When Coldwell Banker St. Croix Realty partners with a seller as their listing agent, one of the most important first steps is determining your home value, St. Croix. All sellers want to get as much as possible out of their sale — and we want that for our sellers too! That said, assessing a home’s value can be a complex process with many factors to consider.
- Location. Several factors are considered when deciding upon a home value. For St. Croix, of course, location is on our side. We’re already located in paradise!
Much like other stateside real estate, proximity to schools, shopping, dining and other amenities are factors to consider; however, many buyers may focus more on a property’s view or distance to the nearest beach. A property with a view of the Caribbean can increase a home value on St. Croix substantially, and a Buck Island or 360 view even more so. The difference between a short walk or drive and a 15+ minute drive to the beach can make a big difference too.
- Size & Layout. You may be used to calculating a home’s size based on interior space, but island dwellers tend to enjoy spending much of their time outdoors. Properties with spacious galleries and plenty of outdoor living space often have an increased home value. St. Croix has many homes with unique value-added outdoor spaces, including outdoor kitchens, infinity pools and historic sugar mills converted into dining space.
The number of bedrooms and bathrooms also influences a home’s value. St. Croix home ownership tends to make one’s home a popular destination for family and friends. Many buyers are searching for a minimum of two bedrooms and bathrooms, and an additional apartment or villa for entertaining or supplemental income is always a bonus.
- Age & Condition. Stateside, you may think of real estate as historic, mid-century, modern or somewhere in between — all of which can impact home value. St. Croix often thinks of homes as pre-Hugo or post-Hugo — Hurricane Hugo, that is. A pre-Hugo home that’s still solidly standing may get bonus points for longevity and resilience, while a more recently-built home may be considered higher value due to newer building standards. Regardless, knowing that a home can stand up to storms is important.
As with homes anywhere, condition is an important factor. A move-in ready home that is clean and doesn’t need work may sell for $10,000 to $20,000 more than a home that needs even modest improvements.
What renovations improve a home value on St. Croix?
Upgrades and renovations can definitely play a role in determining home value. On St. Croix, there are certain upgrades that are fairly unique to island living, like a generator, a large cistern, high-end storm shutters or a solar water heater. A pool, solar panels with either net metering or a battery, luxurious outdoor space, and use of local high-end materials like mahogany can also have a positive impact on your home value.
As with homes everywhere, a home can have too many or the wrong type of upgrades and renovations. For instance, a fireplace, though cozy, may not be a wise investment for your home value as St. Croix rarely gets below 70 degrees Fahrenheit. Personal touches, like extravagant murals, may also have a neutral or negative impact on your home value on St. Croix.