Can you elaborate? What sort of project is it? High rise? Elevators? Amenities? Secured? Garden Style?
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Im thinking of buying a condo. Help!
Can you elaborate? What sort of project is it? High rise? Elevators? Amenities? Secured? Garden Style?
$100K for a house renting at $1200 would be good, but with a condo, you'll still have monthly fees. You may find your maintenance fees going up with nothing being repaired. Be very careful. You're not just dealing with your landlord. What if the planta burns out? Is there money to pay for repairs or a new one?
http://republicadominicana.inmobilia.com/es/detalleInmueble/238355-Torre-lotus-i
Gorgeous high rise, and location location location*
most who rent, are clueless, afraid , never owned anything???????REALLY.............
W.Y.W where would you put the person who owns one on the ocean, rents it mostly to tourists, takes the profit he makes , and rents a new house in the mountains??? Stupid , afraid, a B&B guest...........Doc.........
As others have pointed out, it sounds like a bit too good of a deal (who in their right mind sells a 12-14% ROI property?), but if everything checks out with the lawyers and you plan to leave there for years anyway, I would definitely go for it. Maybe the owner just needs some cash right now.
I've bee stating it all long. I know the area very well, the condos' are first class at everything. This is Santo Domingo Ciudad Universitaria, walking distance to Malecon and Maximo Gomez with everything near it.
Anyone that knows Santo Domingo would agree with me.
That is something for his attorney to look into and can and will be disclosed by the junta. The monies collected for maintenance are maintained at a escrow account at a local bank and statements issued to owners every month.
I think a few people already mentioned this, but the most important thing about buying a condo here in DR is the administration and other owners, if the admin is good and owners are good then you have a chance, otherwise you will be screwed properly. Even with all being good now you have no idea what happens 5 or 10 years down the line. This is something that is not easy to check - lawyers do little in this regard, you have to do some investigation yourself.)
A bad admin or a few bad owners can cause big problems, admin could steal or waste money and bad owners can delay/stop paying, then things go downhill really fast and in DR descend/gringo owners are the certain losers.
Though everything has risks, just do some due diligent about the above and go for it, think of it like this, in about 7 years time you would pay $100k in rent if you don't buy it ... ! (amazing rate/value ratio ! - by the way, don't forget to haggle and ask for a discount, it is DR after all...lol).
A bad admin or a few bad owners can cause big problems, admin could steal or waste money and bad owners can delay/stop paying, then things go downhill really fast and in DR descend/gringo owners are the certain losers.
Though everything has risks, just do some due diligent about the above and go for it, think of it like this, in about 7 years time you would pay $100k in rent if you don't buy it ... ! (amazing rate/value ratio ! - by the way, don't forget to haggle and ask for a discount, it is DR after all...lol).
Sorry I havent read that but 3800 pesos seems rather low. I don't know if his building has a pool and guard and planta, cleaning and elevator....No way he pays 3800. I am talking about this with lights and gas included.
I am just telling what others pay. I don't pay that much
.. Fixed contract 1100 pesos..the a/c's directly..with permission of course.
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Sorry i have lived in SD for 7 years an still trying to understand why that is one of the best areas, and dont know anyone who agrees. I rented there first and everyone said the best areas are (still to this day) is Naco, piantini and their surrounding areas, Bella Vista, Los Cacigascos, then behind those el millon, las prados. Most Dominicans Ive met dont like to live/own on the Malecon. Its noisy, other than hotels its run down, and populated with Pro's. and crime is ever present. And as far as Building quality in the DR its far from quality, done cheap and will have repairs in the short term. These repairs can be costly and rarely covered by maint. fees. They like to repaint every two years because the rain and salt destroys paint and electronics, appliance etc. 3700 maint fees seems cheap for that building so expect increases and possible repair assessments. These new style buildings are not built to last and thats an issue for resale value. If there is a shortage of renters or owners living in, you will see a big decline in the condo fund