Advice on buying a home in the DR

[keepcoming]

OP you can not blame those making "jokes". Buying a house which is or can be a lifetime investment and putting it into someone else's name isn't the most intelligent thing someone does. Especially someone that does not know the "in's and out's" of living here. Living here and visiting here are 2 different worlds. Take your time and as others have said rent first. Many of us have lived here a long, long time and have seen many a scenarios. Some not so good. Italian mafia? You lost me there.

 

[Africaida]

It would be a better investment to buy back where you are from, then use the rental income to rent a nice place in Santiago.

 

[Big]

I thought this was a forum that helped people with information about the DR. My mistake. I didn't realize it was filled with childish people who have no interest in helping but instead prefer to make childish jokes. I thank the people who actually gave me helpful information. I'm not stupid. I posed questions because of all the crap I've been told by many different people both here and over there. I asked for advice not ridicule. Such wonderful people who can make jokes at other people's expense. You must all be so perfect and proud of yourselves. My friend in the DR is the has the biggest heart of anyone I've ever known and he was born and raised there. Thank you to the people who actually helped.

You proudly exclaim that your family is involved in a violent criminal enterprise that preys on innocent people and want to be handled with kid gloves.... you're lost!!

 

[Harleysrock]

Oh dear, Please don't waste your money or time buying here. Biggest mistake of my life and what you are saying sounds like it would be the same for you.
Only way I would suggest someone to buy here is if they have tons of money or a steady income from back home etc.. You will get scammed, lied to, conned and it is not easy to make money. It's not the paradise you may think it is. Vacationing is nothing like living here, I cannot stress that enough!

I almost feel guilty bc I get to leave soon, so many are stuck here and can't sell their houses or just stuck and don't have money to leave at all.

 

[jd426]

51 y/o and broke, what could go wrong.

you beat me to it ..
What could possibly go wrong here ..
lol
I say GO for it .. life it too short

People have no Vision.
you SHASHA otoh,, are a person of VISION..
dont let these people discourage you ..
Buy yourself a Little FINCA ,, and live off the Fat of the Land .. its a perfect plan .

 

[PICHARDO]

I want to buy a home with some land in Santiago De Los Caballeros. I am not one of the wealthy folk that can vacation in rich areas like Punta Cana or Puerta Plata. I'm broke and going to be paying this off for the rest of my life. A friend told me if I buy from here I'll be taxed heavily because I'm American, but if I have a Dominican citizen buy for me it will be much cheaper. Does anyone know if this is true? I already have been ripped off by "Aduanas" there. Everyone I speak to down there is trying to run game or get money. I have a friend who lives down there but he is extremely poor, doesn't speak any English, and definitely can't negotiate. If anyone knows how it really works from both sides, I would appreciate the help. Thank you.

Hi!

You can buy the property you want directly. Banks will finance you (a tad higher rates) using your USA income to support it.
The best way to do it, is to first open a savings account in the DR.

Deposit money every month, to the amount you can spare without breaking your budget back home. Keep that up for at least 3 to 6 months.
That will create a relationship between you and the bank. Then you can talk to the bank manager and tell them you want to buy property here with their bank financing.

First rule of buying property in the DR is deslinde at hand. If there’s no deslinde walk away.

If there’s deslinde, then it must be appraised.
After that the bank will rate the property and decide upon amount they are willing to finance for you. Usually you are talking 20 to 30 percent of the total as down payment.

It all depends on the bank and your proven income via tax records and bank statements from back home.

Never put property under anyone’s name but yours. There’s no need for that at all.

It’s highly recommended to rent first whereabouts you plan to buy at. So you can get a good grasp of the neighborhood and surrounds. Once you buy, it’s very difficult to sell at asking prices, unless you sell at a price where the last comparable property sold for.

Don’t rush to buy. Be patient and learn as much you can of the neighborhood and surrounding areas.

Rent, rent, rent first...

 

[Africaida]

Oh dear, Please don't waste your money or time buying here. Biggest mistake of my life and what you are saying sounds like it would be the same for you.
Only way I would suggest someone to buy here is if they have tons of money or a steady income from back home etc.. You will get scammed, lied to, conned and it is not easy to make money. It's not the paradise you may think it is. Vacationing is nothing like living here, I cannot stress that enough!

