Some people think that buying land for a new home is as easy as finding a visually appealing property at an affordable price.
Not so, architect Steve Augustine said on Saturday at Scotiabank’s “Home Builder/Buyer Seminar.”
Mr. Augustine, Colonial Insurance executive Angel Brown, and O’Neal Webster attorney Jenelle Archer all spoke at the event about pitfalls people often face when trying to build a home.
Mr. Augustine said one of the most common mistakes is failing to visit a property during rainy weather.
There could be flooding problems with a given piece of land that aren’t apparent on a sunny day, he explained.
“It starts to rain, and what do we do? We stay inside,” he said. “That’s actually probably one of the best times to visit the site, because it gives you an indication to what happens to the storm water where you’re located.”
Knowing the ins and outs of a given land parcel is not only important for the home-building process, but also for the purposes of insuring a home, Mr. Brown said.
Mr. Brown explained that it could be more expensive to insure a home in Road Town than up in the hills, because Road Town properties are more exposed to risks such as flooding and fires.
“Property that’s located in town, we would probably rate it higher,” said the Colonial senior insurance administrator.
Ms. Archer focused on the legal aspects of buying land, advising the audience at Scotiabank to check for any “covenants” on a given piece of property before buying it.
“There are a number of things you need to look for,” she said, explaining that land could have covenants that restrict the size or usage of anything that would be constructed there. “It’s very important to know exactly what the covenants are that the property could be subject to.”
The Scotiabank event was the seventh annual seminar of its kind in the Virgin Islands.
Along with the guest speakers, several Scotiabank officials spoke about home financing, and independent contractors attended to network with potential clients.
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