Wednesday, September 24, 2008

Condo Shopping and Banks

Well we have been looking around at Real Estate. We are trying to figure out long term what we want to do. We love the house that we are in, but we can't afford to buy it, and continuing to pay rent long term has never set well with us. We have considered buying a live aboard boat, and now are considering a Condo. The boat sounds cool but the realities of living on a mooring aren't all that easy when you have to hold down real jobs. Living in a marina costs as much as an apartment or condo, by the time you factor in the dock rent, utilities and boat payment. So we are looking at Condos. Right now the front runners have been in Mahogany Run. Most of the Condo development on the island has been done on the East End and the South Side. But the logistics of driving through Havensight (cruise ship dock), road construction and the school zones both ways in rush hour traffic twice a day just doesn't sound like all that much fun.

As for the Banks, well the mortgage crisis in the US has sure changed the landscape for home buyers. We can get a mortgage but there is no competition. The fees that the banks are charging, points, PMI etc are ridiculous. I know part of it is because we are here but part is simply because the lenders that have money to lend can charge what ever they want.

So we will keep everyone posted on what we decide to do.


Kim & Brad said...

Good luck and keep us posted. Also, I am eager to know what your home owners policy will cost in de islands as compared to WV.

riya said...

This house is indeed nice. Especially, its beside the sea which makes it even more beautiful.