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The Costs of Island Living

580 435 Nisha Muire
If you live in the bustling Toronto metropolis, then it is normal to imagine escaping to your own island on weekends or holidays. Such dreams are much more attainable as you might think, but you must be prepared for the costs that come along with island living.
First finding the island – there are hundreds of island available for purchase from under $100,000 to nearly 5 million dollars. The cost really depends on location, size, accessibility and amenities. If the island already has some infrastructure in place, then it will naturally be more expensive than an island that is bare-bones. Likewise, an island off the coast of the Bahamas will be far more expensive than an island in a remote part of Nova Scotia.
If you are serious about looking for an island to develop, then it is necessary to deal with a broker who specializes in island purchases. You will also need a very good lawyer as there are many different scenarios involving lease and freehold islands and only an experience legal professional will be able to help you navigate those intricacies. Occasionally, island buyers have run up against squatter’s rights where someone contests the sales because they have been using the land for years. Some sales have fallen through due to such claims. Then you also have to be aware of what the expectations of your island include – will you have to allow access to your beach, your dock, etc…? Those questions can all be answered by a lawyer who can ascertain these facts prior to your purchase.
Accessibility is another very important aspect of owning an island. It is best to look for something that is about one km or less away from shore – otherwise, you will be forced to commute a long way to get to your island every time you want some peace and quiet. However, if you are wanting that kind of seclusion and want to be away from everyone and everything, then the island you purchase can really be anywhere – just remember that if it is undeveloped then you will have to factor in getting your materials and work crews to the island in the cost of your build.
Lastly, depending on your budget, you might want to shell out a bit more for something that is already developed over something that you have to develop from scratch. While there is something very appealing about customizing your island, unless you are ready for the hassle and expense of starting from nothing, then looking for something that won’t require as much work might be a good idea.


Nisha Muire

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