Congratulations! We have finally found the right property and have successfully negotiated a purchase contract. Another advantage of buying real estate in St. Croix is that your investment is safe – you receive a recorded deed as you would in the U.S. Here’s a quick summary of items to be completed, as well as associated costs for your understanding.
You might consider a house or condo inspection during your inspection period on the contract. Inspections range between $300 to $1,000 depending on the size and type of residential property purchase. An “as-built” survey is advisable and also necessary for title insurance and/or a mortgage. We would encourage a title search which is about $150 and we also recommend that buyers purchase a title insurance policy, the cost of which is dependent on the purchase price. Most importantly, real estate transactions are closed by local attorneys whose fees may range from $800 to $2,000 depending on the complexities of the purchase.
Additionally, buyers might consider windstorm and earthquake insurance (which would be required if the property is mortgaged), or else purchasing hurricane insurance is based on one’s own risk tolerance levels. This might include your own thoughts about the durability of construction of the property itself, or perhaps as outlined in the home inspection. Our homes are built to meet “Miami Dade County hurricane standards” with a V.I. building code which is quite similar. Windstorm insurance is priced at approximately 2%/$1000 of coverage and discounts to those rates are provided for safe guards to protect against hurricanes (e.g. shutters). Additionally, those over 50 years of age who are members of AARP are provided discounts on those rates…it all helps! Waterfront properties might require flood insurance depending on elevation and FEMA flood maps.