I almost feel guilty bc I get to leave soon, so many are stuck here and can't sell their houses or just stuck and don't have money to leave at all.

You are leaving Harleys'?
I am surprised.

 

[Scott18684]

I have been there back and forth three times now and I love it. I speak Spanish well. My friend down there I trust and would put the house in his name. He can't negotiate because he doesn't know how to tell when he is being taken advantage of. Some of the Dominicans I met are the most passionate people I have ever encountered. Just surrounded with positivity and love. That's where I want to be. If I work up here and pay it off, I would like to be down there permanently in the next 3- 5 years. I'm 51and HATE the cold. I grew up in crappy projects in NJ. My family is from Jersey City and Newark. Makes the DR look like Disney World in comparison. I am not afraid of anything. I was there when the water went off for a week. The light and the internet went out every day for hours. I am not materialistic. I would live there under a platano tree buck naked and be happy. I'm just not trying to get ripped off. If I put the house in his name he can live there and take care of it while I visit back and forth until I can go for good. My family is old school Italian mafia on one side. Not worried about anybody. I'll find them if I need to. Just trying to see the best way to purchase down there without all the drama. If you know about how to do it, I appreciate the advice. If you are just going to make stupid comments, do it elsewhere. If you have useful, real and helpful information, I thank you for your time. I know some people here have families there and know the ins and outs. That's what I'm looking for. Thanks.

Listen, Americans buying property in DR have the same rights as locals. Period. It may not be a bad idea to put the mortgage in their name as they will be on the hook for payments for quite a while. Then if it works out and your still together when its paid off and married great! Your house too. If not, no sweat off your back. Do not put anything in your name. Dont be a fool.

 

[Scott18684]

Hi!

You can buy the property you want directly. Banks will finance you (a tad higher rates) using your USA income to support it.
The best way to do it, is to first open a savings account in the DR.

Deposit money every month, to the amount you can spare without breaking your budget back home. Keep that up for at least 3 to 6 months.
That will create a relationship between you and the bank. Then you can talk to the bank manager and tell them you want to buy property here with their bank financing.

First rule of buying property in the DR is deslinde at hand. If there’s no deslinde walk away.

If there’s deslinde, then it must be appraised.
After that the bank will rate the property and decide upon amount they are willing to finance for you. Usually you are talking 20 to 30 percent of the total as down payment.

It all depends on the bank and your proven income via tax records and bank statements from back home.

Never put property under anyone’s name but yours. There’s no need for that at all.

It’s highly recommended to rent first whereabouts you plan to buy at. So you can get a good grasp of the neighborhood and surrounds. Once you buy, it’s very difficult to sell at asking prices, unless you sell at a price where the last comparable property sold for.

Don’t rush to buy. Be patient and learn as much you can of the neighborhood and surrounding areas.

Rent, rent, rent first...

why not put in her significant others name? Then she is not on the hook for payments when it doesn't work out.

 

[Scott18684]

people dont realize all your doing at first is taking a big fat loan the house isnt yours for a very long time and you probably wont be together. If you ARE STILL TOGETHER and married then it wont matter the house will be both of yours you just assume no liability with the bank.

 

[USA DOC]

Ok, ok, Sasha.

It s just that people have seen so many people have been burnt in DR by friend/girlfriend/esposa (o) who had the biggest heart of anyone they've ever known.

You have been to DR 3 times, I don't doubt your friend but it should take a little more than that to trust him with an amount of money he probably won't ever see in his lifetime. If he has no bad intentions, it could come from his family, baby mama, amigos to name a few.

Speak to a reputable lawyer, then proceed.

Take you time.

....Saska.. this is good advise, I have lived here for years...;If you never believe what you hear, and almost nothing of what you see..that about right...my advise RENT at least at first....

 

[melphis]

People buy property here everyday without problems. If your heart is set on owning then go for it. Don't waste time listening to all the negative stuff here. As someone said earlier "Go to it, life is short".
Just because a few guys here bought high and don't want to sell low is not your problem. Invest better than they did and you will come out winning. (Without the leg breaking mafia clowns)
And keep it in your name only.

