Think of moving to Cabarete.

FRANK E.

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May 12, 2010
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My wife and I want to retire in the Caribbean and recently visited Cabarete. We believe we have found the place for us. We spent some time with a real estate agent and found several places of interest. I asked this question of the agent, and would like to pose it here. If I pay cash for a condo and don't have to pay rent, how much would we need to live comfortably? We are both 57 and I am retired from the military. We don't want to draw on our 401k's just yet, so we would have to live on about $20,000 US annually. Whats your opinion?
Frank E.
 
Mar 1, 2009
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Hello, could you please PM me the name and number of that real estate agent. My brother and his wife, want to look into that area as well. Oh by the way good luck and welcome to DR1.
 
May 24, 2009
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www.swellsurfcamp.com
Same advice, don't buy before you have rented - there are so many factors to getting the 'right' place in Cabarete and as was said before, once you have bought, you are likely not to be able to re-sell that property for a considerable time. Windeguy has asked you some very good questions as those factors will make up the majority of your expenditure here. Agents earn very good commissions (around 10%) and there's a standing joke in Cabarete/Sosua that 'everyone' is an agent so make sure that you seek advice from someone who really has nothing to gain from your purchase. Good luck.
 

oriole100

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Oct 9, 2005
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WE live here. A car, and you will need one, will cost you about $10,000.00 for a good one. As said above, Condo fee plus elect, About $500-700, depends on how much elect. A/c, you use. You can't really get a job here that pays. Life here is Great, but it is not easy. As said rent for 6 mon.-Year. You'll no if this is for you and your wife. This is different from a vacation. We love it but you have to adapt.
 

CFA123

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May 29, 2004
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renting for a while isnt fool proof either

but it's not as big a monetary commitment should you have made a poor decision - and giving up a few months rent you can walk away any time, even to a complex next door. Also in a year's time you can really gather a significantly better ability to judge where you want to buy (or if you want to).

Frank, if you are comfortable mentioning the name of the complex where you're thinking to buy, several of us who live here and have already responded to you can give you our opinions of the place & things to consider.
 

J D Sauser

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Nov 20, 2004
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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.
 

FRANK E.

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May 12, 2010
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Thinking of moving to Cabarete

Thanks to all who have responded to my query! A little more info for all to ponder. Though we met with a Realtor, we are not ready to buy at the moment. We were just looking and the realtor was aware of that fact and was most helpful in many ways. We plan to return in August for a few days just to wander around town and get more familiar with the surroundings. Next spring is when we plan to make our move. We plan on cooking most of our meals, owning a car and hopefully playing golf once a week. One complex that we looked at and liked was Blue Fish. Most of the ads I read on the internet have condo fees that cover water, grounds, pool and security. What I'm looking for is an average monthly electric bill, phone bill, cable / internet bill , basic car insurance etc.
Frank
 
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J D Sauser

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Thanks to all who have responded to my query! A little more info for all to ponder... What I'm looking for is an average monthly electric bill, phone bill, cable / internet bill , basic car insurance etc.
Frank

Well, see... here's just a good example to expand on: "Basic car insurance" will only cover the basic legally required liability... and only up to about a ridiculous 3 or 4 thousand Dollars! It's like driving without insurance. Most locals have just that and when they'll hit YOU that's all they will be good for. However, the other way around... YOU will be asked in no uncertain terms to be responsible to the last nickle, way beyond your insurance's low limit. "Basic" car insurance, will also guarantee you to a stay at a Dominican jail, should anybody be injured in an accident... until things are sorted out.

It's just a hint towards life here being different, often VERY different than what you may expect or be used to from where you come from. And it reaches way beyond cars and insurance. Hence, and again, LIVE here UNCOMMITTED for a good while, until you KNOW the country beyond it's beauty.

Forget that "agent", you don't need him now. You don't need him for a long time to come. He needs you... but that's not your problem. :D

... J-D.
 
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Adrian Bye

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YOU will be asked in no uncertain terms to be responsible to the last nickle, way beyond your insurance's low limit. "Basic" car insurance, will also guarantee you to a stay at a Dominican jail, should anybody be injured in an accident... until things are sorted out.

Can you point to some examples of this? it has not been my experience.
 

CFA123

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May 29, 2004
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Frank,
I can't help you with Blue Fish other than to say I can't recall having heard anything negative about it. Although it's close to Cabarete, I don't know anyone living in the Perla Marina area to provide the inside scoop. For whatever my impression's worth, you could choose worse locations. Worth a shot to rent in that area & find out if you like it. With time, you'll know if the homeowner's association is good or a contentious group, you'll know if there are security issues, you'll know how well maintained it truly is, you'll know your neighbors, etc, etc.

and the best part... you can quite likely learn who is selling their apartment, go to them directly even if listed with a realtor (or seven realtors), and be able to bypass commissions. You could easily make back money spent on rent with this alone. A realtor here is not really good for much more than showing you properties that you can't get into by yourself, writing up an offer, and giving advice (sometimes questionable) to the uninitiated. On top of that, it's to their advantage to help the seller get top dollar as it affects their commission. The closing attorney is ultimately the one you need to work with and have on your side.

ps: don't even let your friendly neighbor Bob introduce you to the owner of the apartment for sale. if he does, you can almost bet the seller is having to set aside some commmission for Bob ;)
 
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Bob K

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Aug 16, 2004
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CFA

"A realtor here is not really good for much more than showing you properties that you can't get into by yourself, writing up an offer, and giving advice (sometimes questionable) to the uninitiated."

Boy I wish that is all we did as my life would be much easier. Sorry but we do much more then that and spend countless hours to make sure our clients are getting what they want and need. Not to mention the months (sometimes longer) we spend with them after the "sale" and "move in" to make sure al is going well. We are not all used car salemen.

