moving stuff to STX
Good Afternoon everyone!
First off I would like to thank everyone that responds here regularly. You just wouldn't believe how helpful and informative this message board is! My advice to anyone new to the board, read the older threads. If you have a question it has probably been asked before and its here somewhere you just have to read. You'll learn a lot of other usefull stuff along the way! Now what I have been having trouble with so far is the moving of non personal use goods. Eve, I think you may be able to answer that question. Did you move those sewing machines? I want to move a mini excavator and a skid steer, what kind of tax breaks do they offer if any for business equipment? I have been in construction all my life and I may need to play in the dirt from time to time. 🙂
It will be two years before we will be able to move down for good and I am afraid that the cost of housing in STX may rise over our affordability. Should we buy a piece of land and begin the building process off island our maybe buy an unfinished or hugo ravaged house with a cottage and try to finish or repair it when we move down or try to buy a finished house and rent it until were ready to move? Everyone says that we should rent and then try to buy once down there. I feel like no matter what it is an investment and in time real estate is sure to rise. We explored condo's but the fees, insurance, management fees are unrealistic. We feel that it would be better to buy raw land and sit on it than go that route. Also, I heard their are lots of sewer problems on the island, do you see it often? I have been doing quite a bit of sewer rehab here in NC, would it be hard to find a job in that line of work? Or is it all corrupted? What would be some of the Con's with living close to the rainforest vs. closer to one of the cities? Any help in these matters would be most appreciated!!
You're already thinking about tax breaks and you don't even live here yet. Well, you're thinking on the right level!
St. Croix's economy has kind of been in the dumps of late, but we're starting to get good news. Construction is up nearly 100 percent over last year and a lot more flights are bringing in tourists. I am not a real estate agent or a financial expert, but my sense is that real estate prices will be going up soon, if they aren't already. The economy cannot remain poor forever. If it were my money, I would buy now and not wait two years. You will have to come down here, perhaps for a week, and have some realtors take you around. Personally, if I had construction skills, I would buy a dirt cheap, badly damaged house with a solid slab and good drainage on the property and do most of the repairs myself.
I would assume if you use the skid steer for business, there would be a tax write off.
I haven't read about sewer problems in Christiansted or Fredericksted, our two towns, of late. Every place else on the island has septic tanks.
The rainforest is mostly remote and quiet. Living in town can be noisy and in C-sted, congested.
Here's the phonebook: www.viphonebook.com
I agree with everything OhioGuy posted above. My husband and I are looking at buying now so we don't get priced out of the market also. The advice of rent than buy is good for two reasons, you have to get a feel for the island (make sure it is what you want) and most people would get screwed rushing in quickly to buy a place. I think with your construction background, you don't have to worry about the second reason.
Non-personal use goods, I've basically decided a few things with the embroidery machines: Consolidate down to one compact 12 needle, Ship as personal/hobby equipment, Don't begin the business for about a year period,
Tax breaks are the same on equipment, depriciation over time and blah blah, I'm not sure of all of it. I've always let the accountant do this. He wants to remain our accountant after the move. I think he sees a challange. Maybe I'll get a discount?
Thanks for the reply Ohio guy!
Good Afternoon! We are planning to go down on the 16th of August, too late for the get together! 🙁 We called Emma and Debbie with Sun reality. I guess I will send them a list of possibilities found on the MLS. I guess the question about the rain forest was tied to water and bugs. Does it really rain more there and I have heard about some properties having wells on the property. Does the island have fresh water springs or is it brine water in need of filtering? With a cistren is a ro filter needed for drinking? I assume that mosquito's would be worse close to the rainforest? Also, I know that up here if you want to build your own home you can be your own unlincenced contractor and build yourself, does the same rules apply down there? Does anyone know how hard it is to pick up on an unfinished home as far as the permiting goes?
Thanks for the post Eve, I had hoped you would have some good news on equipment but if I am able to find a tax loop hole I will let you know. I know that there are good tax advantages if your going to employ 10 people or more but thats what I want to get away from, I want to be in a quasi semi-retired state where I work when I want and mostly for favors rather than for a living. I am well versed on depreciation on equipment but didnt know if there was some other type of tax advantage for moving business equipment. Glad to see that your accountant is going to keep up with you!! I tried that with my insurance agent but she said she could'nt insure anything down there. It was worth a try! Keep me posted on your B & B I am interested in how it works out for you. When are you planning on moving down? For some reason I thought you were already there!
One more question for today. Whats going on with the salt pond and river? Is it really salty? If so what lives there? Is it dead or is there life in it? Thanks again, you are all most helpful!!!
We visited the salt ponds wile we where on Stx 2 weeks ago. The water was low. SOme of the ground was very dry and salty looking. Other areas were wet and you could see little tiny craps all over. Birds also seem to like salt ponds. We saw a few eggs laid right on the dryer salt pond bottom. They where marked so I think perhaps someone is doing a study on the habitation around there. That is a good thing because I understand some people would like to develope the area and others would like to see it preserved.