Month: June 2020

Your safety: Our priority

Posted on June 5, 2020 by - Community, Tips

The impact of Covid-19 on our industry has been unprecedented. Showing properties, which has always been core to what we do, was no longer. 

Fortunately, 90% of what we do, can be done online. We have adapted to the current reality and continue to actively offer guidance remotely and online, keeping you apprised of trends, changes and projections in the Cayman Real Estate market.

As of Monday 8th June, with Government approval and strict safety measures in place, our office is back open and we are able to show properties again. We are definitely not ‘back to normal’ but welcome you all to the new normal…😷

Scroll down for new showing protocols and FAQ ⬇

Image: “The New Normal”-
Your Property Cayman team + Pablo 🐕

Update 17th July 2020: Property showings are in full swing and all properties are able to be viewed safely. Whilst restrictions have eased, we are still taking safety precautions- wearing masks, social distancing and sanitizing. Prospective buyers and sellers are no longer required to complete contact tracing forms.

Property Showing Protocols –Prospective Buyers

  • Property Access and Contact Tracing Forms to be completed and signed by every Prospective Buyer.
  • Maximum of 2 adults persons named on the PACT form shall be present at the property along with the agents.
  • Prospective Buyers will be required to meet the agent at the property and will not be driven to the property by the agent and must remain in their vehicle until called to enter the property by the Agent.
  • Everyone will wear a protective face mask(s) before entering the property.
  • Everyone will maintain 6 feet distancing at all times.
  • The viewing is contactless, and will not touch anything whilst in the property.
  • Everyone will sanitize their hands with hand sanitizer upon arrival to and departure from the property.
  • Neither the agent, nor the buyers will use the washroom facilities during access.
  • If prospective buyers should develop symptoms of the COVID‐19 virus, or are later diagnosed as having the COVID‐19 virus, they will contact the CIREBA agent immediately, so that the agent may follow the necessary procedures which could require testing and quarantine, to protect any parties that may be involved.

Property Showing Protocols –Sellers/Occupiers

  • Wherever possible, we will ask that properties are vacated for the duration of the showing.
  • If properties cannot be vacated, occupiers must stay 6 feet from the agent and Prospective Buyers at all times. The best way to achieve this is by staying in one designated room for the duration of the showing, then leaving that room when they need to view it.
  • Properties where someone is shielding, self-isolating, or has any symptoms associated with coronavirus (a fever, a new & persistent cough or flu-like symptoms) will not be shown.
  • We ask that occupiers leave all internal doors open, to minimise the need to touch any surfaces.
  • If the property is vacant the Agent is to disinfect the lockbox, all doorknobs, surfaces, light switches and counters with antibacterial/germ killing cleaners after Prospective Buyers have left.
  • A record will be kept containing the names of those who have visited the property.
Image: Property Cayman Agent Safety Kits

FAQ

I am interested in buying or renting a property, am I able to view it? 

Short answer yes, long answer below.

Viewings are only permitted on your corresponding day based on your surname. A-K being Mondays, Wednesdays and Fridays and L-Z on Tuesdays, Thursdays, and Saturdays.

We also strongly encourage prospective buyers to exhaust all digital and virtual options before scheduling a viewing. There are lots of steps to buying a property, and most of these can and should be thought about before ever stepping foot in a property. Click here for a helpful list of considerations and questions that will help get you started. 

What steps must I take before viewing a property?

Contact your agent for the required forms to be signed prior to any viewing.

You must not be showing any flu like symptoms. If in doubt, stay home and reschedule the viewing for a later date. 

You will be required to find your own means for transport to the property, wear a mask and disinfect your hands prior to entering the property.

I would like to sell my property. Can I work with an agent in the current climate?

Yes. Our agents are able to meet via phone, video or in person to discuss the listing process. All documents required can be submitted digitally.

The majority of our industry has exemptions to operate so we are also able to get professional photos, videos and virtual tours done, in order to showcase your property in the best way possible. 

My house has been listed for sale/rent and I am worried about having potential buyers/tenants coming through. How do I handle the situation?

Your safety is our priority. In adherence to the Public Health Law we have implemented strict safety measures for all property showings. See details above.

We also offer virtual tours as an alternative to in person showings. The virtual tour will only require one person to enter your home to shoot the content which will then be made available to any prospective buyers or tenants. Reach out to your agent if you would like to schedule a virtual tour.

