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Re: Buying property French vs Dutch
[Re: Buddyhog]
#217926
02/17/2020 06:11 PM
02/17/2020 06:11 PM
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Joined: Jan 2003
Posts: 763 Chicago area & St-Martin
ChiTownHarry
Traveler
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Traveler
Joined: Jan 2003
Posts: 763
Chicago area & St-Martin
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We bought on the French side in 2005. The transaction was handled by a Notaire and in our case, we shared the same Notarie. All the documents are in French, so you want to consider a translator. Our condo is like a studio apartment. We have a kitchen and sleeping area. We pay way under $1K in property taxes per year. To us, taxes are a non-issue. We have friends who own a condo on the Dutch side. Their condo fees monthly are what ours are quarterly. For more info, see: https://www.french-property.com/guides/france/purchase-real-estate/legal
--ChiTownHarry
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Re: Buying property French vs Dutch
[Re: irina]
#217993
02/18/2020 01:55 PM
02/18/2020 01:55 PM
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Joined: Aug 2000
Posts: 83,601 Central Florida!
Carol_Hill
Traveler
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Traveler
Joined: Aug 2000
Posts: 83,601
Central Florida!
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Irina--did the condo fees include insurance, or did you have to buy your own insurance in addition to that? I would assume so. And did they include water and sewer, which I know are very expensive on island.
Carol Hill
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Re: Buying property French vs Dutch
[Re: Buddyhog]
#217998
02/18/2020 02:40 PM
02/18/2020 02:40 PM
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Joined: Sep 2000
Posts: 4,733 Newtown, CT
kim
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Traveler
Joined: Sep 2000
Posts: 4,733
Newtown, CT
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We just purchased an ocean front condo on the Dutch Side in 2017. Notary in town handled the transaction. The hardest part was we had this stupid idea of getting a mortgage on island! That was a fiasco but we did it with RBC! Electric runs about 125(average) a month whether I’m there or not. Water is cheap. Under 20 unless a leak!!! We have CHUBB in the states so all our contents are insured with them as a rider to our house policy. We went with them because they offer worldwide liability for the car rentals and something like skymed that is good worldwide. As far as other fees I pay 115 a month to Telem for internet and a landline (which doesn’t work) but the internet is fantastic and we stream no issues. I pay a property manager 150 a month to just over see everything and the housekeeper who keeps it tidy. She’s about 85 a month!!! As for my condo fees, it includes gas for the oven, sewage, garbage, landscaping, bug spraying, all outside maintenance, pool, security and all the other typical stuff. That adds up to 2154 a quarter. And the insurance is 2600 a year split in two payments. Not cheap. We make it down 6-7 times a year. But to just get on a plane with my purse and arrive is so worth it!!! Now. Would I do it again? not sure. It’s stressful. Irma didn’t help. We have been hit with assessments but the property is looking fantastic for a 40 year old property!! And currently we don’t rent it out when not there because that would just add more stress and so far we can pay (barely) the fees!!!!
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Re: Buying property French vs Dutch
[Re: Buddyhog]
#217999
02/18/2020 02:48 PM
02/18/2020 02:48 PM
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Joined: Apr 2001
Posts: 14,677 Brookfield, CT.
pat
Traveler
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Traveler
Joined: Apr 2001
Posts: 14,677
Brookfield, CT.
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I don’t mean to be a naysayer here but.......
Anyone thinking of buying on either side of the island should really think long and hard before taking the plunge. The island doesn’t work under the same laws and rules and norms that many are used to and often, things come up that may seem simple until you get right down to the reality of dealing with them and then you can be blown away with the way things are handled. Logistics. Management. Expectations. Security. All these things can be problematic when dealing with them from thousands of miles away. Many can easily cope with situations running amok and if you’re of that ilk then absentee ownership might come easily but if you’re not - OMGoodness.
There was a time when we contemplated buying something on the island but we finally passed on the opportunity. And then again, there have been times we’ve wanted to kick ourselves for having passed.
A very wise friend suggested at the time we should think long and hard about investing off shore and if we decided to do so we shouldn’t invest anything more than we could comfortably afford to lose without causing a financial or emotional hardship. This after he lost a lot of money at the hands of an unscrupulous island developer who took his money along with that of many others and fled the island to take up his practice on another near island.
If you take the plunge I hope you enjoy every moment and never experience any regrets. There’s still that small part of me that wished we’d done it way back when. And then I chat with some friends who did and realize I would never have dealt well with the pitfalls.
Respectfully,
pat
"Always keep your words soft and sweet, just in case you have to eat them."
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Re: Buying property French vs Dutch
[Re: kim]
#218001
02/18/2020 03:17 PM
02/18/2020 03:17 PM
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Joined: Aug 2000
Posts: 83,601 Central Florida!
Carol_Hill
Traveler
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Traveler
Joined: Aug 2000
Posts: 83,601
Central Florida!
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kim and pat--thanks for your input on the situation. We thought about it many years ago. Never got far enough to be looking at property. Don't regret it at all.
