Notifications
Clear all
Topic starter
I am brand new to this board. As background, my husband and I am interested in purchasing a home to vacation at several times a years on St. Thomas (north or east side). We would like to retire to the island and move in full-time to our vacation home. Here is really stupid part...we have only been to St. Thomas once on a cruise which we actually spent the majority of that day on water island. However, the vibe we got and the location is ideal for my mind and body.
What recommendations would you have for us? We were thinking we should spend our next vacation on St. Thomas to get a better feel.
We have been visiting real estate sites on-line and looking at what we can afford. What I can't get a grasp on is how much we should anticipate for home owners insurance.
Is is "smart" to buy a home knowing that we will only be down there 3-4 weeks a year? Are there management rental companies that we could turn the home over to for maintenance, renting when we are not there, etc?
Sorry for being so green - this dream is about 3-4 years out so I want to start my research, but not stress too much since it may turn out this is not feasible.
Posted : April 4, 2012 4:42 pm
I recommend that you spend some time reading all of the amazing comments that are already on this board. Do a search (above) and be sure to include 'all dates' to get information going back several years.
Water island is great, but not typical of the rest of the USVI. If you are really serious, you should plan several trips, just to try to understand the place. I spent four one month stays over 5 years before deciding.
Real estate is different here too. It is priced higher and sells slower than stateside. Insurance costs are very high due to the 'wind' insurance. Condo fees are much higher than most places, again because of the required hurricane insurance.Electric costs are among the highest in the world.
I'm sure others will give you their opinions, but remember most of that information is already here. You just need to find it.
Posted : April 4, 2012 6:03 pm
First step is to vacation here. Spend a week or two several times a year.
Posted : April 4, 2012 8:07 pm
Definitely spend more time on St. Thomas before buying a house or condo or deciding that you want to retire there. You may also want to check out St. John and St. Croix. It sounds like you've spent only a few hours on STT, so you're not necessarily committed to one island yet, and you may like another island even better.
"Is is "smart" to buy a home knowing that we will only be down there 3-4 weeks a year?"
Probably not, unless money is no object. I would just rent each time and skip the hassle of being an absent owner most of the year. But if you're retiring soon and are absolutely sure you want to live there, then buying makes more sense.
"Are there management rental companies that we could turn the home over to for maintenance, renting when we are not there, etc?"
Yes, but it's not always easy to get renters, and you may be lucky just to break even, after maintenance and management fees. Getting a caretaker to live in the house is another common option. Generally, you do not want a house in the VI to be empty and ignored for 11 months of the year, as it will be susceptible to break-ins, mold, etc.
Posted : April 4, 2012 8:18 pm
