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Cayman Parent | Articles | Community | Finding a Family Home

Finding a Family Home

Whether you are renting or buying, choosing the right home is no easy decision. Location, size, layout, and the amenities offered all play a role in narrowing down your options and it is easy to feel overwhelmed by the details. However, with the help of a real estate professional who has their finger on the pulse of the Island’s property market, you can navigate all the major stresses and sign off on your dream home – sanity intact!

In Cayman, because of the Multi Listing System (MLS) all CIREBA agents can access and show their inventory, meaning you can relax and let them do the leg work while keeping you organized and informed on available properties. Once they have a better idea of what you want by way of budget, location and size, they can start researching properties and sending you links to review with feedback. Rentals in Cayman move very fast and places become available and then get leased and sold very quickly so having a real estate agent help you stay on top of it all is invaluable to the process.

Living in the Cayman Islands is very safe for expats and locals alike. A small country that’s big on international business, education and attracting overseas investment, the local authorities do a good job of keeping things running smoothly. In fact, it has one of the lowest violent crime rates of any country in the world. It is probably the most secure country in the Caribbean and there are no areas of the island to avoid. Cayman has been growing and continues to attract new residents from all over the world. Many brand new options and amenities are available for those who ‘want it all’; as there are just as many options for those of you whose families want a more laid back Island style pace and lifestyle… there’s something for everyone!

What to Buy

Always bear in mind that you are much better off buying a property that offers flexibility and is affordable. This will give you a fall-back position should you need one. ‘Right sizing’ is key. High-end homes do not sell every day in Cayman and they can sit on the market for a long time, so instead buy a good property within your means. If you are going to use real estate for points in your Cayman PR application one day, be sure to speak to an immigration specialist to get all the facts. There are several levels of real estate that are required for different types of residency.


Always shop around when looking for a mortgage. Research your options with various banks as there are a myriad of finance options available which constantly change. Cayman’s retail banks usually do not offer mortgages to buyers over 65 years of age, so start early! To increase your chances of obtaining financing from a bank, you should have a good sense of your future income, have been working in Cayman for a minimum of six months and be in a solid financial position. A general rule of thumb is that you will need a minimum of 10% of the negotiated sum to secure a mortgage. This will include a bank deposit, bank fees, stamp duty, legal fees, an appraisal fee, and also government fees.

Buying vs. Renting

Real estate agents encourage their clients to rent for no longer than one year (if possible). Owning a home allows you to invest in yourself and pay into your own equity instead of landlords.

If you fall in love with Cayman and would like to stay a while, think about buying a property as soon as possible. There are easy exit strategies even if you plan to leave the Island later; it has traditionally been possible to earn a good rental income while overseas. Cayman has the advantage of having no annual property taxes. You only pay tax at the point of purchase (referred to as Stamp Duty or Transfer Tax), while first-time Caymanian buyers benefit from not having to pay any tax on their purchase.

Costs to Consider When Renting a Property

Deposit: You will usually need to put down a security deposit and the first month’s rent in advance. For utilities, estimate approximately CI$100 for water, CI$200-CI$500 for electricity and CI$100 for telephone if setting up direct-debit standing orders.

Maintenance Costs: Make sure the landlord will take care of maintenance costs associated with garden and pool care, garbage collection, pest control and servicing of general systems such as air conditioning.

Insurance: Insuring personal belongings is the responsibility of the tenant.

Furnishings: A lot of units come ‘fully furnished’ (linens, kitchenware and appliances are supplied, as well as furniture). Prior to signing your lease ask for an inventory showing everything that comes with the unit. You will have to be prepared to supplement anything missing.

Pets: Some complexes do accept pets but will ask for an additional non-refundable security deposit, which can be as much as CI$500 per pet.

Smokers: Many landlords will not rent to smokers.

No Sharers: Sometimes landlords will require apartments not be shared, i.e. only one family per unit.

Click here for our checklist of how to prepare your home in the event of a hurricane.

Looking for furniture? Check out Sonder for Home and Tomlinson Furniture & The Mattress Gallery.


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