Facts about St. John?s that attract investors and buyers

Posted by linasmith on October 29th, 2014

Investing in a property includes many stages of planning before taking the actual plunge. Any property or land for building a house must be found in a city that has all the required attributes for the people who will be staying there. Of late, St. John real estate has witnessed a growth in the list of most preferred locations for investing in properties. Following is an account of the different attributes of the city:

St. John’s is located 1075 miles East/Southeast of Miami, Florida, 50 miles East of Puerto Rico and 3 miles East of St. Thomas. The highest elevation point of Bordeaux Mountain at 1,277 feet. The population is roughly around 5,000 permanent residents. The climate also remains pleasant there. St. John’s is a perfect place, as believed by many, for ownership of properties.

The system of ownership of properties and real estate in St. John’s is fee simple kept under the US Flag. No restrictions are found during the process of purchasing properties only for the purpose of investment as well as in case of when to build a property on undeveloped land. The property taxes are comparatively low from the other stateside areas. Any transaction related to real estate requires a Government Transfer Tax (stamp tax). This can be paid by either the buyer or the seller or both.

In case of people who prefer taking mortgage loans to buy or invest in a property, they are mostly available with the banks. These banks ask for property appraisal from the buyers, bank attorney fees, a survey along with the surveyor’s certificate, and title search with title insurance. Insurances for earthquake and windstorm are also required for mortgage loans. The cost amounts to close to two or three percent of the replacement value.

The other major advantages of considering to buy the homes for sale in St. John’s are the utilities available. The homes have their own cistern and septic tanks which can store up to 10 gallons of water minimum. The area also has desalinization plant from where water can be purchased (3000 gallons for $300). Electricity is provided through the underwater cable derived from St. Thomas that is backed ably by a generator at St. John. Internet services are available through satellite, dial-up or wireless services. There are many internet cafes also found in St. John.

Owing to its location, most of the people residing in St. John are either related to marine industries or to the oil extraction industry professionally. The city has also been regarded in Atlantic Canada as the most entrepreneurial city.Homes for Sale in St. John's