Build or buy a house? Which option is preferred?

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georgios

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Oct 2, 2004
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I've been searching the DR market for a couple of years for my retirement home, mainly on the North Coast. The search includes the area starting from Sosua to Nagua. I've seen the same homes for sale in several websites but still available-not sold after several years of listings. Others just appear for a few months and then are gone (sold or not). The asking prices very from reasonable to astronomical... Rumors say it is difficult to sell especially nowadays with the recession all over the world. i realize this topic was entertained before by this board but given the current crisis the real estate market may have changed a bit.

For argument sake, I am looking for a typical; 3 bedroom house on a 1000 M lot, nothing too fancy, located at a "gringo area". Oceanfront not required.
Oceanview would be nice, if possible.

When working the numbers it would appear less costly to build it my self provided I supervise the construction from start to finish (full time job).
Sounds like a better option since I'll build it the way I prefer, use materials and colors I choose, etc. Putting the time into that is the downside.
Having to rent a place to live while the construction is ongoing is another disadvandage. Building can be a hassle, problems can arise at any day...

If you were in my shoes what would you do?
Look for a bargain? Did that.
Built? Should I bother? Is it worth it?

Thanks in advance for your comments (good or bad).
Georgios
 

AK74

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Jun 18, 2007
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If you were in my shoes what would you do?
Look for a bargain? Did that.
Built? Should I bother? Is it worth it?

Thanks in advance for your comments (good or bad).
Georgios



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Forget about building or pre-construction.

In current recession and depression risk is high that any construction will never be completed. Very high risk. Builders/constructors/developpers have no cash at all and no one will credit them.
 

oriole100

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Oct 9, 2005
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We suggest you come down for a month and look around. There are plenty of great villas available. We're sure you can find one you like and then you can make the modifications you want. You can probably live there while it's being done. Building is whole nother matter. If you know construction you will have a hard time. If you don't you will be taken advantage of. Either way it will be an ordeal. They don't build here like they do in North Amer. or Euro.. I was a contractor in the US for 35 years and I wouldn't build here. We had a hard enough time getting our Condo done. We may be wrong but if someone tell you it's easy, let me help you...be carefull. Nothing is easy here. It's a great place to live, but as we have said before, Be carefull.
 

suarezn

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Feb 3, 2002
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Only you know what is more important to you...The amount of money you will save by building, plus the fact that you can get it done the way you want it vs. the stress of building the house.

Personally I would build, but that's just me. You can save a lot of money specially in that area, where IMO houses are way overvalued. I built a large house and even though there's a little bit of stress it wasn't that bad at all (of course I'm Dominican and know people, so that may make a huge difference).

As you yourself mentioned make sure whatever money you invest in a house is not money you'll need any time soon as it can take years to sell a house in The DR.

Also don't think for a minute that buying a pre-built house is without any kind of stress. There are lots of things to consider (i.e. clear title, honest lawyers, home inspection, no disclosure of issues the house may have, etc...)
 

bebeto007

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Mar 22, 2008
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I would wait with the building decision since new shops for material purchases are about to be opening up in Puerto Plata. When I had mine house under development I had to find majority of the quality stuff from Santiago.

On the other hand it is more safe to purchase a house directly if you have some documentation available on the phases of how the house end up being the way it is now. I refer to horror stories of houses where the builder made shorcuts by even building a house without rebars.

Around Sosua area I would recommend Playa Laguna, El Choco, Sea Horse Ranch and Perla Marina for purchase. If you are careful enough Playa Laguna and El Choco would work as places to build as well. If you think I can be any of a help then you can always PM me. I have lived here now a year after my house was finnished.
 

Bob K

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Aug 16, 2004
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To build or not to build

We built our villa here and are most happy with the results. However a few things to keep in mind. First off make sure you are using a reputible builder. As far as i am concerned you can count those on one hand here on the in the Sosua/Cabarete area and probably have a finger or two left over.
Second, make sure you are here for the building process and not building remotely. If you are not here you are aksing for all kinds of problems no matter who you use to build.
Third it takes time. To build a moderate size villa will take a year or more. Larger villas up to two years.

Feel free to PM or email me if you want more info.

Bob K
 

retiree

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Jan 18, 2008
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I agree with Bob. In our development we were here for the entire construction. Several other houses were built for owners who were not here and are not well done / laid out or well placed on the lot. As well, you have to be at the site every day to catch any mistakes before they get out of hand. Everything should be checked and not taken for granted. We were happy with our builder and were still talking to him at the end but have heard that is rare. PM me if you want details of our experience. I wouldn't do it again but it was an experience.
 

georgios

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Oct 2, 2004
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Built or buy.

Thanks for your comments.
I've being visiting DR since 1986... many trips. I drove thru the areas many times. I've heard all kinds of horror stories of people attempting to build on their own. It is an adventure building it yourself, to say the least. Yes, building your own house is a fulltime job. All day supervision is a must to avoid all sorts of problems or at least eliminate most of them.

Cost wise, I would think there are no or little savings considering the high prices of cement, steel, wood etc. Searching the market for materials, trips to Santiago or SD may be in order and bargaining becomes a bit stressful at times. Trades not showing up to work slows down the construction. Paperwork, permits, architects etc is never a thing one can control 100%.

I like the idea of buying an existing home, live in it and perform any modifications to it at the same time. The problem with existing homes is not knowing what work was done correctly causing problems later on. I am talking about electrical wiring, plumbing, roofing, foundation etc.

Georgios
 

ron metzger

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Jan 4, 2011
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I would wait with the building decision since new shops for material purchases are about to be opening up in Puerto Plata. When I had mine house under development I had to find majority of the quality stuff from Santiago.

On the other hand it is more safe to purchase a house directly if you have some documentation available on the phases of how the house end up being the way it is now. I refer to horror stories of houses where the builder made shorcuts by even building a house without rebars.

Around Sosua area I would recommend Playa Laguna, El Choco, Sea Horse Ranch and Perla Marina for purchase. If you are careful enough Playa Laguna and El Choco would work as places to build as well. If you think I can be any of a help then you can always PM me. I have lived here now a year after my house was finnished.
would love to pick your brain when i come down there going to be staying in the playa dorada area
 

Luperon Ron

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Nov 15, 2010
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Have you considered renting a house or villa? There are unbelievable deals to be had on very nice properties in this current market, and with a properly structured agreement, you simply hand in the keys if things are not to your liking...
 

Chip

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Jul 25, 2007
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The most economical is to build. The markup I've seen on the North Coast is 100% and up as opposed to a range of 15-25% that you might see in the States.
 
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