usvi-on-line
true costs of ownership
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Teresa_Rae
- Posts: 2053
- Joined: Mon Oct 09, 2006 5:44 pm
- Location: Downstate IL
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chicagoans
- Posts: 1586
- Joined: Thu Jan 18, 2007 2:51 pm
- Location: IL
Lori, wow! Cool thing to think about! I've thought about it too but more from a dreaming rather than planning standpoint.
Anyhow, one thing I've realized from friends who own rental properties locally: your renters will not all be like you! I think all of us here take good care of a place, whether it's a hotel room or short- or long-term rental. But some folks aren't so careful, or they try to get away with having more people in the house then contracted for, or they want to take 30 minute showers, or whatever.
I'd be curious to know from villa owners: do you communicate with each other about renters, for example if someone damaged something or violated terms of the contract? When I searched for a home for our next trip, I offered up references (having rented direct from owners a few times) but no one asked. Maybe most renters on STJ are better than apartment renters in Chicago!
PS - I love the idea of a storage room to keep extra supplies on hand.
Anyhow, one thing I've realized from friends who own rental properties locally: your renters will not all be like you! I think all of us here take good care of a place, whether it's a hotel room or short- or long-term rental. But some folks aren't so careful, or they try to get away with having more people in the house then contracted for, or they want to take 30 minute showers, or whatever.
I'd be curious to know from villa owners: do you communicate with each other about renters, for example if someone damaged something or violated terms of the contract? When I searched for a home for our next trip, I offered up references (having rented direct from owners a few times) but no one asked. Maybe most renters on STJ are better than apartment renters in Chicago!
PS - I love the idea of a storage room to keep extra supplies on hand.
I am also curious.chicagoans wrote: I'd be curious to know from villa owners: do you communicate with each other about renters, for example if someone damaged something or violated terms of the contract?
Friends of ours have a really nice rental house in a popular NE coast location and I know the rental agencies do have an unofficial list of problem renters. Where they are at, it is easy (because you can drive instead of fly) for people to bring extra guests and pets.
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jmarstonpa
- Posts: 12
- Joined: Mon Aug 07, 2006 5:04 pm
We own a popular villa and, like most of the other owners who have posted, we really don't break even and never expected to. (My husband is a finance type, so we pretty much knew what we were getting into: Oh! the Spreadsheets, before we bought. But as others have said, it is truly a labor of love. We would do it again in a nanosecond, and we have owned since April of 2000!
As to damage, I willl say I have been unbelievably impressed as to how careful our renters have been. Yes, maybe the water and air conditioning could have been conserved better , but we have never had any major damage and we leave out good binoculars, knives, etc. and have never lost a thing. I think maybe St John lovers are a self-selected type; they love nature and beauty, and the peace they find there. I know we do! We also are grateful to have many repeat guests who seem to love the place as much as we do.
So, if you do take the plunge, do it for the right reasons and it will be the best move you ever make! It was for us! Good luck!
As to damage, I willl say I have been unbelievably impressed as to how careful our renters have been. Yes, maybe the water and air conditioning could have been conserved better , but we have never had any major damage and we leave out good binoculars, knives, etc. and have never lost a thing. I think maybe St John lovers are a self-selected type; they love nature and beauty, and the peace they find there. I know we do! We also are grateful to have many repeat guests who seem to love the place as much as we do.
So, if you do take the plunge, do it for the right reasons and it will be the best move you ever make! It was for us! Good luck!
chicagoans wrote:Lori, wow! Cool thing to think about! I've thought about it too but more from a dreaming rather than planning standpoint.
Anyhow, one thing I've realized from friends who own rental properties locally: your renters will not all be like you! I think all of us here take good care of a place, whether it's a hotel room or short- or long-term rental. But some folks aren't so careful, or they try to get away with having more people in the house then contracted for, or they want to take 30 minute showers, or whatever.
I'd be curious to know from villa owners: do you communicate with each other about renters, for example if someone damaged something or violated terms of the contract? When I searched for a home for our next trip, I offered up references (having rented direct from owners a few times) but no one asked. Maybe most renters on STJ are better than apartment renters in Chicago!
PS - I love the idea of a storage room to keep extra supplies on hand.
yeah Katie, this is still a pipe dream (two kids to go to college and all) but we might be able to swing it-- in the long run we like property as an investment and if we can get some stj time in -- all the better-- we know that while we own-- it;s not a money maker. (in terms of rentals if we go that route)-- but it would be nice to defray some of the costs of a full time house if possible.. so it;s sort of what would the costs be renting it (and having a few weeks to hang out) versus not? and is it somewhere that we ultimately would like to spent more time when we (or I-- because Gord will be in the lab until he has one foot in..) retire.....
< leaving on the 22nd of march...but too lame to figure out the ticker thing again!>
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EagleRayLover
- Posts: 1474
- Joined: Sat Feb 12, 2011 8:56 pm
- Location: St. John -WooHoo!!
Randy
So well spoken... And handsome too!! Any time you want to ditch your greeters or pool cleaners, or bananaquit feeders, rum replenishers ( i mean cleaning folks)or whatever people- I am happy to do it all- anything and everything to see my favorite little monkey!
So well spoken... And handsome too!! Any time you want to ditch your greeters or pool cleaners, or bananaquit feeders, rum replenishers ( i mean cleaning folks)or whatever people- I am happy to do it all- anything and everything to see my favorite little monkey!
