real estate investment

I'm not familiar with the area, so others would need to respond to that, but I am familiar with mortgage financing charges & 6% p.a. seems very low for the DR. I don't know if this makes it a bargain or not, but suggest you ask why only 6% pa.

You are talking about 7,000,000 Pesos!

It is not a very large house,and is somewhat "Off The Beaten Path"!
To maintain the pool(electricity provided by you,or the Edinorte) will cost maybe 20,000 pesos a month!
The 6% loan is easy! The house is probably worth about 75,000 US to the seller,so once the seller has his money for his house,he is making you a 75,000 dollar loan at 6%.He hopes you will "default",so he can "Re-Po" the property!
But there is no accounting for taste!
The cost of property in your "Home Country" is of absolutely no relevance in this country!!Would you go to Spain and pay double for a "Paella" just because it cost 3 times as much at home??
As has been stated here 100o0 and 1 times before,"Come here and live for a while before you make any commitment!
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I hadn't thought of that, but it makes absolute sense. And after the repo............the whole process can start all over again! Just a small outlay on advertising. Well spotted, sir!

I don't know anyone who is happy after buying a house on the internet. I know two brits that have done this and it wasn't an enjoyable experience.

Scott

Buying

Escott said:

I don't know anyone who is happy after buying a house on the internet. I know two brits that have done this and it wasn't an enjoyable experience.

Scott

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Before we bought our new home, we looked at every site on the internet, the best for information was Palm Hills in Cabarete and then we flew down to see and we did buy it. I remember buying an unseen home on the telephone in Spain many years ago which was a disaster. We only stayed one night and bought another the next day. The internet is great to look at pictures but do not send money until you have seen

Happy With It ??

Wales said:

Before we bought our new home, we looked at every site on the internet, the best for information was Palm Hills in Cabarete and then we flew down to see and we did buy it. I remember buying an unseen home on the telephone in Spain many years ago which was a disaster. We only stayed one night and bought another the next day. The internet is great to look at pictures but do not send money until you have seen

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How did it work out ? Would you do it again ?

DR5555 - In my opinion, the price is too high for the area, even though the house looks very nice.

The Samana pennisula is suppose to be the most beautiful area of the DR, but it's not easy to get there (2 hrs from nearest international airport). From reading DR1 posts, there aren't alot of vital facilities there either for my wanting to buy there.

Hopefully, one of the Samana experts will see your post. But in the meantime, there are plenty of threads in the archives about Las Galeras.

Have you looked more on the north coast (Puerta Plata/Sosua/Cabarete)? Plenty of real estate web sites for these areas.

investmenr

danely said:

How did it work out ? Would you do it again ?

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Absolutely fine. Yes but we won't be as this is the last home we shall buy.