Spot on.
I wouldnt bother looking for places to buy in the dr.
Much easier to build.
Only build if u plan to live in said house.
- Thread starter ando1991
- Start date
Condos and houses prices
Spot on.
I wouldnt bother looking for places to buy in the dr.
Much easier to build.
Only build if u plan to live in said house.
I've purchased 3 distressed properties here, fixed them up, and sold them for a very good profit. It can be done.
But I've lived here for many years, and was in no hurry to buy or sell.
You really need to know the market before you plunge.
But I've lived here for many years, and was in no hurry to buy or sell.
You really need to know the market before you plunge.
..........Just look around at the amount of rental and for sale property....... many by absent owners.......that should tell you something........oh yea and if you own, and cant do minor repairs, and upkeep on a property you buy............ good luck. if you can do major repairs on your property, you are ahead of the game......Doc.......
Good point. If you do buy a property that has a Condo Association ask for the bi-laws and financial records before buying a condo. This will give you insight into whether or not the majortity of owners are paying their monthly fees and if the development has overall good financial stability.
I understand how that can look bad, but I don't see it as an omen. For 1, most of them are 2nd homes not the owners main residences, and 2, it's cheap to let a house sit empty. You don't have to heat it, it wont decay, and usually no taxes. That's the same reasons it's so easy for a Dom to build a house a little at a time.
I know of a house in Sosua that had sat empty for 30 years. Nothing left but bare masonry and concrete. It sold last year for 300k usd as is.
LOCATION LOCATION LOCATION
That's it then.
Best way to go let a house sit empty, as it won't decay!
Guess the new owners of the Ahnvee Resort were following this notion.
That's it then.
Best way to go let a house sit empty, as it won't decay!
Guess the new owners of the Ahnvee Resort were following this notion.
Have you checked out Pueblito near Puerto Plata? Supposedly one can buy a shell for $20,000 USD that has been sitting for 12 years or so and for another $8,000 get it finished out and live in it or rent it out. This is just from rumors I have heard, not from persona experiences
Der Fish
My story: I sold my house this year with profit (not much in USD, but still about USD30,000 = +10% after 5 years. Sold to a local who at this moment paid 60% of the agreed price, I'm still living in 'my' house, I'm not paying him for having his money. I have to transfer in June but due to a family situation had to delay my move back to Europe. Buyer says: don't worry, focus on your family, we are not in a hurry. I'm still looking for a way to deliver sometime in the summer to not abuse of their comprehension, but till the end of the year I could stay here without stress.
I couldn't wish for a more pleasant contact and treatment than we received. Sold without broker (we had two but this one came through none of them or lawyer (except that a lawyer friend helped prepare / adjust the sales contract and had it notarized). It's NOT all bad.
80% of what you see online isn't for sale anymore ...I bought my place two yrs ago and still shows old listings from 8 yrs ago when prices hit high point then US market tanked so did DR with it ...hook up with good real estate agent and good lawyer and you should be fine ...imho your in low mark on prices just do your due diligence...whatch condo fees some are out to lunch in cab. P.s. 20% of what is available owners have beer goggles on and think the can get pre 2008 prices .... looking online ain't going to get you much help except idea of what's going on because 99.9% what goes online here never gets removed so adds to confusion.. just as any where location location location
Something is missing in this story. You say he has paid you 60% of the agreed price. Is he paying you over time? It seems odd that he would allow you to live in the house indefiinitely? I am assuming that the contract you had him sign specifies dates of the transfer of ownership? Are you the owner until he pays you in full? What is this time frame? You are not telling us something? I would not want to sell any property in the DR and hold the financing.
He paid a first payment at signing the contract of about 15% of the agreed price. We stipulated June as transfer date and agreed he would make a second payment in March, which was in his interest since the agreed price was in USD and he had pesos, I had better ways to change pesos than him and he didn't want to wait till June with the dollar higher. Last payment will be at transfer date which was supposed to be June but due to our situation had to be delayed. I told them I'd be willing to transfer and pay them rent but they said they are not that much in a hurry and can wait some more months.
In the hypothetical case that he doesn't pay the last installment I can cancel the agreement and pay him back his money (minus 10% of the agreed sales price). Same case if I want to get out of the deal, will cost me 10% as well, which I'd never do, in case I (have to) decide to stay, I'll buy (or likely rent) another place.
So, I'm not financing him, house is still mine, I have the title and there is no other contract than 'opción a compra'.
Point of my account: there are also very decent and even more flexible and kind than expected Dominicans.
I can think of zero (legal) reasons to keep any significant amount of money in a D.R bank if you have ANY other options.