Purchasing a private island has often been a rich man’s dream.

Although the costs and processes may initially seem endless, the rewards of harvesting your own haven are potentially boundless. Scenery, luxury and beauty are all palmed in a prime plot, which can be used equally for personal, commercial, or even investment purposes.

Similar to the early stages of purchasing a house, prospective buyers should first determine their main purpose of purchase, and their top needs and wants from the island. Alongside this, thorough research should be carried out on the available islands, exploring the major attractions and drawbacks of each, then comparing these to the initial purpose and criteria. A browse through the archives, websites and recent sales of neighboring islands could set the benchmark for the expected terms, facilities and prices on offer, which could also help buyers ascertain their budgets and plans.

If feasible, visiting a site could help get a better feel for the island and its demographics. Those looking to make personal use of the island ought to get familiarized with the living conditions, weather, and local amenities. More importantly, owners should be well aware of the regular maintenance requirements, along with the procedures to follow during emergencies. Further, no matter how pristine and private a Paradise may be, one would inevitably want to interact with others and occasionally go back to ‘civilisation’; the transportation within, and away from, the island is thus critical.

Commercial buyers who foresee future growth could help develop an island. Through constructing additional routes, infrastructure, and even plantations, the utility and value of an island is likely to escalate, giving its owners healthy returns on their investments. All decisions, however, must be taken in view of the existing laws, regulations and permits governing the island.

An attractive offer that would suit first-timers as well as incumbent buyers is Shelter Island Estate, which is priced at US$44.8 million. The 24-acres island is situated in the northwest corner of Montana, United States, and maintains a population of over 2,000. Its 5-bedroom Main House includes a Wine Cellar, Indoor Shooting Range and a Gym, with enticing views of Flathead Lake, which is recognized as one of the world’s cleanest lakes. Besides the palatial 24,000 square foot building, other attractions include a 7,000 square foot porch, a Sporting Clay Course that leads on to a Jogging Trail, and a guest/boat house. Technically, the island is well armoured with underground watering and hydrant systems, along with a 1,200 square foot Utility Building that includes a diesel generator and electrical panels.

With personalities like Richard Branson, Anthony Robbins and Johnny Depp indulging in their own islands, more billionaires are expected to follow suit. While having a personal island is indeed a sweet dream, one should caution against oversleeping on it! As with other pleasures, this would be best enjoyed after carefully considering all types of costs and taxes.

www.luxify.com