking at properties out of your price range.
STEP 3 Searching for Your New Home
Inform your Advisors of your price range and the type of area you are interested in living. Your Advisors can provide you with information on Cayman's neighborhoods that will suit your needs. Ask yourself, do you want a smaller condo that has a beach view or a larger home in a luxury canal front community? Review together the following list about the features of your new home, ask yourself what are some things I have to have and what are some things that would be nice to have but not essential? Such as do you need a home with a private pool or would a shared pool be okay. Search Engel & Volkers website for homes that you can afford and want to see, Make an appointment with one Advisors at Engel & Volkers, who will take you to view some of the homes you like. By discussing the features and areas you are interested in with our agent, they can suggest other homes that you may fit your criteria. Take notes and pictures about each home you visit. What you like and what you don’t like. Can you imagine yourself living there? Narrow down your choices and ask to revisit the homes you are really interested in. Try to see them at different times of the day.
STEP 4 Making an Offer
When you've identified the home you want to buy, be prepared to help your Advisor prepare a written offer quickly. Your Advisor will be familiar with market values and will help you arrive at a price that gives your offer the best chance of being accepted. At this stage, try not to become emotionally attached to a home. Your offer may not be accepted for any number of reasons. Have backup homes in mind. Be prepared to negotiate through your Advisors with the sellers.
STEP 5 After Your Offer has been accepted
- You'll be asked to submit the deposit, which usually is refundable until your conditions are met.
- Have the property professionally inspected if necessary, request repairs.
- Obtain homeowner's insurance.
- Contact utilities (phone, water, power, etc.)
- A few days before closing, make an appointment for a final inspection of the property.
- Obtain a cashier's check for the down payment and closing costs.
STEP 6 Closing
Make sure the terms and conditions of the loan statement are correct. Carefully read everything before you sign.