When it Comes to Purchasing Your Piece of Paradise, Let Us Suggest These Options

Blog Photo: 
Sep, 27 2019
John Foster Real Estate, usvi real estate, Fractional, Homes in the USVI, Condos in the USVI

At John Foster Real Estate, we list many types of Virgin Island homes for sale for a variety of lifestyles. We have provided a brief list of the pros and cons of buying a home vs. buying a condo to help inform your decision when you are looking for your new home as well as a brief FAQ on fractional properties. All of these options provide you with your own piece of paradise in the US Virgin Islands. 

Check out the pros and cons to help you find your perfect fit on the islands.

Condos

Pros:                                                                                                     

  • Location: typically, in gated and secure areas, sense of community
  • Amenities: security, pools, fitness centers, restaurants nearby
  • Low maintenance: less general upkeep/outside repairs. Turn the key and go!
  • Finances: typically, less expensive than homes & can be easily rented out weekly or monthly if it’s a vacation home

Cons:

  • Decoration: shared decision-making with all owners
  • Finances: association fees
  • Outdoors: smaller or no lawns

Houses

Pros:

  • Locations: multiple choices
  • Personalization: complete control over renovations
  • Space: typically, more indoor and outdoor space, and more privacy
  • Future potential: can be used as a retirement property
  • Some have 2 units so one can be rented year-round or for vacation rentals

Cons:

  • Maintenance: full responsibility of home upkeep
  • Finances: higher utility bills and typically, more expensive than a condo
  • Amenities: can have less access to amenities and urban areas

Fractional properties are another great choice…

What are fractional properties?

Fractional properties are units that are typically used as vacation destinations where ownership and time spent at the property is split between multiple owners.

What are some of the benefits of fractional ownership?

Fractionals can prove to be a great investment and the owners can typically choose a more luxurious property as the cost is split. Maintenance is handled by the management firm. This style of ownership eliminates the need to find renters to occupy your vacation home when you’re not there, so this is a perfect option if you plan to utilize your vacation property for a set time during the year!

What are some things to consider before entering into fractional ownership?

Flexibility of usage, level of control over the property and ownership rights should be discussed and outlined before committing to a fractional.

Let us help you decide which property type would best accommodate your lifestyle and find your perfect piece of real estate on the beautiful US Virgin Islands.