Q&A: Has there been an increase in people looking to retire to the US Virgin Islands?

Q&A: Has there been an increase in people looking to retire to the US Virgin Islands?

Published on our September 2021 Newsletter

Christie’s Answer: Over the past few years, we have noticed more people looking to St. Croix as a place to retire. Over the past 18 months we have certainly seen this trend accelerate. They usually have a 1 to 5 year plan. Properties are so very different here, that when people find something they like, they tend to buy it now, and not wait until right before retirement. Sometimes they purchase a home or condo, and rent it long-term or as a vacation rental until they can move here themselves.

According to Bloomberg News Article 2021-04-30, “About 2.7 million Americans age 55 or older are contemplating retirement years earlier than they’d imagined because of the pandemic, government data show . . . many cite robust retirement accounts and Covid-19 fatigue for their early exit, according to interviews with wealth managers and federal surveys.”

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Q&A: What is an inspection contingency, and how is it handled?

Q&A: What is an inspection contingency, and how is it handled?

Published in our September 2021 Newsletter

Chris’ Answer: Once an offer to purchase a property has been accepted, the inspection contingency ensures that the Buyer receives vital information about the property. It allows the Buyer to potentially negotiate repairs, a reduction in the sale price, or even walk away from the purchase with a refund of all of their earnest money.

The inspection contingency is contractually part of the accepted offer to purchase. Generally, that inspection period is 2 weeks long, and it begins when the offer to purchase is signed by all parties.

Some people ask if they can waive the inspection. We always recommend using a professional home inspector, and having an inspection contingency period. Waiving the inspection contingency period means you won’t be able to use the results from an inspection to negotiate remedies, price, or cancel the contract with the Seller, putting your earnest money deposit at risk.

We feel it’s important for you to know as much as possible about the property you are buying. It’s to the Buyer’s advantage to be present during inspection. This way, the Buyer can ask questions from the Inspector at the site, and learn more about their new home.