Monthly Archives: July 2022

Caribbean Hotels Where You Can Stay for Less Than $100 a Night

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There are so many resorts clamoring for the travelers’ attention in the Caribbean that it’s easy to overlook smaller but more budget-friendly hotels where it’s still possible to book a room for under $100 a night.

The tradeoff for paying top dollar may be fewer amenities (though even most small hotels in the Caribbean have at least a swimming pool) or an off-the-beach location, but you’re also more likely to stay in a property that’s locally owned and more integrated into the community. (And some of our picks are actually set right on the beach).

If you’re mode of travel is less about being pampered and more about experiencing a destination without breaking the bank, consider a stay at one of these affordable Caribbean hotels, each of which has off-season room rates starting at less than $100 per night.

Dover Beach Hotel, Barbados Not only is this pocketbook-friendly 59-room hotel located on lovely Dover Beach, it’s just steps away from all of the dining and nightlife of St. Lawrence Gap. Six room categories offer a variety of stay options, and the hotel has a pool, spa, restaurant and bar in addition to direct access to one of the top beaches on Barbados.

The post Caribbean Hotels Where You Can Stay for Less Than $100 a Night appeared first on Caribbean Journal.

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A Timeless Caribbean Hotel in Martinique 

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In Martinique, the time is set by tree frogs and ti’ punches.

A morning is an unrisen sun without that rum cocktail peculiar to the French Antilles, the small but potent mix they call here “decollage” – a take off. 

You may know it as the ti’ punch: lime, sugar, rhum blanc. 

And the tree frogs here know better than we when the sun has set, launching their chirp at the shortest end of twilight. 

After the frogs start singing, time shifts to a Rhum Vieux, neat, in Fort de France something local like La Favorite made on the outskirts of town. (When you have more than a dozen rum distilleries, local means local.)

I am sitting after twilight in the cafe of the Imperatrice, an Antillean anomaly, seemingly grabbed right out of the Boulevard St Germain but quintessentially Martiniquais.

It calls home the ground floor of a hotel nearly three quarters of a century old, and the age is something palpable. 

It’s a timeless, charming little hotel with 21 rooms, all with mahogany parquet floors and the feeling that you’ve stepped into another epoch. 

Rooftops of Fort-de-France from the terrace at the Imperatrice.

It’s one of the epicenters of this endlessly charming French Caribbean city, a place filled with art and culture and pulsing energy and biguine.

To my left, a table of old friends smokes cigars and talks their weekday talk. To my right, French tourists on their phones. 

Inside, Foyals (the demonym for those from Fort de France proper) take a cocktail and laugh loudly. 

It is in a place like the Imperatrice that Martinique begins to open itself up to you. Because there are no cafes like this in most Caribbean downtowns, and few hotels like this either. 

Sitting here in the kind of outward-facing cafe table you’d find in Paris, sipping on an aged glass of La Favorite, the frogs in the background and the palm trees shaking, you start to get it. 

It’s what makes Martinique so fascinating to visit – it’s set right in the middle of the West Indies but an island of islands, long hidden away from the world of travel and so much richer for it. 

And then somehow an espresso appears. I didn’t order it but the espresso knew it was meant for me. 

Because in Martinique, if you open yourself to it, will give to you. 

This is France. This is the Caribbean.

This is also inextricably, inevitably, wonderfully Martinique. 

For more, visit the Imperatrice.

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What Is a Cash Offer On a House? The Complete Guide

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Did you know that 23% of home sales in mid-2021 were all cash sales?

Sellers’ eyes tend to light up when they get a cash offer on a property. That’s because they don’t have to worry about the buyer’s financing going through since they don’t have a mortgage lender involved. However, how does a cash bid on a property work? 

What is a cash offer on a house? Well, if you’re unfamiliar with cash offers and how they work in the real estate market, no worries. 

You’ve come to the right place. Read on for our full breakdown of what is an all cash offer and how it all works.

What Is a Cash Offer on a House?

A cash-only offer is what it sounds like. When a buyer receives an all-cash offer, the hassle of negotiating with a bank or loan is removed from the equation.

Additionally, there are many purchasers who can afford it. All-cash deals have become the standard in several locations. As an example, in Naples, Florida, in the first half of 2021, more than half of all purchases were all-cash.

All-cash offers aren’t always the best option for everyone who makes one. It’s very uncommon for investors to purchase a house or condo with the intention of renting it out or renting it out for a profit.

How Common Are Home Cash Sales?

You would imagine that not many individuals have the money to buy a house outright with no money down. As a result, all-cash sales are becoming more common.

Almost one-third of house purchases in the first six months of 2021 were cash transactions. For several purchasers in 2021, monetary offers helped them win the bidding war. Sellers are more willing to take cash offers since the closing procedure is expedited.

If you’re thinking about buying or selling a house with cash, bear in mind that closing expenses aren’t always waived in a cash transaction. A cash sale has lower expenses than a regular sale, but they must still be paid for.

