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Topic starter
I've been looking at USVI real estate and trying to figure out the fees, taxes & insurance involved when purchasing a condo. Living in an apartment most of my life I'm not sure of all the money that is required for condo living. For example one condo I looked at (on the Internet) had a monthly condo fee of $454 a month. I know this is for the upkeep and pool etc. Taxes were $746.64 a year. This is probably due quarterly I'd guess which would be $186.66 a quarter (monthly is $62.22). Then in$urance was listed at $4,176 a year which figures out to be $348 a month. Is that insurance price this high because of the hurricane insurance? So $454 + 62.22 + 348 = $864.22 a month. Then on top of that would be your morgage payments, utilities & sometimes water fees. Am I missing any other fees? Am I in the ball park or still wandering around in left field? Any info would sure be appreciated.
Thanks,
Bruce
Posted : February 11, 2003 7:02 pm
All the fees you are adding up sound about right. Also if the condo assocation voted to have something done, even if you voted against and did not want it, if the majority voted for it... then the cost of whatever that is (tennis court, pool, redoing the roof of all the buildings) would be devided among everyone including you. So other expenses could be incurred in this way.
Have you looked into buying a house, perhaps a small house - if its only you?
--Islander
Posted : February 11, 2003 7:07 pm
Those condo fees are typical and in the average range. You should also consider their water fees which range from 2 to 15 cents per gallon that you use.
Posted : February 18, 2003 3:11 pm
Topic starter
I thank everyone for the info. Are the water fees charged all the time or when your allotment is used up?
Posted : February 20, 2003 4:24 pm
In Condos, I think perhaps there is a meter... so you are charged every month for what you use. In some apartments you are charged when water is bought, because the allotment is used.
--Islander
Posted : February 20, 2003 5:13 pm
