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I am planning a move in one year and am just beginning my research. I have come across rental questions... these fees on the condos that are being discussed that are due monthly, are those just for the owners of the condos or the renter. Or does the rental fee make up for the those fees? I am just planning a long term rental, I will only be in the islands for one year. If anyone is doing this, renting a condo long term, could I see a kind of break down? Like ex... 1,200$ rent......300$ fees......200$ water...200$ electricity. Like an approximation of housing costs for every month? If it's not too much trouble or anything I could really use the information for my budget approximations so I know what to expect. Plus I have a small dog, so if anyone knows the animal deposits?
Thanks so much!!!
Posted : July 31, 2004 4:14 am
The condo fees are charged to the owner. However they become part of the "total cost" of condo ownership. Those costs are usually passed on to the renter as part of the monthly rent. The problem often is, that the total cost of a condo is more than "the rental market will accept".
At this time the owner either rents for less and accepts the loss or puts their unit on the "holiday rental" market and "hopes" to get some return on their investment.
Either way, condos in the USVI are usually renting for less than their actual cost to the owner.
As an example, a condo costing $200,000 with a loan of $125000 might have annual costs (mortgage,taxes,insurance, condo fees, management, etc...of $25,000 per year but only rent for $1000 per month. The cost can only be partially recovered by income tax loss. The owner can only hope that they will regain their loss through future "appreciation".
Posted : July 31, 2004 5:41 am
If you are renting, your rent is your rent...however, you need to ask about electric and water, which are frequently charged on top of the rent. Water can be 5 cents a gallon or more, electric is more expensive than the states, too. At least on St Thomas, I am not sure if there are any condo associations which allow dogs for renters. Seacliff did, but recently changed the rules to owners only. There is a possibility that Watergate or Regatta Point allow small dogs, but I am not sure.
Posted : July 31, 2004 1:58 pm
Topic starter
Thanks for all of the information! That makes things a lot easier knowing the fees aren't extra to renters. From what I understand St. Croix has a lot of leniancy about dogs so maybe I'll have luck there. Thanks again!
Posted : August 1, 2004 4:30 am