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!