Cash Offer in Real Estate vs. Traditional Mortgage

The one glaring difference is appraisal isn’t a requirement. Yet, it’s still a good idea to have one nonetheless.

Mortgage lenders demand a house evaluation to ensure that the property is worth at least the amount of money they’re lending. In the event of a foreclosure, this lowers their financial exposure.

In the case of a cash offer, there is no lender, hence there is no need for an appraisal. Cash purchasers, on the other hand, may choose to receive an assessment anyhow. You don’t want to wind up with an item that’s worth less than you paid for it, just like a lender.

Quicker Transaction With Lower Risk to the Seller

One of the most time-consuming parts of the home-buying process is the underwriting of the mortgage.

For a 30-to-60-day process, Since pre-approval, there is always the possibility that the buyer’s finances have changed and the lender may reject them the loan. Vendors benefit from saving time and avoiding potential risks by skipping the mortgage underwriting procedure.

A Stronger Monetary Offer

Although the buyer with a mortgage offers more, the seller may opt to accept a cash offer instead.

Simple: they’ll be paid sooner and the sale is less likely to go through without the mortgage underwriting and appraisal process, so it’s a win-win situation.

Need Proof of Funds from Cash Buyers

A financial institution is still needed by cash purchasers, even if it isn’t as hard as being pre-approved for a loan.

A bank statement or verified financial statement is required for all cash purchasers. If the buyer has the money, the seller may rest comfortably.

Lower Overarching Costs and Expenses

When purchasing a property with cash, the prices might be much cheaper.

In a standard transaction, you have to pay a number of bank-related expenses, such as credit check charges and origination and processing fees, in order to close the deal. With no mortgage, cash purchasers save tens of thousands of dollars in interest over the long term.

Freedom to Make an Offer

Particular forms of mortgages, such as FHA or USDA loans, limit purchasers to specified types of properties in certain localities or in a certain condition.

As far as buying cash homes, there are no limits to specific properties or locations.

Closing Procedure

A cash offer has a significantly simpler closing procedure. A cashier’s check (or wire transfer) will be exchanged for the keys and the title and deed will be signed by the buyer.

The paperwork is much simplified when there is no funding involved. Due to the absence of lending fees, your closing expenses will be cheaper as well.

Escrow and Title

Title and escrow companies will be necessary for the purchase of any property.

But, you may have greater freedom to choose these organizations without a lender involved. Comparing prices is easier when you shop around.

The Similarities Between Cash Offers and Regular Mortgage

The Necessity of an Inspection

Even if you’re a cash buyer, you should still have a home inspection done before you seal the deal.

Having a pre-purchase inspection is a good way to ensure that you don’t end up with any surprises when you move into your new property.

Same Expenses for Cash Buyers

When purchasing a house, certain expenses are the same whether you have a mortgage or pay cash.

A deposit of earnest money, transfer taxes, escrow fees, as well as additional closing charges are required. Insurance, HOA fees, and taxes are all important considerations as well. If you purchase a property with cash, be sure you can handle the continuing expenses of owning a home on your own, since they may be included in your mortgage payment.

The Buyer’s Perspective: Making an All Cash Offer

For both the seller and buyer, cash offers have a number of advantages depending on the nature of the market.

To ensure that the seller accepts the buyer’s cash offer above other bids, the buyer must follow the proper method. Here’s how it should be done.

Put Your Money Into a Single Account

There are a variety of ways for a buyer to get the money they need to purchase a property. It’s easier to keep track of the money you’ll need for closing if you put it all in one place. One bank statement instead of many papers as evidence of money will be easier to submit to the seller.

In order to utilize the funds from a sale of securities or real estate, the buyer should liquidate the assets before signing a contract. Before meeting with a seller’s agent to draft an offer to purchase the home, the buyer should have a sufficient amount of cash on hand.

Prepare a Budget

The buyer should also create a budget for additional home-buying costs in addition to the cash needed to purchase the property.

Property taxes, home inspection fees, and homeowner’s association dues are all possible costs to keep in mind while budgeting for a new house. State by state, the overall budget for all costs varies. Before signing a purchase agreement, the buyer should verify all of the associated expenses.

Create Your Cash Offer

It is the responsibility of the buyer or his/her agent to complete the state-specific paperwork. Adding a little deposit to the offer can help the buyer seem more trustworthy. For further security, they should also provide a copy of the buyer’s most recent bank statement.

Presenting a cash offer eliminates the need to include a financing contingency, a standard requirement in bank-financed real estate purchases.

The buyer’s offer may be lower than those of other financing-guaranteed bids to the seller, depending on the market. For a rapid sale, the seller could be ready to accept a lesser buying price.

Ensure That Your Deal Is Attractive

It is necessary for the buyer to sweeten the bargain if they are competing with other cash bids for the seller’s attention. Instead of waiting 30 to 40 days or more for an underwriting procedure, the buyer might provide a closer closing date of roughly 10 days with a cash offer.

