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 2025 Annual Agrifest from February 15-17, 2025 offered great food, music, plants, animals and fun! There are many activities for the entire family. As the V.I. Daily News reported, the fair also showcased Crucian culture, tradition and lively entertainment that engaged residents and visitors from all walks of life. The the Guardians of Culture mocko jumbies, led by instructor Zayd Saleem, entertained the crowd with their vibrant performances. Many took the opportunity to get their photos taken with the masked stilt walkers. The final day of entertainment featured an impressive lineup including Big Kyat Sounds, I-Land Boyz Pan Experience, La Vuerza VZ, Black Empire, Kurt Schindler and Unlimited Sounds featuring DJ Felix.
The fair also featured a replica of a historic Crucian home originally designed by former teacher Janice Pemberton-Tutein about 20 years ago. Deputy Commissioner for Agriculture Riise Richards, along with Marjorie Hampson and Joyce Schuster, spoke about the home’s significance in educating young generations on the island’s history. Read the full article from the V. I. Daily News here.
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.
Welcome to our January 2025 St Croix Real Estate Recap! 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 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.
Open the St Croix Real Estate Recap by clicking on links below:
Question: “What are some issues found in home inspections?”
Our Answer:
The issues found during home inspections can vary. Some of the problems Inspectors look for are:
Structural or foundation problems.
Windows and doors operating correctly.
Safety issues such as too few smoke alarms, or tripping hazards in floors or staircases. This could include cracked or missing tiles in the floor.
Potential problems in a home’s exterior, roof, plumbing, electrical systems, cisterns, pool equipment, air conditioning, and interiors.
Sometimes additional inspections by specialists in a certain field are recommended to get more information which may include costs of repairs. The most common are:
Air conditioning
Pool equipment
Cisterns
Roof
Structural
Appliances
Electrical
Plumbing
We also discuss home inspections in our Youtube video here:
Contact us with any questions about real estate on St. Croix!