Bob K
 

CFA123

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Bob,
I should've worded it better, but it appears we are in agreement.

"we... spend countless hours to make sure our clients are getting what they want and need.

CFA123 said:
"A realtor ... is not really good for much more than showing you properties that you can't get into by yourself

I should've said "a realtor is good for helping one find a property if you are unfamiliar with the area and haven't found an apartment on your own that you like"

Not to mention the months (sometimes longer) we spend with them after the "sale" and "move in" to make sure al is going well.

CFA123 said:
"A realtor here is not really good for much more than... and giving advice (sometimes questionable) to the uninitiated."

I think that's saying about the same thing.

Let me say it as I probably should have first time around:
Frank, as someone with little local knowledge, a realtor can help you locate suitable properties to consider that you wouldn't find on your own, draw up an offer, and provide you with advice (sometimes questionable) before and after the sale. If however thru renting you find yourself in a complex you really like - you will know of what comes or is coming on the market. With the in-country experience and contacts you have at that point, you can make your offer direct to the owner and won't need the advice of a realtor on how to hook up utilities, where to buy a lamp, who to call to repair the roof,etc. since if you don't already know - you have made existing contacts while renting whom you can ask.

I don't disagree with you Bob, there are good realtors and they provide a good service to those that need them. Make yourself one that doesn't need them, however, and you can bypass their fees. I'm also not suggesting anyone do something shifty such as use a realtor to show them 50 properties for sale, then try to bypass the realtor on a property or area they were shown.
 

CFA123

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my error

Bob, to further clarify the reason for my advice.

I rented in a complex for almost 2 years and was very comfortable with the infrastructure, property management/maintenance, security, environment, etc.

A property came up for sale, and like so many was listed with umpteen realtors. Thinking a realtor was worth the money for their assistance, I picked one & asked them to show me the property. They came & I walked from my apartment to another just two buildings away with the realtor so they could 'let me in'. I liked what I saw (as I pretty much knew I would) and proceeded to make an offer.

The realtor's offer sheet format was atrocious, and I drew up one of my own (the 'brand name' realtor agreed with me & told me they would begin using my format for their future clients). The realtor presented the offer, handled the back and forth on price between me & the owner, then shuttled us off to the attorney. Other than calling to confirm the closing date/time & to sit there & pick up a check at closing, they did nothing else.

After closing, I have not once called the realtor to ask 'where can i buy bread, a toaster oven, go to hook up cable, etc, etc' as I already had all of that knowledge attained from my time here.

Had I just walked down & knocked on the owner's door, introduced myself, made an offer, and we'd gone to an attorney ourselves... I could've saved a bundle in commission.

I would, however, NEVER recommend someone who hasn't lived here attempt such a thing. It would then be the luck of the draw as to whether the place they want to buy is suitable for them. You just can't tell here by appearance. Someone without the experience and local knowledge, intent on buying would be taking a huge risk to do it on their own.

ps: when i mentioned friendly neighbor 'Bob' in my post above, I wasn't referring to you, BobK. an unfortunate choice of random name on my part.
 

J D Sauser

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Can you point to some examples of this? it has not been my experience.

If you only have the "Seguro legal" -the minimum requirement- you don't have "bail" [caucion] and neither casa del conductor included. That means that if there are seriously injured or even deaths ALL involved who do not have these protections can be held by the police until things are "sorted out".
I have FULL insurance, everything available to the max (Btw, my current policy is almost USD 3000.oo a year for a vehicle valued USD 34K).
When I got my accident, the one WHO HIT us, had fled the scene and was rumored "injured" or carrying an injured baby/child. We got held at the police office and our insurance, since it was included in the policy, sent a lawyer around prepared to post up to 1 Million Pesos bond or see to it that we'd get send to "la casa del conductor". Luckily, the story about the injured was BS and it so turned out that nobody besides me, walking away with a few very minor cuts from glass, was injured.

In case of doubt, ask the police, your legal counsel or a knowledgeable insurance specialist.

The police chief of Puerto Plata, upon asked some general questions, told me not even to try to "save" people, never load injured in your own car, even when you have no participation whatsoever in the accident, as you may get held at the hospital and subsequently at the police station (jail).
This is why, you will hear these stories of injured being dropped in FRONT of a hospital in a "fly by" action even by the "good Samaritan".

I am glad all this has not been your experience.

... J-D.
 

J D Sauser

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I should've said "a realtor is good for helping one find a property if you are unfamiliar with the area and haven't found an apartment on your own that you like"

... and IF you are unfamiliar with the area, you should NOT even consider buying yet. loops it back nicely, now does it?

I think that's the point after it's all said and debated.

Really, you can commission a good agent to help you find something effectively and to YOUR advantage, once you DO KNOW the regions you are interested in EXTENSIVELY and know the problems and issues of each and the prices. So you can tell him; "if you get in something like this and that at or bellow this price inside so-and-so development, CALL ME, I got the cash to do it".
It's like fishing, you wait at the spot you KNOW there is good catch, and don't just toss all your lures downriver to see if something comes a float at the dam.

It's like every BUY. You don't dance into a shoe store and ask the clerk to sell you the shoes HE find's for you... Even Al Bundee will bring you to ones he'll make the best commission on.
I think that seems logical to every one, even those who never considered themselves "investors". It is thus more surprising, that when it comes to a big ticket item like RE, people sometimes seem to go about it, like they'd be ordering just on other McBurger on Wednesdays. And on top of that, in a country they DO NOT KNOW, with laws they have not even yet considered to learn about and upon the advise of people they have never met before and are logically interested in a SALE.

... J-D.