Buying a Private Island: Worth It?

Living on your own island is one of those ideas that seems really cool in theory. There’s the privacy, the solitude, the megalomaniacal self-satisfaction. It’s not just something that works in theory, either.  A long list of bold-faced names (Tyler Perry, Johnny Depp, Leonardo DiCaprio, Beyonce and Jay Z, etc.) have succeeded in making an isolated island their home—at least for a couple weeks a year. But is a private island all it's really cracked up to be? Here are a couple things you're going to want to keep in mind.

Ask the right questions

Before you even start window shopping for your perfect island home, you really need to stop and do some soul searching. Do you enjoy being isolated? Are you an avid boater? Can you fly a plane? If the answer to all of those is “no,” you may want to turn around now. Most islands, even those located fairly close to civilization, are difficult to get to—and away from if you get the sudden urge to do some grocery shopping.  If you can’t enjoy long boat rides and get used to socializing with just the people you bring with you, a private island is probably one of those things that should stay a daydream.

Location, location, location

If your plans are still looking like a go after that, it’s time to consider location. When most people think “private island,” they tend to think palm trees and white sand, but there are plenty of options in other climates. The good news? Islands in the remote northern United States or Canada are significantly cheaper (some even go for under $500k, compared to the several millions tropical property costs). Unfortunately, that means dealing with falling temperatures for half the year, and accessibility issues for the rest of it.

Don't forget building costs

Of course, islands don't always come with houses, or even a ready source of fresh water. If you need to build on your new island (or even just make renovations to an existing structure), expect to spend at least one and a half times the amount you would on the mainland. Also be aware that there may be some environmental laws that restrict what you can do to your property. All in all, unless you've run out of useful things to do with your billions and you're down to private island or swimming pool full of twenties, an island may be more trouble than it's worth.