On Buying an Island
About once a month, I get a phone call from someone who is considering buying an island. They are usually fresh off a vacation in Belize, and dreams of blue skies, turquoise waters, gentle trade winds, and moonlit tropical nights are still dancing in their heads. At some point during the trip, they saw an ad for an island for sale – cheap – and thought, “I can do that.”
Well, yes, you can. I own three of them.
Buying an island in Belize is the easy part. You need cash and a reputable local attorney. You likely won't be able to borrow money to buy the property, and if you can’t pay cash for the acquisition, it is probably unwise to buy it in the first place. An attorney will ensure the title is clear and that you can obtain the permits required for development. If you get through this step, you are part of a pretty exclusive club.
You own an island!
But then what?
Most people vastly underestimate the time and expense of development. There is dredging and filling, sea wall construction, power generation, water makers, septic systems, and everything must be delivered by boat. You cannot manage development casually from afar. You or someone you trust must be there at all times to keep things moving. Whatever you think it will cost, double it; however long you think it will take, triple it.
That is just how it is. You will not be the exception.
Once fully developed, you need good people on the island 24 hours a day, 365 days a year. This isn't just for security; it's necessary to keep things running. Your new prized possession sits in one of the most corrosive environments on the planet. Sunshine, saltwater, and salty air do a number on electronics, wood, paint, and upholstery. The ocean is constantly trying to reclaim the island itself, and periodic storms can take a bite out of seawalls and piers.
And don’t get me started on boats. You’ll need boats. Probably a few of them so that hopefully one of them is running when you need it. I eventually bought a barge, too.
If you are hoping to make money by running a resort or renting out the island on an exclusive basis, you are absolutely underestimating how hard it will be to attract guests willing to pay anything close to what you think they should. You can’t just throw up a website or list on Airbnb and expect people to show up. It takes years of professional marketing and management to compete in that business.
If it sounds like I am trying to talk you out of buying an island, I am not. It is one of the most challenging, exciting, gratifying (and expensive) experiences of my life.
On early mornings, alone on the front steps of the palapa watching the Belizean sun rise, I take a sip of hot coffee, think of the hard work, and appreciate the result.
It was all worth it.
If that sounds good to you, call me. Maybe I can help make your dreams come true.
At a minimum, I can help you avoid a nightmare.
