BVI HomeSense – Deciding the right property to purchase in the BVI
Welcome to VIPY’s new column BVI HomeSense. In this series of articles, we hope to indulge the lovers of properties and homes and to make hesitant buyers and cautious owners more comfortable.
We plan to cover many topics in this column, from tips to buying a home and improving a property to selling and negotiating a sale or purchase.
How does one determine where to buy, what to offer, how to price a home and get it ready for sale? What is involved in building a home in the BVI? – We hope to address topics to make the process of buying and selling simpler and, in turn, if you are a homeowner, to increase the value and sale-ability of your property.
This month, we look at the decision on type of property to purchase in the British Virgin Islands, as the choice of options is extensive. Asking the following specific questions can usually direct the buyer to the type of property purchase they seek:
Is the solitude of a private island the right choice or do you like being around lots of activity? Is a condominium or managed property the way to go for your lifestyle? Will you be a permanent resident of the BVI or will you come and go? Do you no longer want the responsibility of a home or do you value your privacy and autonomy? What is the difference between a leasehold and freehold property?
If you are looking for a somewhat private island, there are various options, but if you’d like the solitude of a private island and are willing to share with others, Great Camanoe, Oil Nut Bay, Scrub Island, and Blunder Bay are excellent choices.
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Both land and residences are available for sale on Great Camanoe, which has both a freehold side and a leasehold side to choose from – more on that later. Outer island living requires one to be comfortable using a boat for transportation and access to amenities.
The decision to buy a private home, or a managed property, whether it is a condo or free standing home, has much to do with lifestyle. Condos or managed properties are a great option for snowbirds—those who fly home for the summer months—and cater to a more carefree style of living.
A managed property has a company look after the residence and rent it if that is so desired. Having your property generate income can be a motivating reason to buy in the BVI as it is a desirable vacation destination and the rental market is very active. A private home may be the perfect choice for families and permanent residents of the British Virgin Islands.
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Property in the British Virgin Islands is either freehold—also known as fee simple—or leasehold. Freehold is simple enough; the owner owns the property outright. With a leasehold property, the land is often owned by the government and leased for a fee for a certain length of time, initially 99 years. It is important to consider the length of time left in the lease as the yearly lease cost is likely to increase upon renewal, which will affect the present owner and the resale value.
Addressing some of the issues and questions in the above paragraphs should be of great assistance in making a decision on the type of property to purchase in the British Virgin Islands.
We look forward to your input on this column and hope to address your interests. Contact us at +1 284 494 7788 or email [email protected] with your queries.
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