 

[Joseph NY2STI]

People buy property here everyday without problems. If your heart is set on owning then go for it. Don't waste time listening to all the negative stuff here. As someone said earlier "Go to it, life is short".
Just because a few guys here bought high and don't want to sell low is not your problem. Invest better than they did and you will come out winning. (Without the leg breaking mafia clowns)
And keep it in your name only.

I agree with your philosophy in general terms, but check the original post. She says she's broke. She thinks Puerto Plata is a wealthy area. A little reality orientation may be in order.

 

[melphis]

Thanks but I read it. If she has money to buy in someone else's name then she has some money. I agree about Puerto Plata but one man's shithole is another man's castle. It's all about personal happiness.

 

[malko]

It also doesn't help that the OP is not putting a number/estimate on the house she/he wishes to aquire.

" Happy to live stark naked under a platanos tree" or words to that effect.
There are LOTS and LOTS of places in the DR where 50k$ will get you an OK-ish place to live.
200k$ will get you a big a.ss house and lots of land.

OP needs to shop around for a bit, you can rent a " typical dominican" house in the country side for 50$ a month.

 

[CristoRey]

Oh dear, Please don't waste your money or time buying here. Biggest mistake of my life and what you are saying sounds like it would be the same for you.
Only way I would suggest someone to buy here is if they have tons of money or a steady income from back home etc.. You will get scammed, lied to, conned and it is not easy to make money. It's not the paradise you may think it is. Vacationing is nothing like living here, I cannot stress that enough!

I almost feel guilty bc I get to leave soon, so many are stuck here and can't sell their houses or just stuck and don't have money to leave at all.

shasha14
I suggest if you are serious about buying something that you move down here first and rent for a couple of years.
I could not tell you how many people I have met since moving down here 9 yrs ago who have been screwed out of a lot of money
simply for making "investment decisions" they would have never made back home in places like the USA or Canada.
Understanding their language is one thing, understanding their culture is something else.

 

[bob saunders]

Oh dear, Please don't waste your money or time buying here. Biggest mistake of my life and what you are saying sounds like it would be the same for you.
Only way I would suggest someone to buy here is if they have tons of money or a steady income from back home etc.. You will get scammed, lied to, conned and it is not easy to make money. It's not the paradise you may think it is. Vacationing is nothing like living here, I cannot stress that enough!

I almost feel guilty bc I get to leave soon, so many are stuck here and can't sell their houses or just stuck and don't have money to leave at all.

I dont regret buying here at all but then I am married to an educated Dominican with business interests and rental properties, plus I have a reasonable large indexed pension that isnt affected,m by anything other than the exchange rate. I haven't been scammed, and I have been lied to by contractors in three different countries so its due diligence, a responsibility. Didn't you buy a nice large house surrounded by a poor Barrio? I am an expert at saying no to people and dress like I am poor.

 

[Africaida]

I dont regret buying here at all but then I am married to an educated Dominican with business interests and rental properties, plus I have a reasonable large indexed pension that isnt affected,m by anything other than the exchange rate. I haven't been scammed, and I have been lied to by contractors in three different countries so its due diligence, a responsibility. Didn't you buy a nice large house surrounded by a poor Barrio? I am an expert at saying no to people and dress like I am poor.

That makes ALL the difference Bob, She had more than a good heart.

 

[Asan]

I am a born a raised Dominican, I would not buy a house in the name of one of my siblings. You need to RUN from anyone suggesting such an idea, once in that person’s name you will lose all claim to that property. There have been a bunch of Dominicans ripped off by very nice dominicans who come from wealthy family ( I have multiple family members who lost a ton of cash this way).

It would be best if you live in the country and get familiar with how things work there.

 

[bob saunders]

That makes ALL the difference Bob, She had more than a good heart.

She has, unfortunately due to her good heart , been ripped off by those she considered friends. The amazing thing, is several of those people act like the deceit and theft never happened. I have heard a thousand stories about people ripped off by family here in the DR. I take gossip with a grain of salt but I am sure there is a lot of truth in those stories.