My opinion is a bit different from the mainstream.
If you are enough independent financially and can live without income from any real estate growth - do not buy nothing ever. Neither land for construction nor ready homes.
Yes, some people may make money from investing in RE. But some may not. May even lose.
So, investing in RE is just another risk or stress for you. And especially investing in DR.
If you are wealthy enough - RENT only. At some point rent might go up or maybe not. Sure.
But who cares if you have money?!
Only with rent you have the real peace of mind. You just do not care.
Whatever happens to the building where you live, or to the country in general or to its economy or to its political system - it does not affect you.
Insted of repairing roof you take your laptop and rent another house.
Instead of trying to sell your property if a big and unregulated development started nearby that destroys the environment - you take your laptop and rent in a diffferent unspoiled place.
Instead of hiding in the basement during riots and public unrest (that are very possible in a poor corrupted country like DR) trying to save your property - you take your laptop and go to Luperon Airport and to sunny Florida to watch from there and to wait when it is over.
Right, without investing in RE you might miss another profit opportunity. But listen, you cannot grab all the money in the world. And no matter how much you accumulated you cannot take your money with you to the other world.
So, what is the point to come to a relaxed and laid back and lazy place like DR and keep yourself in the rat race and stress like in NY??!!
To my surprise I met some stressed out people even in DR!
You arrived to paradise, why to create the hell in your life?!
Rent them all and leave them behind without a single regret and without losing a dollar if something goes a wrong way.
Own nothing but a laptop and a Visa card in your pocket!
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If you are poor and cannot afford
JUST TO LIVE this is a different story.
You have to buy and to invest in RE in hope to make some extra money to help you survive.
Hi everyone! I am new to this forum and have enjoyed picking through the threads for the last hour or two. It looks as though people are prepared to give an honest opinion, which is good, so please don't be too harsh with my question:
I notice that a lot of advice is given to "rent for 6 months to a year" before buying and also that you really need to have a "reasonable source of income" in order to live in the dominican Republic. This is obviously sound advice but my question is (and it's been a long time coming I know)... With no mortgage to pay...what is the general concensus of the figure that represents "a reasonable amount"? My wife and I are looking at various options around the Caribbean for an early retirement and the Dominican Republic is one of those options.
Many thanks!