If you are considering listing your property on St Croix, take a look at the latest sales data, inventory, and days on market for the St. Croix, USVI real estate market. Download our newest Coldwell Banker St Croix real estate market reports. There is a report for each category: Homes & Condos, Condos, Homes, and Land!
If you are not familiar with with the implications of the data, please give us a call or email us directly with any questions. We are Accredited Buyer’s Representative (ABR) and Seller Representative Specialist (SRS) and have the experience and local knowledge to help you in every step of the process. We will help you narrow down neighborhoods based on your priorities. We will also advise you on the market trends in your desired neighborhoods.
Open St Croix Real Estate Reports by clicking on links below:
Question: What are the pros and cons to buying a home “as is”?
Our Answer:
When a home or condo is being sold “as is”, this simply means that the Seller has decided that they will not make repairs or improvements, and the Buyer is purchasing the property in its present condition.
While it may seem like “as is” homes are always in poor condition, this is not always the case. An “as is” clause is simply meant to help communicate that the seller won’t be making or financing repairs. Since the seller is not fixing any issues, the asking price for an “as is” house is typically lower than a comparable house. Here are some important “pros” and “cons” to consider.
Some reasons why buying a home “as is” could be right for a Buyer:
Exciting design opportunities: While not all “as is” homes need a complete makeover, they may be the perfect base for exciting renovations.
Negotiation power: Hoping to buy in a neighborhood that may be out of your price range? “As is” homes are typically priced lower than comparable homes, so you might find your dream neighborhood suddenly come within reach.
Opportunity to invest: Real estate investors looking for fixer-uppers buy homes to renovate and flip for profit. Whether you’re looking to do this as a business venture or have always wanted to buy a fixer-upper, an “as is” home may be the right venture for you.
Sone challenges with “as is” properties that Buyers should consider carefully:
Potentially expensive repairs: If renovating doesn’t excite you, then buying a home “as is” may not be your best choice. Depending on the home’s condition, it’s possible there could be expensive repairs that are hard to avoid.
Long renovation projects: Major renovations can take time. This might mean your home is out of commission for some time before you’re able to move in, or at the very least, you’ll be dealing with a noisy and dirty environment until the projects are finished.
Possible safety hazards: An “as is” home may have hidden problems you’re not aware of that pose safety issues.
Contact us with any questions about real estate on St. Croix!
Also check out our video about this topic on YouTube:
The VI Consortium recently reported that Lieutenant Governor Tregenza Roach has announced that property owners whose homestead property tax credits expire in 2024 must submit a new application and provide the necessary documentation to continue receiving homestead tax credits for their 2025 property tax bill. The Tax Credit must be renewed every five years, with the next renewal deadline set for March 1, 2025.
A Homestead Property Tax Credit is only applicable if the applicant is the legal owner of the property and uses it as their primary residence. Property owners cannot claim a homestead credit for more than one residence or apply for homestead credits in other jurisdictions. Additionally, the credit cannot reduce the tax obligation below the minimum of $180.00. Any changes to homestead status must be reported to the Office of the Tax Assessor by March 1 of each year.
Applications and homestead tax credit requirements are available online at ltg.gov.vi and propertytax.vi.gov, as well as at the Offices of the Tax Assessor on St. Thomas, St. Croix, and St. John.
Property owners eligible for the General Homestead Tax Credit ($400.00) may also apply for one additional credit like Veteran Tax Credit ($650.00), Senior Tax Credit ($500.00), and Disability Tax Credit ($500.00). See the VI Consortium full article and the St Croix Source full article for details.
If you are considering listing your property on St Croix, here is December 2024 sales data, inventory, and days on market for the St. Croix, USVI real estate market. Download our newest Coldwell Banker real estate market reports. There is a report for each category: Homes & Condos, Condos, Homes, and Land!
Not familiar with with the implications of the data? Please give us a call or email us directly with any questions. We are Accredited Buyer’s Representative (ABR) and Seller Representative Specialist (SRS). (Meaning, we have the experience and local knowledge to help you in every step of the process!) We can help you narrow down neighborhoods based on your priorities. We can also advise you on the market trends in your desired neighborhoods.
Open real estate market reports by clicking on links below:
High season is on the horizon. If you are considering listing your property, here is November 2024 sales data, inventory, and days on market for the St. Croix, USVI real estate market. Download our newest Coldwell Banker real estate reports. There is a report for each category: Homes & Condos, Condos, Homes, and Land!
If you are not familiar with with the implications of the data, please give us a call or email us directly with any questions. We are Accredited Buyer’s Representative (ABR) and Seller Representative Specialist (SRS) and have the experience and local knowledge to help you in every step of the process. We can help you narrow down neighborhoods based on your priorities. We can also advise you on the market trends in your desired neighborhoods.
