I see a beautiful home in Casa en Venta, Autopista San Isidro for RD$ 2,300,000.

live_for_life

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Mar 4, 2007
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I see a beautiful home at Super-Casas.com in Casa en Venta, Autopista San Isidro for RD$ 2,300,000 that I might want to purchase. Would a Dominican bank finance the whole amount? How much do you think I would need to put down on the loan? Is the usual loan amout for 30 years like in the USA? Do most expariates buy a house for this amount of money with money from monies they brught from their home countries with no need for a loan from a Dominican Bank?
 

Robert

Stay Frosty!
Jan 2, 1999
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Let me try and be as clear and blunt as possible :)

You have asked many questions on the board and that's fine, that's what it's here for. You have asked many questions that have been answered many times before, no problem, that happens all the time. Luckily we have a search and knowledge base for the other times :)

As for buying a house in San Isidro...

The bank will not lend you the money.
The area is not that great, unless your into airplanes or cabanas.
Expats that know Santo Domingo, would not buy in that area.
99% of expats do not get bank loans in the DR, they bring what they need or borrow back home.

It's very evident from your questions that you have spent very little time in the DR. So... This is what YOU NEED TO DO!

Come to the DR and rent a place for at least 6-12 months.

After 12 months you should have an idea if this place is for you or not.
It's impossible to tell from a message board....
 

Celt202

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May 22, 2004
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....Come to the DR and rent a place for at least 6-12 months.

After 12 months you should have an idea if this place is for you or not.
It's impossible to tell from a message board....

OGNIB!

The DR is not New Jersey or Gdansk or Kent or Hilo or Johannesburg. The only way you can begin to understand this place is to come through the looking glass and live here on a trial basis. The DR is not for everybody; for some the combination of all the plusses and minuses adds up to: BINGO this works for me. :knockedou
 

Berzin

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Nov 17, 2004
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The OP should post a link to the listing so we can see what he is talking about.
 

Robert

Stay Frosty!
Jan 2, 1999
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The OP should post a link to the listing so we can see what he is talking about.

The OP is not getting a loan and once he/she has lived here for a while, will soon realize that San Isidro is not the place for them.
 
Sep 19, 2005
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the OP would have a heart attach when they see the mortgage rates....even if they qualified!!!

you think LOAN shark rates are bad!!!!

bad bad bob
 

El Tigre

El Tigre de DR1 - Moderator
Jan 23, 2003
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Robert, AZB, HB and all the others ALWAYS have recommended that before you move go down and rent for a few months. THERE IS NO BETTER ADVICE THAN THIS!!!

I am Dominican, I love the Dominican Republic. There have been many times when I have said I could live here but then I step outise and hit the 7 to 9 AM traffic on la Estrella Sadhala going towards Los Jardines and say to myself SCREW THIS. THIS SUCKS!!! Or when I am driving and the damn motoconchos keep getting in my way zig-zagging past my vehicle. One more, when I went to edenorte to pay a bill with a relative and I saw the lack of customer service and how un-organized things are. Those are moments when I say SCREW IT. I can't live here.

That's why somene like me can't live there full time. If and when I do decide to spend more time in the DR I'll split my time between here (NYC) and there.

Sorry didn't mean to hijack your thread.

On the mortgage question...good luck. I hear rates can be as high as 30%.
 

DRob

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Aug 15, 2007
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the OP would have a heart attach when they see the mortgage rates....even if they qualified!!!

you think LOAN shark rates are bad!!!!

bad bad bob

Here' the thing. The price of the property is not quite 66k USD. That's a proper down payment for many properties in the US, even in this depressed market. If the OP can't comfortably foot the cost or at least put a large percentage down, they probably don't have the requisite funds to move to DR without a job or real prospects.

L4L, I know you're in love with the place and the people, but you should take Robert's advice, move past the honeymoon phase, and have a very real idea of what you're getting into BEFORE you change countries.

Good luck,

DRob :glasses:
 

jrhartley

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Sep 10, 2008
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riiiiight so you want a loan on a house and a car so far during a world recession when rates are highest they have been for years .......I would give up the idea for the moment
 

live_for_life

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Mar 4, 2007
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riiiiight so you want a loan on a house and a car so far during a world recession when rates are highest they have been for years .......I would give up the idea for the moment

I agree. The whole industrialized world seems like it is in a recession. When you deal in paper money not backed by gold this is the stuff of serious trouble. Lord help Barack Obama because I do not envy the kind of pressure that he will have on him in such bad financial times throughout the world. The USA is losing jobs to other countries at a rapid rate.
 

J D Sauser

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Nov 20, 2004
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www.hispanosuizainvest.com


If it is the price/size ratio and the design which attracted you to this property (not the location... in above case, just below USD 500/sqm), you might want to check bank's advertisements (fliers for particular developments or their "ferias") usually placed at main branches to find that these deals are plentiful. They are marketed to new "would be middle"-class Dominicans, or some who have income coming from abroad (just enough to make payments) and therefor the qualities are, well, shall we say, "very basic".
Still, by shopping around, you might find something suitable, DEPENDING ON THE AREA, and the type of residents a particular project will attract. You should also budget for some "up-grades" like window and door protections etc...

In ANY way, you are urged to take the advice to heart to RENT and test drive you chosen locations first for at least 6 to 12 months! Buying things here is easy, it's selling them, that has shown to be much more complicated. So, yes, a 100% mortgage deal may seem like a smart scheme to you, but that's exactly the reason why you will not get financing... the bank is not so keen on owning your place after you call it quits unless you have a substantial amount of money into it.


... J-D.