Leslie, Kids Night In Babysitting
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Monkeynoclimb
- Posts: 25
- Joined: Sun Nov 21, 2010 9:24 pm
- Location: Germantown, MD
We are owners on Bordeaux Mountain and I would have to agree with Randy. It has been worth it, we would do it again but don't do it if your rental villa income must pay for most of your mortgage. If that doesn't scare you and you want to build from the ground up contact Coral Bay Design and Build. We actually finished building in 2008 on time and on budget. Kind of unheard of on St. John.
If you are interested in buying a place that is already being rented, you can get a profit and loss statement that will detail costs associated with renting it out. None of the ones that we looked at were making real money but they covered their maintenance and utility costs all year whereas if you just own, you pay for all of that.
We bought an unfinished 3 bedroom villa that we are having finished and a pool built as we speak! Our insurance is based on the amount of our mortgage and has a 5% deductible. It's about $12,000 a year. We hired a management company to keep an eye on it ( $150 a month ) and deal with problems and things like hurricane shutters. Their charges seem reasonable. STJ is behind on real estate taxes and we just paid the bill for 2009. I don't know if they are reassessing but it is quite reasonable now ( $1000 ). Landscaper is $150 a month for making sure it doesn't look abandoned but that will go up when construction is done and I want it to look pretty! Though, when we can spend more time down there, I will be doing some of that myself once I learn what all the plants are. WAPA for a couple of ceiling fans running is $70 a month. We are only going to have AC in the bedrooms so I hope it is not too bad. We are not renting it out so it will be our friends and family losing or breaking our stuff!
We bought an unfinished 3 bedroom villa that we are having finished and a pool built as we speak! Our insurance is based on the amount of our mortgage and has a 5% deductible. It's about $12,000 a year. We hired a management company to keep an eye on it ( $150 a month ) and deal with problems and things like hurricane shutters. Their charges seem reasonable. STJ is behind on real estate taxes and we just paid the bill for 2009. I don't know if they are reassessing but it is quite reasonable now ( $1000 ). Landscaper is $150 a month for making sure it doesn't look abandoned but that will go up when construction is done and I want it to look pretty! Though, when we can spend more time down there, I will be doing some of that myself once I learn what all the plants are. WAPA for a couple of ceiling fans running is $70 a month. We are only going to have AC in the bedrooms so I hope it is not too bad. We are not renting it out so it will be our friends and family losing or breaking our stuff!
About comparing notes on renters, here's a funny story. We were talking to a restaurant owner on Anguilla who said they started checking in with other owners and finding out that some people were booking 3 or 4 places each night and then just deciding last minute which one to go to and cancelling the others, especially over the Christmas holidays. Unbelievable!! Now some of those people are on a list and will not be given reservations when they call.
that sounds lovely! thank you for the information-- if we go down this road we'd try to get something that was already built/mostly built-- Can i ask what you are spending (ballpark) to put in a pool?DonnaM wrote:If you are interested in buying a place that is already being rented, you can get a profit and loss statement that will detail costs associated with renting it out. None of the ones that we looked at were making real money but they covered their maintenance and utility costs all year whereas if you just own, you pay for all of that.
We bought an unfinished 3 bedroom villa that we are having finished and a pool built as we speak! Our insurance is based on the amount of our mortgage and has a 5% deductible. It's about $12,000 a year. We hired a management company to keep an eye on it ( $150 a month ) and deal with problems and things like hurricane shutters. Their charges seem reasonable. STJ is behind on real estate taxes and we just paid the bill for 2009. I don't know if they are reassessing but it is quite reasonable now ( $1000 ). Landscaper is $150 a month for making sure it doesn't look abandoned but that will go up when construction is done and I want it to look pretty! Though, when we can spend more time down there, I will be doing some of that myself once I learn what all the plants are. WAPA for a couple of ceiling fans running is $70 a month. We are only going to have AC in the bedrooms so I hope it is not too bad. We are not renting it out so it will be our friends and family losing or breaking our stuff!
thanks again for your response.
< leaving on the 22nd of march...but too lame to figure out the ticker thing again!>
We are planning on a pool also (maybe I should say "I" am) - probably 12' x 18' to 15' x 20' maximum and I am budgeting $50,000 
Les is trying to talk me out of it due to location - we will have an ocean view from the pool but you have to walk about 15 steps behind the house so not (in his opinion) the perfect location but I am trying to argue a small pool in a less than ideal location is better than no pool......right? Maybe I should start a poll
I would like to think in the $30,000 range but I know how things work on STJ
Pia
Les is trying to talk me out of it due to location - we will have an ocean view from the pool but you have to walk about 15 steps behind the house so not (in his opinion) the perfect location but I am trying to argue a small pool in a less than ideal location is better than no pool......right? Maybe I should start a poll
I would like to think in the $30,000 range but I know how things work on STJ
Pia
Last edited by Pia on Tue May 29, 2012 4:03 pm, edited 1 time in total.
Realtor - St John Properties
YOu have my vote! go for the pool! I will come down and be your 'Pool Lobbiest'Pia wrote:We are planning on a pool also (maybe I should say "I" am) - probably 12' x 18' to 15' x 20' maximum and I am budgeting $50,000
Les is trying to talk me out of it due to location - we will have an ocean view from the pool but you have to walk about 15 steps behind the house so not (in his opinion) the perfect location but I am trying to argue a small pool in a less than ideal location is better than no pool......right? Maybe I should start a poll
Pia
< leaving on the 22nd of march...but too lame to figure out the ticker thing again!>