In recent years, the United States Virgin Islands have experienced an unprecedented tourism boom, which has created opportunities for all. This means that even the hospitality industry has directly benefited from this boom. It's obvious that a homebuyer with 800 credit scores, perfect credit, a timely payment history, no collections or canceled accounts, no previous bankruptcies or foreclosures, and a low debt-to-income ratio can get a mortgage when buying a home in the U. S.
UU. However, what about homebuyers who had a small impact on their credit? What about the self-employed borrower who has an established business but uses unreimbursed business expenses from the IRS tax code? What about the retiree who has worked hard all his life and lives on his assets? In this article, we will focus especially on buying a home in the U. We'll also cover buying a home in the U. Virgin Islands with credit scores below 500 FICO.
The United States Virgin Islands are a group of islands that are organized and recognized as part of the territory of the United States. Geographically, these islands are part of the Virgin Islands archipelago and are located in the Leeward Islands of the Lesser Antilles, west of the British Virgin Islands and east of Puerto Rico. The current population of these islands is about 105,100 people. The majority of the population (76%) is African-American, while 15.6% is white.
Others keep the remaining percentage. Population growth is currently negative at 0.5% per year. There are three high schools, two alternative schools, one high school and 13 elementary schools in the United States Virgin Islands. In general, all of these schools on the islands are above average. The islands have a tropical climate, with year-round temperatures ranging between 25 and 30 degrees Celsius.
However, hurricanes are more likely to hit the islands during August and September. Because of tax exemptions, buying a home on the islands is logically beneficial compared to renting, which is why most property investors on the islands prefer to buy. Capital tax exemptions are one of the main reasons why investors flock to the island's real estate market. The United States Treasury announced and approved capital tax exemption zones to reduce taxes in specific areas of the islands. In addition, the island government announced a tax amnesty for property aimed at reducing the tax burden on real estate investors.
If you invest in any of these areas, you'll pay considerably low property taxes, unlike any other state in the United States. Infrastructure projects: The type of infrastructure projects being carried out on the islands should also inform you about the future of the region. As you know, infrastructure developments always have a direct impact on property prices in that area. Projects are underway in St. John, who, in turn, have increased job opportunities and, therefore, economic growth throughout the region.
These projects range from laying roads to rebuilding severely damaged properties, businesses and other critical facilities, such as hospitals, schools and electrical infrastructure. The truth is that buying property in the islands is the same as buying in the continental United States. From the purchase process to the way the title is managed, including all the guarantees and protections of the constitution. However, here are some tips to consider when buying a property in USVI:
- How you will manage your property: When buying investment property in USVI you should think about how you will manage it. The good news is that several property management firms and other experienced managers could help you fulfill your dream of owning a rental property in this paradise.
- Marketing your property: Compared to a couple of decades ago, marketing rental properties in USVI was quite difficult and didn't usually reach a wider audience.
However, today with websites like Airbnb, VBRO and HomeAway marketing has become quite easy. All you need to do is create an account on any of these websites and start your marketing.
- How to finance your investment: You should know that mortgages are always available with local lenders. And as we have already said most things on USVI are similar to those on continental US. This means that when it comes to mortgages you can apply for all types of mortgages including FHA VA Jumbo loans conventional mortgages and more.
- Get help when needed: If you're a renter looking for an apartment on USVI you should get much-needed help from local real estate agents who will help you find best property in ideal location depending on your needs.
So here are some best places to buy or rent property on USVI:
- St Thomas: Santo Tomás is most inhabited island in USVI and most commercialized not to mention that it has become regular stopover point for Caribbean cruise ships. Island is approximately 30 square miles and has most beautiful turquoise waters and jungle cliffs making it very beautiful. This together with wide range of restaurants entertainment and other fun activities means that island is invaded by tourists eager to get piece of it. When it comes to real estate market on island you'll find properties of all types from luxury.
With help from local real estate agents one can find best properties in ideal locations such as St Thomas.
