Karen

Closing on property, The Loan Stateside

After reading the previous posts, you may be asking yourself, why would I use a lender on island?  Well, you may have to.  St Thomas and the other US Virgin Islands are territories of the United States, not states themselves.  Although the laws and citizenship are US, there are some differences that become more noticable when trying to purchase property here. 

If you have a good relationship with your bank or credit union in the states, or if you own property in the US, you may be able to use a stateside lender.  The problem is that lenders in the states cannot use a property in the USVI as collateral on a loan.  This means you would have to own something in the US of equal value to what you are purchasing in the USVI.  If you default on your loan in the USVI, the lender would forclose on your US property.

Unfortunately when it comes to finding a financial lender in the USVI, there are very few choices.  We have recently had the opportunity to use lenders located stateside that are licensed to practice in the USVI.  That is a welcome change.  Half of the transaction is still on island time, but it seems to move along a bit better.

Buying a first home or a vacation home should be an exciting experience, not one you loose sleep over.  I have been looking for a home to purchase since I first moved to St Thomas in 2004.  I know that sometimes it will be years before you see the home you love.   I will help you find that home in paradise!

 

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Karen

To Purchase Land on St Thomas

If you have decided that you want to build your own dream home, you must first find the perfect property. There are several beautiful pieces of land available. The closer to the water, the more expensive. We have cliff waterfront, rock beaches, and sand beaches available. There are also parcels farther from the water with beautiful views. These cost a bit less and, since most places are about 15 minutes from any beach, this may be just what you are looking for.

The terrain here is different for every square foot – and it is rock.   A topographical survey (topo)of the land should be performed for an architect to design a house that fits the land.  It is a lot easier to build the house around the rock than to move it.  I have seen some very interesting rock formations incorporated into homes.

Keep in mind the cost of building here is on the high side – between $200-$500 per square foot. This is because everything must be shipped here and we must build for hurricanes. Whether you use poured concrete, concrete block, steel frame (force-10@earthlink.net ), or mixed masonry such as Deltec  (www.asenciosconstruction.com) you will have to build your cistern and septic tank first.

Also, remember that everything has to be shipped to the island – that means materials to build with and items to finish your home. Whatever amount of time you are told it will take to build or ship, assume it will take twice that amount of time to actually get done. Sometimes this is due to workers on “island time”, other times it is because in order to accomplish one thing, something is needed and it is not on island.

Whatever you decide you wish to purchase – home, condo, timeshare, or land – contact your trusty Realtor (that would be me) for listing information.

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Karen

So..Visiting St Thomas one week a year isn’t enough

St Thomas is a beautiful island to visit. Located at 18 degrees north latitude, St Thomas divides the Atlantic Ocean and the Caribbean Sea where daily temperatures are about 85 degrees with a 30% chance of rain somewhere on the island.  When visiting once or even twice a year is no longer enough, lots of people look to purchase St Thomas real estate that they can call home while on island as well as rent out and/or retire to.  Sand between your toes and turquoise waters.  Afternoon naps under palm trees and driving on the left.

If this is your dream you have many choices to make.  I will talk about the benefits of owning a home, a condo, or land in this tropical paradise.  If you are not yet ready for full time residency, who do you talk to about property management?  Will you advertise and book customers yourself or have a professional company take care of your dream home for you?  Where do you find a maid/landscaper/pool service?  Stay tuned to find out…Where Dreams Become Realty

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