Buying a Fixer-Upper in St. Croix: Why & How to Do It Right
With the relative wealth of land for sale in St. Croix, it’s not uncommon for folks to come to Team Hanley looking to purchase a parcel on which to build their dream island home. And while many buyers successfully do this, the costs of building a Virgin Islands home from the ground up can be eyebrow-raising for some; we usually quote a range of $300 to $800 or more per square foot, depending on the finishes chosen, and to expect a timeframe of three to five years for completion. But there is another way to create a custom home on St. Croix, most likely at a lower cost and in less time, and that’s to invest in a fixer-upper.
Why buy a fixer-upper on St. Croix?
It probably goes without saying, but the more usable infrastructure that’s already in place, the lower the startup costs will be to build an island home. In other words, if you can avoid the expense of moving earth and laying concrete for the cistern and walls from the outset, you’ll save on some of the pricier construction expenses.
But the keyword here is “usable.” Even with an “as-is, where-is” purchase, which some fixer-uppers will be, we highly recommend an inspection period during which you hire a knowledgeable home inspector for discovery purposes. This will give you a better idea of what you’re getting into, with the caveat that even the most thorough inspectors can’t see through walls.
One more reason to buy a fixer-upper, even for those who weren’t initially considering it: You widen the properties to choose among! Understandably, many buyers are looking for turn-key properties, so often those diamonds in the rough can sit, just waiting for the buyer with the vision and wherewithal to make them shine again. (What’s more, this means you likely have more room for negotiation with your offer.)
Who should buy a fixer-upper on St. Croix?
Professional tradepeople, tenacious DIYers, and folks who have previous house-flipping experience have a huge edge here, because — as with any renovation project — the more that you can do yourself, the lower your labor costs will be. Keep in mind that any work completed will be subject to inspection, so you want to make sure to follow current VI code, whether that’s for plumbing, electrical, roof construction, and so on. You’ll also benefit from exercising your patience; even if you’re putting in all or most of the sweat equity, you will likely experience delays along the way, such as in getting permits approved or waiting for shipments to arrive.
Finally, buyers of fixer-uppers might also need to have the cash funds to make the purchase as well as to invest in the rehab. In order for any property to be mortgageable, it must be safe, secure, and functionally sound — and the fixer-upper you have your eye on may not qualify in its current condition. An empty pool, a leaking cistern, roof or storm damage, plumbing or electrical that’s not working or up to code, as examples, are all reasons a lender may not approve a loan on a fixer-upper.
How do you get building supplies on St. Croix?
A lot of raw materials are available on St. Croix, including concrete, lumber, and plumbing and electrical supplies, at Home Depot, Gallows Bay Hardware, St. Croix Trading, Ka-Ma-Kris, Tropical Plumbing, Quality Electric Supply, among others. Rental tools are available through Reliable Rentals.
For supplies you can’t get on island, shipping stateside goods to a Florida-based freight forwarder is your best option. Just make sure that the shipper provides a detailed invoice including country of origin for the product being shipped to expedite customs clearance. But don’t expect speedy arrival; while St. Croix-bound ships go out weekly, between overland shipping to Florida and processing, it may be around a month before you can pick up.
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