Im thinking of buying a condo. Help!

alexw

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Sep 6, 2008
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Quick story. Ive currently been in Santo Domingo since July. I am renting an apartment near the Malecon for about $1200 a month. When I paid the owner last week he said, "Alex why dont you just buy it from me?"

Now i'm strongly considering buying the place but everything Ive read on DR1 says dont do it. Unlike others, I simply want to live in the place. In the foreseeable future I have no plans on selling. I kind of enjoy the bachelor life here.

Is there any advice you can give me? Do you pay property taxes on the condos here? Anything you can offer would be of great value.

Btw I'm staying in Torre Lotus. The apartment is absolutely gorgeous!

Alex
 
Sep 4, 2012
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Is there any advice you can give me? Do you pay property taxes on the condos
You would pay IPI taxes only if the property is valued at or above 6.85M DOM Pesos. The taxes are 1% of the value over the amount noted.


If you are planning to stay for long/ever, just buy it.

Now i'm strongly considering buying the place but everything Ive read on DR1 says dont do it
Most of the ones with these feelings can't afford a condo anyways, disregard them.
 

alexw

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You would pay IPI taxes only if the property is valued at or above 6.85M DOM Pesos. The taxes are 1% of the value over the amount noted.


If you are planning to stay for long/ever, just buy it.

Most of the ones with these feelings can't afford a condo anyways, disregard them.


LOL and thank you. He wants 100k for it so I guess that would mean no taxes. Awesome sauce!
 

ROLLOUT

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Jan 30, 2012
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$1200/mo??
Does it come with a housekeeper/happy ending/breakfast in bed every morning?
Rent, rent, rent. You can walk away if the need arises.
I can to a 2b/r condo in bavaro for about $700/mo and not have to worry about anything.Traffico included
 

alexw

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$1200/mo??
Does it come with a housekeeper/happy ending/breakfast in bed every morning?
Rent, rent, rent. You can walk away if the need arises.
I can to a 2b/r condo in bavaro for about $700/mo and not have to worry about anything.Traffico included


I have an ocean view, its huge, modern appliances, leather furniture, a california king. its gorgeous. I paid twice as much for a place that isnt as nice back in NY.
 
Sep 4, 2012
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LOL and thank you. He wants 100k for it so I guess that would mean no taxes. Awesome sauce!

You are certainly at an excellent and one of the best locations in SD, a block from the best spot on the Malecon and right dead center of "ciudad universitaria" if you know what I mean :) - I've seen the Bldg and for the price, very tempting.

Get an attorney to ensure everything is in order and clean. You have everything on that location, from supermarkets to art and walking distance to Maximo Gomez, hell, you could literally just walk to the old embassy.

ps: How would you pay for it? This is the step of where most expats get stuck at due to the finances involved.
 
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alexw

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Sep 6, 2008
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You are certainly at an excellent and one of the best locations in SD, a block from the best spot on the Malecon and right dead center of "ciudad universitaria" if you know what I mean :) - I've seen the Bldg and for the price, very tempting.

Get an attorney to ensure everything is in order and clean. You have everything on that location, from supermarkets to art and walking distance to Maximo Gomez, hell, you could literally just walk to the old embassy.

ps: How would you pay for it? This is the step of where most expats get stuck at due to the finances involved.


I'll probably just write him a check since i dont believe i can finance here.

Any better ideas since im clueless
 
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Scotia Bank might be an option to look at for finances if needed but rates are higher than what we are used to. If cash is to be used, ensure your attorney do his/her due diligence's before hand.
 

Meemselle

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Buy nothing. You will NEVAH EVAH flip it. You will be stuck with maintenance and, and, and. Rent. Even when you live here, as a foreigner. Never buy anything here. Never.
 

Fulano2

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That depends ....I hate to rent and started to build my first house here 12 years ago. Now I don't pay rent but receive rents and have a house according to my tast and requirements, and leave something to my daughter. But...maintenance is an issue on the malecon. My brother in law has an appartment in torre veiramar ( next to Crown) and maintenance is a big issue after a couple of years because *of the salitre.
 

irishpaddy

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Sep 3, 2013
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alex if you like the apt. and have lived in it for a number of months and have seen the good and bad of the area .Go for it .
The one thing I would suggest most is get a good lawyer .I used GUZMAN ARIZA when I bought my place in july and was very happy with them .
I only use my apt for vacations and at the moment I am very happy withy my choice .I can come and go as I please and I have it furnished to my liking .
and if you compare it to New York....A BARGAIN
 

Eyes

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Apr 30, 2012
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Good luck Alex if you intend to stay long term buying is in most cases a better option but yes as Fulano states the maintenance fee can rise regularly best to find out this first through your legal representation.
 

william webster

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Jan 16, 2009
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Most who discourage buying do so by saying rent first..... buy later.
You have done that.
Furthermore , if there are any shortcomings , you will know them by now.

Save $14,400..... a return of 14.4% annually on $100,000.
Find me an investment like that and I'll buy it !!

Sounds good to me.
 

bob saunders

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Buy nothing. You will NEVAH EVAH flip it. You will be stuck with maintenance and, and, and. Rent. Even when you live here, as a foreigner. Never buy anything here. Never.

Generally good advice for this country but one can buy and sell at a profit if one is careful with the selection of location and dwelling. I have managed to sell two properties at a profit.
 

USA DOC

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Feb 20, 2016
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I have an ocean view, its huge, modern appliances, leather furniture, a california king. its gorgeous. I paid twice as much for a place that isnt as nice back in NY.

You would pay twice as much in New york, than in most of all the USA. Many people on this site recommend renting for a reason. When you buy, be very careful. .......Doc.........
 
Jan 9, 2004
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Most who discourage buying do so by saying rent first..... buy later.
You have done that.
Furthermore , if there are any shortcomings , you will know them by now.

Save $14,400..... a return of 14.4% annually on $100,000.
Find me an investment like that and I'll buy it !!

Sounds good to me.


*To rent or buy is a very personal decision, but that is some very fuzzy "investment" math. A whole lot of variables missing.


Respectfully,
Playacaribe2
 

william webster

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When I first moved to the USA I rented..... a really nice place.

I made the classic mistake,
I fell in love with the hooker..... we still rent, over 20 yrs later.
I could give you the total spent.... not pretty.

There comes a time when you fish or cut bait.....
I missed that time.

Best of luck and common sense to the OP