How Much Does it Cost to Live in Paradise?

If you’re planning to buy a home at The Residences at Seafire, you may also be wondering how much to allocate to the cost of living—both on the resort property and in the Cayman Islands. Provenance Properties Sales Specialist Sheline Chandi explains that clients often ask about monthly expenses at Seafire, with particular interest in the perks of resort living as well as the cost to cool their homes in a country where it’s summer year-round. Thanks to the sustainable design and construction of The Residences at Seafire – which were built to LEED® Silver standards – the costs are lower than you might think.

“Naturally, it all depends on your way of life,” says Chandi, who helps clients and Seafire residents plan for recurring costs. “The average electric bill is lower than at other beach condos thanks to high-quality, LEED-certified construction as well as geothermal cooling systems that directly help cool the buildings.”

LEED stands for Leadership in Energy and Environmental Design, and is the most widely used green building rating system in the world. Buildings that achieve LEED certification are lowering carbon emissions, creating a healthier environment and reducing operating costs by implementing practical solutions to help residents save on water and energy bills.

Chandi adds that Seafire boasts a ground-source geothermal air-conditioning system that is approximately 40% more efficient than a traditional system.

In addition to keeping things cool, homeowners and residents also want to enjoy comfort and convenience without breaking the bank. Outlined below are the perks along with real examples of what it costs to enjoy the resort lifestyle at Seafire and life in the Cayman Islands.

Amenities & Special Privileges

As a resident, you’ll have access to all the amenities at Kimpton Seafire Resort + Spa and you can enjoy first-class benefits at either no cost or at a discounted cost. These may be subject to availability or blackout dates, but are excellent perks nonetheless and they include:

  • Complimentary use of the fitness centre and of non-motorised watersports, plus reserved seating on Seven Mile Beach

  • Complimentary monthly resident cocktail reception hosted by the resort

  • 20% hotel room discount on the Best Available Rate

  • 20% discount on services at The SPA at Seafire, which includes an open-air spa garden and Turkish hammam (doesn’t include products or gratuities)

  • 10% discount on Best Available Rate on pool and beach cabanas

  • 10% discount on group catering services for private events at the resort (not including alcohol)

  • 10% off food and beverage (not including gratuities)
    Resort signing privileges

Electricity Bills

The average cost of electricity per month can range from US$100 to $1,000 depending on usage and unit size. For example, the electric bill for a Seafire studio residence could cost around US$122 while the average two-bedroom home may cost around US$360 per month. Cooling a five-bedroom unit could cost around US$1,000. This is significantly lower than the average US$450 bill for a two- or three-bedroom home in other parts of the island.

Strata Fees

At US$20.52 per square foot per year, your strata fees cover the cost of insurance and several utility expenses.

  • Insurance: Included are costs for property and public liability insurance, which cover common spaces on the entire property, including Kimpton Seafire Resort + Spa

  • Internet & WiFi: Premium high-speed fibre internet service (15Mbps)

  • Cable TV: One cable box set with an Ultimate HD package that includes 141 channels

  • Telephone Landline: One handset with a local phone number and premium corporate calling rates

Upgrade options are available for your internet, cable and landline and owners need only pay the difference in cost.

Cost of Living in Paradise

Residents of the Cayman Islands enjoy a high quality of life with easy access to vacation fun, modern conveniences and a sound, stable government. Add to this a sophisticated financial infrastructure, quality healthcare, reliable telecommunications, a low unemployment rate and you’ll understand why people never want to leave. As the culinary capital of the Caribbean, the quality of restaurants is unparalleled and the majority of them are either very affordable or comparable to many top restaurants in other culinary capitals such as New York City or London.

Whether you opt for a minimal lifestyle or a more decadent one, below are a few average costs worth noting. These amounts are based on a family of four with two adults and two children:

  • Average Home Price: US$565,000

  • Three-Bedroom Rental: US$1,900-$3,500 per month

  • Groceries: US$350 per week

  • Domestic Helper: US$10 per hour

  • School Tuition: US$10,000-$20,000 per year

  • Healthcare Plan: US$500-$1,000 per month

  • Pension Contribution: 5% of gross salary

If you have any further questions on the cost of living at The Residences at Seafire or the Cayman Islands, contact the Provenance Properties team today.

Source: https://caymanresident.com/move/cost-of-living-in-cayman/

About the author

Andrea Lumsden has worked with Dart since 2013 and has been writing professionally since 2003. Graduating from University of Central Florida with a BA in Communication, Andrea has worked with clients across a range of industries, including financial services and real estate. Raised in Cayman by Costa Rican parents, she’s a New Yorker at heart who enjoys reading and travelling with her husband and three children.