Carol Hill
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Re: Buying property French vs Dutch
[Re: Buddyhog]
#218063
02/19/2020 08:51 AM
02/19/2020 08:51 AM
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Joined: Oct 2017
Posts: 205
AUCspouse
Traveler
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Traveler
Joined: Oct 2017
Posts: 205
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Summarizing Kim's monthly expenses: Electricity is $125, water is $20, internet is $115, property manager is $150, housekeeper is $85, condo fees are $718, and insurance is $217, for a total of $1,430 per month -- not including the purchase price of the property (or mortgage, if there is a mortgage).
One alternative is to see what kind of apartment you can rent for $1,430 to $2,000 per month.
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Re: Buying property French vs Dutch
[Re: AUCspouse]
#218081
02/19/2020 10:03 AM
02/19/2020 10:03 AM
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Joined: Aug 2000
Posts: 83,601 Central Florida!
Carol_Hill
Traveler
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Traveler
Joined: Aug 2000
Posts: 83,601
Central Florida!
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AUC spouse--she said that she does have a mortgage, plus she only goes down a few times a year, and not for a month each time, certainly, so your cost analysis is fairly flawed.
Carol Hill
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Re: Buying property French vs Dutch
[Re: kim]
#218129
02/19/2020 05:53 PM
02/19/2020 05:53 PM
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Joined: Aug 2000
Posts: 83,601 Central Florida!
Carol_Hill
Traveler
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Traveler
Joined: Aug 2000
Posts: 83,601
Central Florida!
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Kim--that's what I meant--versus renting, since your expenses go on regardless of whether you are there or not, you can't really compare the monthly cost, because you're not there for months on end.
Carol Hill
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Re: Buying property French vs Dutch
[Re: AUCspouse]
#218146
02/19/2020 08:41 PM
02/19/2020 08:41 PM
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Joined: Aug 2000
Posts: 83,601 Central Florida!
Carol_Hill
Traveler
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Traveler
Joined: Aug 2000
Posts: 83,601
Central Florida!
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We're talking at cross purposes. If you pre-suppose a person is going to go to SXM for a maximum two months out of a year, you could probably find many places that you can rent for maybe $8000 total for that time period. If you buy a place, you can go any time you want for as long as you want, yes, but if you know you can't go for that period of time, or won't do so, if you're talking just FINANCIAL stuff, it may not make sense. That's all I'm saying..
Carol Hill
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Re: Buying property French vs Dutch
[Re: Buddyhog]
#218168
02/20/2020 08:36 AM
02/20/2020 08:36 AM
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Joined: Aug 2012
Posts: 2,288
PelicanPirate
Traveler
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Traveler
Joined: Aug 2012
Posts: 2,288
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The decision to buy here or anywhere else is the same rationale as a boat, RV, or expensive pair of shoes.
If you use it constantly or very often all of the expenses begin to normalize into something rational. If you enjoy every time you use it or stay in it you add the great enjoyment factor.
Same with shoes. A 300 dollar pair is wirth it if you wear 150 days a year for 10 years. Conversely, a 50 pair that dont fit and sits on the shelf is a waste.
On the the other hand if the boat sits on a trailer, or RV in storage, or second home never gets visited it just becomes a great expense with lots of unpleasant surprises like a leaking boat, a leaking roof, a burglary or a hurricane.
So, how many months a year makes it worth owning, Id say at least half.
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Re: Buying property French vs Dutch
[Re: Buddyhog]
#218170
02/20/2020 08:52 AM
02/20/2020 08:52 AM
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Joined: Sep 2003
Posts: 18,592 St Maarten
BillandElaine
Traveler
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Traveler
Joined: Sep 2003
Posts: 18,592
St Maarten
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The OP never mentioned if searching for investment or a home. Night and day.
We own our home here on Dutch side, our only residence for 12 years. Our utilities are about the same as mentioned above, electric probably a bit less as we seldom turn on AC but insurance and internet is half of above figures. We have no mortgage, no taxes.
Biggest problem both sides is government. Just like anywhere else.
You MUST have patience.
Elaine ********************************* God Bless the broken road....
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Re: Buying property French vs Dutch
[Re: BillandElaine]
#218180
02/20/2020 10:19 AM
02/20/2020 10:19 AM
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Joined: Aug 2000
Posts: 83,601 Central Florida!
Carol_Hill
Traveler
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Traveler
Joined: Aug 2000
Posts: 83,601
Central Florida!
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Elaine--and that last bit is another big reason why we decided not to buy on island--I am not a particularly patient person.
Carol Hill
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Re: Buying property French vs Dutch
[Re: kim]
#218197
02/20/2020 11:49 AM
02/20/2020 11:49 AM
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Joined: Sep 2003
Posts: 18,592 St Maarten
BillandElaine
Traveler
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Traveler
Joined: Sep 2003
Posts: 18,592
St Maarten
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We bought a car. It's easy! Never got the GEBE auto pay to work, they kept shutting everything off. Since we're here, easy to go pay in SB.
Elaine ********************************* God Bless the broken road....
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