To remove the home inspection contingency from a newly purchased or recently remodeled property, a buyer might volunteer to do a home inspection for information reasons only. Another technique to entice a customer is to give a price that is higher than any other offer currently on the market.

All-Cash Real Estate Considerations: The Seller’s Edition 

A few cash offers are likely to come your way if you’re selling a home in an affluent market or in an area that’s popular with investors.

Buyers who are willing to pay in cash are often one of the following groups of people.

  • Investors looking to fix and flip properties or buy them and hold them as rentals;
  • Previous homeowners using their sale proceeds to purchase a new property;
  • Retirees tapping their savings to avoid mortgage financing costs;
  • Companies that buy your home directly to sell online;
  • Wealthy buyers who can afford to put down large amounts of cash

It doesn’t matter who makes the cash offer; you should thoroughly assess the advantages and disadvantages before taking it. Even if being cash-only has its benefits, it isn’t a strategy for everyone.

The Benefits of Cash Offers for Sellers

There are several reasons why cash offers are beneficial to sellers.

Compared to standard sales, when the buyer must take out a mortgage, sellers may gain from a cash sale in two ways.

Transaction Speed

With the help of iBuyer.com platform, you can sell your home in a matter of weeks, not months.

A standard sale may take anywhere from 49 to 56 days to complete, but cash transactions involving direct purchasers, flippers, or iBuyers can reduce that time in half. You can even sell your home as-is if you’d prefer.

Less Risk

If a buyer is making an all-cash offer, they may be ready to forego the mortgage lender’s need for an appraisal.

An all-cash offer for your house is enticing. Because what’s better than a fast sell at a good price? When it comes to the cost of purchasing a home, cash purchasers often spend an average of 12 percent less than their financed counterparts.

As with financed bids, cash offers are paying just as much. You’d prefer to accept a cash offer than a loan since there’s less paperwork and uncertainty involved.

You may greatly boost your chances of selling for top dollar by working with a top real estate agent that is up to date on market trends and is an expert in their region. As a result, 87% of recent homeowners enlisted the help of an agent or broker to expedite and smooth up the process.

What Does All Cash Offer Mean: Exploring the Process

For both buyers and sellers, cash offers may have a significant impact.

If you’re selling a property, weigh the benefits and drawbacks of accepting a cash offer, as well as the source of the offer. We hope that our guide on what is a cash offer on a house has given you a solid foundation of the entire process.

And, if you’re selling your home online, you’ll want to get a free home value estimate by submitting your home address.

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    Dip in Mortgage Rates Little Consolation to Squeezed Buyers

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    Record-high home prices, declining consumer confidence and fears of recession are taking their toll on aspiring homeowners.

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    In Punta Cana, the Perfect All-Inclusive Swim Up Rooms

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    It’s one of the hottest things in the world of Caribbean all-inclusive, a concept that is itself the biggest thing in travel right now.

    We’re talking, naturally, about the swim-up room. 

    If there’s a new all-inclusive in development in the Caribbean, chances are swim-up rooms are front and center, whether it’s a reimagined Sandals or a new-build Margaritaville Island Reserve. 

    And it’s easy to see why: there are few more pleasant amenity than having direct access to the pool right from your room, the sort of thing that turns a regular room or suite into something very, very different. 

    During the day, it’s a great way to cool off, and it’s perfect for extending the evening, too. 

    A swim-up room at the Lopesan Costa Bavaro in Punta Cana, Dominican Republic.

    It also makes your room feel bigger: the swim-up pool expands your balcony, giving a broader, more infinite feeling to your view. 

    Short of having your own villa or your own private plunge pool, it’s very hard to beat. 

    But not all swim-up rooms are the same, particularly in the swim-up epicenter of Punta Cana in the Dominican Republic. 

    Swim-ups abound in the Caribbean’s all-inclusive capital; but in large resorts, they typically have a drawback: there isn’t always much privacy, particularly in larger resorts where the swim-up rooms are set on long river-style pools. 

    That brings us to our favorite swim-up rooms in all of Punta Cana: those at the new Lopesan Costa Bavaro. 

    Lopesan, a resort that has placed a premium on forward-thinking design, has some rather unique swim-ups. 

    A swim-up suite by night.

    Instead of being set on endless pools with rows of rooms next to each other, there is more of a boutique feel, with a series of detached pools, all with just a handful of rooms with access. 

    What it means is that most of the time you have the entire pool to yourself, and instead of sharing one pool with scores of neighbors, you feel a sense of independence. 

    Even better? They’re extremely well landscaped, offering a level of privacy and serenity you simply don’t find in other swim-up rooms in the area. 

    Even in a resort with more than 1,000 rooms, you feel like you’re in your own private villa. And that’s not an easy thing to achieve.

    It’s the swim-up, redefined, and the perfect couples’ getaway in Punta Cana. 

    For more, visit Lopesan Costa Bavaro.

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