Oct 2, 2024 | QA
Question: “What are some important features to consider in a St Croix home?”
Our Answer:
Consider the features which suit the needs of your lifestyle now, and what you see in the future
- Outdoor space. Because of the temperate climate, be sure to think about creating wonderful outdoor spaces. You’ll want enough space for you to relax and enjoy the view and breezes, plus space to entertain your friends and family.
- Air flow. Unless you intend to use AC all of the time, having cross breezes and ceiling fans are important. This will keep you cool, and the circulating fresh air will deter mold growth.
- View. What do you want to see when gazing through the windows?
- Activities. Do you like to be near diving or snorkeling? Do you like to hike or bike and want to be near places to do that? Perhaps you are an artist who would want to be near the Botanical Garden or historic buildings? If you have a boat, you may want to be close to where it’s moored. If you are a star gazer, you may want to be more in the in a rural area where the glorious moon, stars and planets shine more brightly.
- Pets. Like most people, our dog and cats are so important to us! We have enough space for all of us to live together. Although wild birds are not pets, they are important to us, too. We have several bird baths and feeders with sugar water or small seeds to feed the hummingbirds, banana quits, finches, and sparrows. We spread cracked corn for the doves, pigeons, and two peacocks. We love watching them! There’s always bird songs or peacock noises floating into the house!
Contact us with any questions about real estate on St. Croix!
Oct 2, 2024 | QA
Question: “What are the hidden costs of buying a home or condo?”
Our Answer:
In the excitement of finding your island home, keep these costs in mind:
- Inspections. An inspection by a licensed home inspector is key to any home or condo purchase. This will inform you as to the condition of the home or condo so that you better understand what you are buying. The owner will disclose anything they are aware of, but an inspector will give you a full detailed report. For a home or land, you will want a survey done. Often an appraisal is needed.
- Association fees. Condos have have HOA fees associated with them. Some homes do, too. These fees will be pro-rated for the year at closing.
- Maintenance, repairs, and decorating. Your monthly budget responsibilities could include landscaping, pool maintenance, pest control, garbage pickup, cable TV, and internet. There might be a few minor things for you to repair after closing. Also, you will want to make your new home YOURS. So, budget for decor, paint, landscaping, furniture, or anything else you may want to change. Sometimes just adding new decorative pillows will change the look of your living room and make it more personal!
- Utility bills. Don’t let budgeting for utilities get lost in your excitement. Think about the energy you will be using (water, electricity, AC, pool, washer/dryer, etc.), and add that to your monthly budget.
- Closing costs, prepaid fees and appraisal: If you are getting a loan, it does cost money. Plan on paying for your loan to be processed along with an appraisal fee. Closing costs and prepaid fees generally range between 3% – 5% of the purchase price.
Contact us with any questions about real estate on St. Croix!
Sep 3, 2024 | QA
Question: “Why do so many condo listings say “cash-sale only?”
Chris’s Answer:
Currently many condos on St. Croix must be purchased for cash since they don’t qualify for financing. A condo complex is warrantable if it operates as closely to a residence as possible, is not seen as a “condo hotel”, and complies with Fannie Mae and Freddie Mac Mortgage guidelines. When lenders are considering loans on condos in a specific complex, they look at many factors:
- Some HOAs, while insured, don’t meet the lenders guidelines.
- Have the number of vacation rentals in the complex been increasing?
- Does the condo complex rent office space to agencies which rent condos inside the complex?
After Hurricane Maria in 2017, insurance companies paid claims which were sometimes substantial. Many insurers decided to raise their premiums in subsequent years.
Condo complexes handled those rate increases in different ways. Some passed them along as either increases in the monthly HOA fees, or as special one time assessments.
Some HOAs reduced their premiums by increasing their deductibles or lowering the amount of their insurance coverage.
Many of the condo boards have been reviewing these issues and working with insurers to make adjustments to their coverage so that lenders are satisfied.
Contact us with any questions about real estate on St. Croix!
Sep 3, 2024 | QA
Question: “Why are condo fees higher on St Croix than in the States?”
Christie’s Answer:
Often people compare condo fees on St. Croix with condo fees in the states. A big difference is that the HOA fees here usually, but not always, include windstorm insurance. Those HOA fees cover other things, too. While they vary from complex to complex, the fees often include maintenance of the exterior of the buildings, landscaping, pool maintenance, administrative expenses, monthly pest control, TV, trash removal, and internet. Basically, the complex can’t run and be maintained without the owners sharing in the expenses of the management and upkeep. When looking at HOA fees, consider what they include and what they are not including so that you understand the value of the condo fees.
Contact us with any questions about real estate on St. Croix!
Jul 28, 2024 | QA
Question: “What are 5 changes to how Realtors will be working with Home Buyers?”
Chris’s Answer:
You’ve probably heard in the news about the changes being made nationally regarding real estate commissions and how that will effect Buyers and the way all Realtors® in the United States will work with Buyers. These new policies will go into effect beginning August 17th. Here are 5 changes to know:
- A signed Buyers’ Representation Agreement is now required by the settlement agreement.
- Agreeing to and signing the Buyers’ Representation Agreement must be done before taking Buyers to a property in person or virtually.
- Compensation has always been negotiable, but now it’s part of a discussion documented in the agreement.
- Compensation to the Buyers’ Agent could be paid by either the Seller or the Buyer, and this will be disclosed and understood prior to a Buyer seeing a property.
- If the Seller has not agreed to pay the Buyers’ Agent compensation, a Buyer will know ahead of time that they will be responsible to compensate their Agent and can decide whether or not to see that property.
We would love the opportunity to help you. If you have any questions, please contact us!
From Chris & Christie’s July 2024 newsletter (read it here).
Jul 28, 2024 | QA
Question: “What are the benefits of a Buyer’s Representation Agreement?”
Christie’s Answer:
This is great question! Starting August 17, 2024, the Buyer will now negotiate compensation directly with the Realtor® representing them as their Buyer Representative. This means that unless the Seller agrees to pay a commission to the Buyer’s Realtor®, the Buyer will pay that commission. Buyers and the Buyer’s Realtor® will sign a Buyer’s Representation Agreement. The benefits to an agreement are:
- It is a legal document which formalizes your working relationship with a particular Buyers’ Representative detailing which services you are entitled to receive and what your Buyer’s Representative expects from you in return.
- It clarifies expectations and defines loyalty of all parties.
- It insures that everything has been discussed, and is evidence of agreements and disclosures.
- Buyers will be treated as a client instead of a customer, receiving a higher level of service.
- It brings strength as a team. When you and your Buyers’ Representative work together within a formalized agency relationship, you have created a team dedicated to helping you achieve the best possible home-buying experience!
- While representation agreements specify a time period, they can be terminated early if both parties consent. The time period is negotiable and can vary. A single day or week, several months, or a year depending on what has been agreed upon by both parties.
As certified Accredited Buyer’s Representatives (ABR®) and Seller Representative Specialists (SRS), we are committed to offering our attention, expertise and professionalism to all our clients.
Contact us with any questions about real estate on St. Croix!
From Chris & Christie’s July 2024 newsletter (read it here).
