Aspiring to own the big thing in Cayman Islands? Great idea! But before going ahead, it is necessary to jot down what all you know about condominiums and what are yet to be discovered. Buying a condo is slightly different from the case of buying a home. Condos generally comprise of many individual units. It is more of a complex, housing all kinds of facilities and perks for those staying there. And a lot goes in maintaining these facilities up to the mark to keep the residents satisfied, much more than what goes in maintenance of a home. Starting from leaking roofs, running taps, to a filled up freshwater pool and a lush green garden.
It is this cost that makes condos a bit different from a house. Generally, every condominium in Cayman Islands is better known as strata and there is a committee of people managing it. There is a representative heading the committee. More or less, it is the owner who comprise the committee. Maintenance of an entire complex is a difficult task and requires commitment in respect with time and physical presence. This part is difficult! Hence, property management companies are hired to look after the maintenance work and they have to be paid a particular annual amount.
Thus, comes the strata fees. Fixing, what this strata fees would be, is at the disposal of the committee. It differs from one strata to another. And further more, there are different ways in which it is decided as to how much each owner is supposed to pay. Generally, square foot possession is the criteria. The huger space you own, the more you would have to pay. This is however, not the stipulated norm and can vary from one strata to another. It is possible that the committee would decide upon increasing the strata fees without any prior notice. It is thus better to check out the present strata fees with the help of an experienced real estate agent.
The good thing is that the strata fees would also be including insurance costs. Personal belongings come under the count as well! So in a nutshell, the amount you would be paying towards the ownership of a condominium in Cayman Islands is first, the deposit, then the principle amount, the stamp duty and strata fees. No further costs towards maintenance would be charged. Ongoing costs like water and electricity bills will continue.
It is this cost that makes condos a bit different from a house. Generally, every condominium in Cayman Islands is better known as strata and there is a committee of people managing it. There is a representative heading the committee. More or less, it is the owner who comprise the committee. Maintenance of an entire complex is a difficult task and requires commitment in respect with time and physical presence. This part is difficult! Hence, property management companies are hired to look after the maintenance work and they have to be paid a particular annual amount.
Thus, comes the strata fees. Fixing, what this strata fees would be, is at the disposal of the committee. It differs from one strata to another. And further more, there are different ways in which it is decided as to how much each owner is supposed to pay. Generally, square foot possession is the criteria. The huger space you own, the more you would have to pay. This is however, not the stipulated norm and can vary from one strata to another. It is possible that the committee would decide upon increasing the strata fees without any prior notice. It is thus better to check out the present strata fees with the help of an experienced real estate agent.
The good thing is that the strata fees would also be including insurance costs. Personal belongings come under the count as well! So in a nutshell, the amount you would be paying towards the ownership of a condominium in Cayman Islands is first, the deposit, then the principle amount, the stamp duty and strata fees. No further costs towards maintenance would be charged. Ongoing costs like water and electricity bills will continue.
