See, I told you :bunny::bunny:
May I tell'em so too, again.
Look, to make a long story short, something I am not really good at, check out the Real Estate section of this Forum. And read, read, read.
I think that besides the direct suggestions, not to say "urging" NOT to buy until having LIVED here for many months (6 or more preferably), others' stories (people who haven't had or have chosen to disregard that advise over the rush-rush "recommendations" of a hungry "agent") may suggest to you to hit the brakes NOW.
Look, I am NOT saying DO NOT buy. Just DON'T before you know from experiencing you really can live here, cope with the not so sunny aspects of living in a third world country and get to know locations on you own. Buying comes easy here, virtually everything is for sale here, and don't worry, it will still be in a year or two from here. No rush.
SELLING however is NOT easy at all here. Properties linger on the market at times for years, even after the seller succumbed to the fact that he/she may have to take a loss!
Also keep in mind that some of the condos here have developer run management, which may seem charming and promising at first, but soon, you might find out, that they do not "listen" much to their residents and rather tend to run the place as they see fit or better said most profitable for them and their subsidiaries (the contractors they hand the work to), and all that, at an often surprisingly high price. You don't like it, you try and face them.
So, it takes some "immersion" first, in order to make a good and educated buy/investment.
Your necessary income will depend a lot on such as the following factors:
- Do you intend to own a vehicle (cost and risk exposure).
- Do you insist on 24/7 electric power (at all cost).
- Will you mostly prepare your own meals or eat out a lot
- Do you plan to eat Dominican style or as you may be used in you home country.
- Do you insist on A/C comfort as some may be used to in the US (all rooms, 24/7).
- Do you expect/need security.
As some recent thread will suggest, one can live cheaply in the DR. Much cheaper than in the US or most of central EU.
However, as soon as you expect living comfort and amenities like you will probably be used to where ever you come from, these costs can be higher, some even much higher.
... J-D.