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The current weather in Culebra

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buying property
Culebra, Puerto Rico
Author: arturo bizarro (122.244.226.---)
Date:   03-10-11 03:36

Hello, looking for any helpful advice or insight that can be given.
My wife and I are considering investing in a house/vacation rental property in Culebra this spring. We have a few questions that maybe someone can help us out with:

We are not looking at living full-time on the island, at least for another 5-10 years...

--How much overhead should one expect to pay for having a company or individual to run our estate, ie: dealing with renters, housekeeping, lawncare(?), etc.

--What is typical protocol during hurricane season? Would we be needing to travel south to board up and seal up or is there trustworthy services/individuals that offer such services?

--What does total coverage insurance cost on average for, say a 250,000usd home? any idea of the differences in cost between wood/brick?

Thanks in advance to anyone who can shed some light on these topics for us :)

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Re: buying property
Culebra, Puerto Rico
Author: arturo bizarro (122.244.226.---)
Date:   03-10-11 03:47

sorry!...one further question...

How long would one assume is necessary to finish completing a purchase? Could one expect to be able to finish paperwork and necessary filings within a week's time? Bank loans and mortgages are unlikely needed as the purchase should be fully funded already.

Time is a bit of an issue, as we are traveling from the middle of China, can't easily hop back on a plane and shoot down a few weekends later to finish signing something that needed weeks/months worth of filing time.

How long should we logically expect to need to complete a deal?

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Re: buying property
Culebra, Puerto Rico
Author: Vicki moore (---.dhcp.jcsn.tn.charter.com)
Date:   03-10-11 06:50

You might want to check out this link
http://viequesdreamhousediary.wordpress.com/page/2/
This actually is on Vieques but you might find it helpful. I have enjoyed following their journey from the beginning, so go all the way back and enjoy the read.

Vicki in Tennessee

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Re: buying property
Culebra, Puerto Rico
Author: arturo bizarro (122.244.226.---)
Date:   03-10-11 09:04

thanks, will have a look. wordpress is blocked in china, but should be able to use a vpn to access it.

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Re: buying property
Culebra, Puerto Rico
Author: Geronimo (---.customer.broadstripe.net)
Date:   03-10-11 10:20

You can contact Jim Galasso at "Culebra Island Realty" who would be able to answer all of your questions. He is a local realtor as well as property mamager.

CONTACT INFORMATION:
Culebra Island Realty LIC #7885
PO BOX 444, CULEBRA, P.R. 00775

For Real Estate contact Jim Galasso:
787-435-6752 - cell
787- 742-0227- office
787-742-3565 - fax
Email: CulebraIslandRealty@att.net

For Vacation Rentals -info & reservations:
Contact Cheryl Galasso: 787-435-6596
email- culebrarentals@att.net

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Re: buying property
Culebra, Puerto Rico
Author: Terry and Wade (156.98.39.---)
Date:   03-10-11 13:23

You can also contact Sandra Wagner at Blue Horizon Realty.

(787) 742-3298
sandra@bluehorizonrealty.net
Sandra E. Wagner, Broker (Puerto Rico License # 9616)

Terry & Wade
www.culebraturtlesnest.com

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Re: buying property
Culebra, Puerto Rico
Author: Debbie (199.89.103.---)
Date:   03-10-11 14:02

Oh my Word, Vicki, I just spent two hours of my day laughing my way though that Vieques blog. HYSTERICAL, and so true! I can't wait to see how this all turns out for Patrick and Michael.

Arturo - vacation home ownership on a tropical island is no picnic. In fact, vacation home ownership anywhere not within driving distance of your primary home is downright difficult. I can answer some of your questions, but also strongly encourage you to get in touch with Jim or Sandra. They can give you the all the details.

--What is typical protocol during hurricane season? Would we be needing to travel south to board up and seal up or is there trustworthy services/individuals that offer such services? There are trustworthy individuals that offer such services. Most don't advertise; you will find them by word of mouth.

--What does total coverage insurance cost on average for, say a 250,000usd home? any idea of the differences in cost between wood/brick? It's extremely difficult to get insurance on a wood house. It is also extremely difficult to find a house on Culebra for $250K. If you can get insurance, it's roughly the equivalent of 2 to 2 1/2 mortgage payments per year. I know you said you had funds, but this is a good way to calculate the expense. There is no such thing as brick building on Culebra. If you mean concrete block, insurance would likely be less expensive than on a wood structure.

--How long would one assume is necessary to finish completing a purchase? Could one expect to be able to finish paperwork and necessary filings within a week's time? Bank loans and mortgages are unlikely needed as the purchase should be fully funded already. Regardless of the fact that you have cash, nothing gets done in Puerto Rico in the time frame that non-Puerto Ricans have come to expect. Nothing. Not the yard work; not the pest control; not the house-painting; not the ferry; not the plane; and certainly not a real estate closing. It's just the way it is, but it's the price you pay for Paradise.

Best of luck!

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