There is a DR1 poster who recently opened an hostel in the Colonial Zone in SD after extensive renovations. He seems to be doing well. You should reach out to him, he may be able to give you valuable advice.
- Thread starter mirandakate
- Start date
How to shop for real estate in DR?
There is a DR1 poster who recently opened an hostel in the Colonial Zone in SD after extensive renovations. He seems to be doing well. You should reach out to him, he may be able to give you valuable advice.
First of all are you of retirement age? You need to contact the closest Dominican Consulate to see what the qualifications and procedures are for obtaining residency. You can no longer live long term in the DR without it. That being said, go online and look up the area you might want to look at real estate. Find local realtors and start a conversation on line. You can call them also to get a sense of who you are dealing with. Set up a day or two to look at properties. Remember and this is very important. DO NOT consider buying a free standing house where your security is minimal. You will get ripped off and many experience violent crime. Buy in a condo complex where you feel safe and secure. As women and gringas you will be the target of unscrupulous people and criminals. This is the way of life in all third world countries. I owned a condo in the DR for 6 years and if I had to do it over again I would rent. I would also consider renting for a year, get the feel of the country and then buy if you are still inclined. DO NOT be in a rush to buy property. If I can help you let me know in a private message or not. Good luck.
yes, did not think that they would make it - Canadians who did not speak
Spanish. And bought from a French guy who kept double books.. (natch) I do not know if the possible income from the place can sustain the asking price. (I tried to negotiate a price for a month once but they would not back down from the per night price - which seemed odd since it was August!)
The one really sucessful place in LT has been FataMorgana - http://www.fatamorganalasterrenas.com/Fata_Morgana.html
There are already a couple of Hostels listed in Cabarete - so unless the OP can offer something else -- like a swimming pool? or much cheaper rates .. do not know if plan is economically viable.
The rates for Fata Morgana have doubled from $10 to $20 - in ten years - ok - understandable - but salaries have not.
They are doing well (so I thought), their prices are reasonable for LT. I stayed there once and now recommend to people and they always love it. I think they got some type of Tripadvisor award too.
This is a new exciting venture for you. Of course, you want to swoop in and keep the momentum building by buying immediately. However, the real success will be the longevity of your plan, not the soonest start date. Use your initial planning to find quality relationships, not a purchase. Befriend a long term business owner that has a stable of professionals: attorney, banker, accountant, etc.... Who do they use for their own transactions? Adopt a "bottom up" approach to real estate. Where do you wish to live? What type of dwelling? Begin with a plan, the realtors will find you if necessary. We only deal direct with the owner, or in this case, the developer. A nice new contact for future dealings. Think long term.
holy cow....peeps w/money buy whenever they want to ...sheeeet money is to be used...
i know that a free standing house has to be fenced/gated and lived in... need weapons, and dog...alarms ......maybe hire a rambo:chinese::chinese::chinese::chinese::chinese::chinese::chinese::chinese:
This is the sole reason I have stopped myself from building anything luxury. I really don't have the time or want to put in the effort to find armed guards watching my property. I wish there was a security alarm system that's respected enough for people leave a house alone but nobody respects the police. The police aren't paid enough so they honestly don't care if anyone takes something from a gringo. Plus, firearms are not really allowed per se... I can walk around with my Mossberg and Pistol on my hip back home and nobody would blink an eye. They don't really want you as an outsider to have a firearm (and it's forbidden as a non resident I believe) even though the security walks around grocery stores with pump action shotguns haha.
well you got plenty to choose from...ive seen good solid folk buying and building on the moutains...10-20 acres...but this is a long time family compound...not for low income ...investment of 500K to 1.5 finished with cars staff fences, outbuildings...if i had to do that is what i would do......can be rented on an international scale...25-45 minutes from beach ...staff always lives there...no theft...
Check out www.supercasas.com It's in spanish but not hard to understand even if your spanish is not very good.
There is a Cdn website... dominicanrealestatecanada.com - that might be helpful
they'll search a property for you
they'll search a property for you
Why rent?
1. if for some reason the deal doesn't go smoothly, you are not trapped in a money pit of a legal battle.
2. not too many places on earth can you rent high end condos or homes for 800-1200 per month
3. if you don't like it you can pick up and walk away and loose only a month or two deposit...Maybe
4. if you a victim of violent crime you can choose to move without any real financial consequences
5. you never have to worry about leaving your home, thus your capital in the hands of strangers while you ran for you life
6. selling your home in the DR is practically impossible or at the least very complicated and lengthy
7. a place where you vacation and a place where you live is very different. (try before you buy)
8. You must also become a resident in order to protect your assets. Getting deported for something stupid is a reality.
9. There are so many nice places to rent with furniture.
10. Its a third-world country connected to the most impoverished nation in the world.
I was lucky to get out of there when I did only loosing my deposit. I had to leave because I was in danger. I didn't adhere to some of the very good advice on this forum.
The truth is that DR1 prepped me so when I asked myself Could this really be happening? I remembered everything I read and I walked away. IF I HAD OWNED MY OWN PLACE I MIGHT BE UNABLE TO WRITE THIS.
Gated Condos a must...Keep "them" all at arms length a must....your security is paramount when deciding where to live.
