" " " Maine's Waterfront Real Estate News: Your Own Private Island...

Wednesday, May 7, 2008

Your Own Private Island...

The following are excerpts from an article published in Time magazine recently, written by Kristina Dell:

"New technology makes living on an island more feasible, but...

"Do you have what it takes to own an island?

"Sure, it sounds great. But here are some things to consider before signing the deed:

"Do you have a pioneering personality?

"Most island owners are entrepreneurial spirits. "We see all types from all age groups and backgrounds except for one thing: all are very strong individualists," says island real estate agent Farhad Vladi.

"Can you afford it?

"Homeowners insurance is tough to get, and very few lenders will give financing for island properties. In addition, construction costs can run 30% to 60% more than on the mainland since you're hauling everything from doorknobs to sewer systems.

"Are you handy?

"You can't just call the plumber when the toilet backs up or the sysytem breaks and leaves you without electricity or running water. Mechanical and carpentry skills help.

"Are you heathy and hardy?

"You're a boat ride away from a hospital or doctor. You should be in good enough shape to climb in and out of boats and haul things.

"Do you need people around?

"If you get lonely easily, island living isn't for you -- unless you surround yourself with family and friends. (then you'd better enjoy their company.) "A lot of things that bother other people about islands, I enjoy," says Chris Krolow, who owns an island in Canada. "I like being stranded."

"There are an estimated 700 habitable islands in the U.S., most located off the coasts of New York, Maine, New Jersey, and Connecticut; in the Great Lakes region; along the shores of Florida and the Carolinas; and in the Pacific Northwest. The fact that only 150 are for sale at any given time adds to the allure of owning one..."

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