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When researching rental prices on St. Thomas, it seems that the people that OWN these places are making a killing. Assuming it was financially feasible, what recommendations do you have about buying a condo, living there during the off-season, and renting it out during the high-season. It would seem to me that if I moved there, I could could quickly find a furnished condo to purchase, and rent it out during the high-season to cover the mortgage (and condo fees?) in the off-season. How many weeks at a minimum during the Nov.-April high season would you expect that I could rent my condo?
Posted : February 6, 2003 2:49 pm
Hello,
St. Thomas has lots of avialable places. The listings for rentals on St. Thomas are always very long. Would you want to rent to people who live there, in which case there are chances your property could stay closed if you didnt find a tenant. If you plan to rent to vacationers then you would need to have a property manager or contact an agent so that they could book people there for you. Usually this type of arrangement is for Villas, private homes. Not sure how many weeks minimum you could get renters - I would say you should have a way pay your morgage for the first 1 year with out depending solely on finding vacationers to rent the property. If you could find a good tenant to rent full time - for a year lease for example then this would work. You need to speak to a real estate agent about it. If it is not working out, it might be difficult to sell the condo on St. Thomas - because the market has many properties for rent and purchase. St. John which is considerably more competitive and expensive I would say no problem if you had a property to rent - you would find people. For St. Thomas you really need to plan it out well.
--Islander
Posted : February 6, 2003 6:26 pm
One other issue is that each condominium association has different rules. For example, there are some which only allow you to put your unit into a pool that they run. Also there are different rules, as Islander pointed out, for short term ("Hotel" stays) and long term (6- 12 month) rentals. You probably do need to talk to a real estate agent who is familiar with the various associations. And some of the condo fees are pretty high, mainly due to the high cost of insurance...
Posted : February 6, 2003 8:24 pm
Condo fees can top $1000 per month. This is in addition to your mortgage payment. So condo owners are generally not making a "killing".
Posted : February 18, 2003 3:26 pm
