It's very common.Wanted some input on my idea.
Why not by some land and slowly build the house over the course of 7-10 years, brick by brick? I see many many half built homes in the DR like this. Maybe just build the shell and a perimeter wall.
Thoughts?
Buzz
My maid is building her house this way. She managed to save money over time to buy the land but as a single mother with 2 daughters was having a hard time saving up enough money to start building. So she went to the bank, got a small loan (no credit history so the amount was very small), enough to build the outside walls. She's just finished paying off the initial loan and will soon get another one to get the windows, door and roof put in. Many people do it that way or using the money their family sends from the US every few months.
My main man just did.... with a little help from me.
Bought the land a while back then started the house.
Because he had a steady loan stream and a big family it finished faster than most
Like 6 months....
His neighbors are doing it the old fashioned way and it takes time
Higuey
Thanks. I was considering that area. Kinda in the middle of everything SE DR. Town has a robust economy due to being home to most workers in PC.
Any other thoughts on Higuey?
Thanks. I was considering that area. Kinda in the middle of everything SE DR. Town has a robust economy due to being home to most workers in PC.
Any other thoughts on Higuey?
I hear what you are saying Cobraboy. I have dom/amer friend in my hometown Near ft lauderdale. One woman, who works as an accountant, says she has been doing this since she arrive in USA about 20 years ago. She buys land, slowly builds it with cash and then sells. Rolls over profit into another. She has done about 3 homes and her last one will be when she retires, leave USA, and lives in her new dom home, paid in full. Nice thing now, our local Home Depot ships direct to domrep. So, she has been buying all the kitchen materials, appliances, etcc to finish them up with better flooring etc....
Her advantage, however, is that she has local dom family to look after properties while built, keep an eye on the builder, etc... I think that's one of her big advantages to success. My thought, was to buy and build next to a local and somehow hire him to do the same. Keep an eye on it and you will be paid, progressively, not all up front.
You are taking a giant leap of faith thinking that you can pay someone that you don't know to watch a structure that he has no committment too. You are talking about a pipe dream. In the example you state she has family in the DR. YOU DON'T. This is one of the most silly and costly ideas ever proposed on this web-site. Sorry to be so direct but you will spend money and have nothing to show for it. I can't believe no one else is stepping up to tell you this is a very bad idea. Of course, it's not their time, money or aggrevation.
Sure, there are pitfalls to watch out for. But it is do-able. It doesn't sound like the op is having the future neighbor do any work or any handling of funds. Just keep an eye on some masonry walls. Probably not even loose materials. Swap phone numbers with the future neighbor, stay in touch, etc. Nothing that serious.