Renting to buy,

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RG84

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May 21, 2010
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The most repeated advice on buying RE in DR is to live here 6-12 months first. So my question is if you find your ideal property is it possible or has any one ever heard of renting to buy?

Also is the law about no property tax on anything below $150k still around.
 
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Matilda

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Sep 13, 2006
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You can rent to buy - depends on the owner, although a lot will not believe that you will actually buy!! It is common to have owner financing in that say you have a property worth 120K - you pay 10k a month - move in after 6 months and get the title after a year when you have paid in full. Basically anything goes as long as you have an agreement with the owner and it is all legalised.

matilda
 
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RG84

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May 21, 2010
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Thanks Matilda,

I guess it's better to rent something close to where you want to live.
If you put up half the money (60k) you might as well buy it up front. I don't think a owner would want to give back 60k, maybe a percentage.

One other question: Do any of you guys live in building without fees? For those that do what are your fees? I know every one will be different but a what is average.
 
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wuarhat

I am a out of touch hippie.
Nov 13, 2006
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rendul said:
DOP $150,000.00 would only be about US $5000.00. The $150,000.00 is US dollars.
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Thanks. I know the conversion rate, but not the value of property exempted from taxes. It seemed odd to me that it would be based on another currency.
 
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Black Dog

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May 29, 2009
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wuarhat said:
Thanks. I know the conversion rate, but not the value of property exempted from taxes. It seemed odd to me that it would be based on another currency.
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It's not based on another currency, the actual rate is 5,000,000 pesos but we convert it to US$
 
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Black Dog

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It's also worth noting that this is based on the 'government-appraised value' which is different from the current market value.
 
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DMV123

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rent to buy should be payment of a market rate of rent or slightly more - if you decide to purchase some % of this would be applied to the purchase price.
 
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DMV123

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OF course it is - everything is more complicated here - why would this be any different!!! :cheeky:
 
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baby bori

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DMV123 if its not real estate ( and thats a big if) I would never consider financing anything else in the DR the terms and interest rate of financing is absurd and ridiculous!!! Vehicule purchases, appliance and electronic purchases being financed no way out of the question!!!
 
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RG84

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DMV123 said:
rent to buy should be payment of a market rate of rent or slightly more - if you decide to purchase some % of this would be applied to the purchase price.
Click to expand...


That's what I was trying to find out. If anyone has done this or have heard of some one buying this way.
 
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