Is your office at 51 Fort Street open?

For the next few weeks, our office hours will be Monday – Friday from 9:00 AM to 4:00 PM. The reception door will be locked in order to control the flow of traffic in the building so please try and call ahead.

Our preference will be to schedule meetings in an open environment outside of the company’s premises.

If a meeting has been scheduled within our office,  we ask that proper hygiene and safety precautions have taken place prior to entering, masks or face coverings must be worn and social distancing must be respected.

Amidst uncertainty, we do know that this too shall pass. It may be weeks, it may be months, however, if we remain proactive to these changes, it will never be years. And know this — We are strong and able to overcome these challenges as any nation on earth.

As a final word, we say in unison, thank you, to our exceptional medical community, to those who wake up every day with the mission to be a helping hand, the people who are risking their health in providing essential services, and our political leaders at all levels, who are working tirelessly to keep us safe.  The Cayman Islands owe you all our endless gratitude.

Insider’s Guide To Building Your Own Home

Posted on June 2, 2020 by - Building, Buyer, Design, Investing, Tips

Author: Kate Ryley

‘Some buyers don’t even think about buying land or building their own home – they just assume it’s out of their league or out of their means. But all options are worth exploring and that’s why we’re here 🙂 I’ve been there personally, where I’ve been stuck with buying land vs. buying an existing home, and it can all feel extremely overwhelming. I took out a scrap piece of paper and started jotting down the pros and cons, and it really helped me wrap my head around it all. I figured if it helped me, it would be worthwhile to share my thoughts with our potential customers too!’ – Kate 

Pros to building a house:  

Competition:  When you build a home, the competition factor decreases. If you find yourself in a Seller’s market, there is lower inventory. This, combined with more Buyer’s in the market makes it harder to win that home of your dreams!  

Customization: When building, you’ll get to personalize all the details of your house when you construct from the ground up! This is one of the biggest advantages – from architecture to design to furnishings, you control it all.  

Satisfaction: It’s not easy work, so when you’ve completed your home it feels good! It’s an accomplishment in and of itself, and people say there is a feeling of an emotional connection living in a new home that you have created. 

Cons to building a house:  

Time/ Bridging: It takes an average of about 12 months to construct a new build. That time matters if you are relying on the sale of your previous home in order to pay for construction. Keep in mind that you may have to live in a rental until your build is complete (we all know how much we love moving! 😉 ) 

Variable costs /un-expected expenses: Compared to buying an existing home, the costs associated with the purchase and build are not always clear from the start. Expect out-of-pocket costs that are unplanned.  

Stress: Building a home requires patience. It’s not an easy feat! There will undoubtably be hurdles that will take you on an emotional roller coaster.  

Pros to buying a house: 

Convenience: We can simplify the process by helping you find verified properties, guide you through negotiations and assist you with deal paperwork and lawyers. You will be able to close on the property and move in as soon as possible, generally within 60-90 days. 

Turn-key: The fast rate at which you pay for a house and when you move in is incredibly exciting. Plus, you know exactly what you have purchased. You have touched it and felt it – you know what you are getting! 

Costs: The costs associated with buying an existing home are more fixed than variable. This makes it much easier to budget and balance your personal financial requirements. 

Appreciation: The nice thing about existing homes is that there’s history: You can research the home’s previous sale prices, as well as prices of similar homes in the area (known as comparables) to get a feel for whether prices are rising or falling in your area. If the prices for your home and others in the area have been steadily rising, odds are decent that the trend will continue, which bodes well for you if you decide to sell later on. 

Cons to buying a house  

“Perfect” may not exist!  You may not get exactly what you want, and you’ll have to forgo one of your checked boxes. You’ll have to prioritize what matters to you most, and stick to those when looking for a home. It is unlikely you’ll get absolutely everything – floorplans, architecture, kitchen design, flooring, ceiling heights, finishes to name a few! 

Appreciation: New homes, particularly in up-and-coming neighbourhoods, are more of a gamble. Without a proven track record of lots of comps, there just aren’t enough data points to really know what could happen down the line. This is also true for all the latest amenities you might request in your home (think self-cleaning toilets). Are you going to see this return in upgrades down the road? 

Efficiency: Existing homes are less efficient and may need various replacements such as windows, doors or heating/cooling systems. Replacements and updates may be our of your budget after purchasing your new home.