Want to Own an Island?
Ever since I was a kid, I've wanted to own an island. It started with a plan to own a Hawaiian Island with a set of 5 bridge-connected tree houses with trampolines to get up to them. That expectation was tapered over the years, and I began to think that buying an island wasn't feasible. Then I discovered PrivateIslandsOnline.com in middle school, and spent plenty of time in typing class browsing their selections. Still, it seemed more like a pipe dream than anything else.
That is until I came across a blogger a few years ago, who owned exactly such an island. Rather than covering the full cost alone, the idea was to split up the price among a group of friends, sort of like a timeshare, but without large third party fees, or restricting when and how you use the property. The notion stuck with me, and I realized that all I need to own an island is something in the range of $10,000 and ten friends. In the years since, I've thought about what form this should take, and will describe that in some detail below. While it will still be a few years before any purchases are made, if you are even half interested in hearing more, please join the mailing list here. The list is mainly to track interested individuals, you should only hear from me 2-3x per year tops, with minor updates until things start to become more serious. You can also take a glance at answers to some common questions below. If you have any specific questions, feel free to comment or contact me directly.
Why buy an island?
While owning an island certainly sounds neat, the main reason is that I strongly believe it will be a great way to strengthen relationships with friends and add immense value to people's lives. Going through life, we all have disparate friend groups. Coming together like this can be a great way to bridge some of those gaps and provide new friendships for the people you care about most, while simultaneously strengthening old bonds. It also ensures you will have contact with the group for years to come, since you have a shared interest in such a sizable endeavor. The island will be the first and most notable of shared properties, but it would be great to share a few other properties with friends on mainlands around the world. Many apartments in major cities can be had for similarly reasonable prices.
How much will it cost?
I estimate an upfront cost of about $100-150k plus development costs around $25k within the first few years of ownership. After that, costs should be minimal (property taxes, boat, dock & yurt upkeep) with plenty of room to make as much or as little out of it as you like.
When are you looking to buy it?
The goal is to own the property by 2030 at the latest. Earlier would be better, and I will probably be ready by 2024. However, I figure that it will take a bit longer for others to save up enough to be willing to invest in such a project. After we own the property, a yurt should be doable in 1-3 years, and after that we have the rest of our lives to build trails and cabins :)
Where will this island be?
Many people assume all islands for purchase are in the tropics–this is not the case. Although there are plenty of tropical islands, the best buys are to be had in places like southern Canada. Going for that type of island likely also simplifies travel and development logistics, as well as providing a better long term investment (rocky, mountainous islands are usually better equipped to handle climate change than sand bars)
How developed will it be?
Hopefully, we will be able to find something that has nothing more than a dock, if that, and build it from the ground up. Though, a group goal will likely be to preserve nature, we will certainly build some permanent structures. The first priority is to construct a dwelling large enough to sleep 20-30 people, so that if we all come at the same time, we can be there together with our families. This will likely be a yurt style tent house. After that, every owner is entitled to choose a spot of land to build their own private cabin on, but that will be done on a personal basis, not relying on group funds.
Why should I trust you with $12,000?
To this, I would say you're not investing in me, you are investing in the island. While I am certainly happy to spearhead the project and manage many logistics, my goal is to share this island equally with a group of my closest friends. There will be some formal administrative structure, and we will likely establish an LLC or similar body for the purpose of managing the property, but all decisions once the group is solidified will be put for a vote and discussed equally.
Why should I trust some strangers (other group members) with $12,000?
Before the group is solidified, I will be doing intensive analysis to try and establish a healthy group dynamic. More than just how much I like a given person, it will matter how well that person interacts with others. We will also have a few group bonding activities before making any purchase to get to know everyone and have some feel for making sure everyone gets along.
Where can I find out more?
I am modeling lots of this off of what the blogger Tynan has done. Feel free to read as many of his posts on the topic as interest you. For convenience, some best hits are listed below:
My Friends and I Bought an Island
Build Things With Your Friends
An Island, Vegas, Budapest for a Fraction of the Median House Price
Six Day Cabin (Not directly related, but a great time lapsed cabin build)
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Photo is of the marina in Woods Hole, MA as seen from the dorms at the Marine Biological Laboratory. Took a class there on microbiology back in 2018. Seemed appropriate for an island post.
