I am considering buying a place in the D.R. and living there at some point, as a first or second residence. I would really appreciate the opinion of regular ex pats without a horse in the race to give me your opinion. I am a single guy, 57, and may retire and start a new life somewhere, in one to five years. I love the country's beauty, and am thinking of buying a condo. In your opinion, do you think I can buy a one bedroom house somewhere for 50k or less, and rent it out if I want? What area gives me a better chance if I want to sell it in 5 years to make money, and not lose 20% or more. Thanks for your help.
- Thread starter Mattinnorfolk
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Should I buy A Condo in Sosua or in the D.R. (Expats opinion wanted) Gracias
Your going to get a lot of opinions all across the board on this one. So be ready. If your looking to buy as an investment to sell within a short time frame....five years ....don't buy. Its much easier to buy than sell as a safe rule.
To buy a place long term to rent out before you live here makes sense if you have to own.
I would rent and stay as long as you can in an area of intrest before you buy. If I was your age I wouldn't buy at all but rent.
Good luck.
drescape24
To buy a place long term to rent out before you live here makes sense if you have to own.
I would rent and stay as long as you can in an area of intrest before you buy. If I was your age I wouldn't buy at all but rent.
Good luck.
drescape24
I guess that you would say that I have a horse in the race, but, even so, I think this is worth considering.
If you are planning to rent, in order to maximize the rental opportunities, you should get something with 2 bedrooms.
If you are only going to be here some of the time, a condo is your best bet.......if the condo complex is well maintained and administered and if the condo has an active program to keep apartments rented for owners who wish that.
My horse is that the condo where I live is one you should consider. It is older, so prices much lower than the new condos, it is very well maintained, has, probably, the best administrator on the north coast, and the apartments are actively rented by the administrator. We get a lot of repeat business, partly because of the location.
If at some point you want more information, send me a PM.
If you are planning to rent, in order to maximize the rental opportunities, you should get something with 2 bedrooms.
If you are only going to be here some of the time, a condo is your best bet.......if the condo complex is well maintained and administered and if the condo has an active program to keep apartments rented for owners who wish that.
My horse is that the condo where I live is one you should consider. It is older, so prices much lower than the new condos, it is very well maintained, has, probably, the best administrator on the north coast, and the apartments are actively rented by the administrator. We get a lot of repeat business, partly because of the location.
If at some point you want more information, send me a PM.
if you are not going to be here full time, buy an apartment, not a house.. and get one that has some management.. or else you have no possiblilty to rent it. Not a bad plan but do not know the market up there.. and .. do not bank on selling it in 5 years.
So if you can do without the money.. and can find a place.. and will be here a month or so.. and can find management...
your price range seems low for anything close to the beach.. but maybe not.. and anything away from the beach will be hard to rent
Ken, can one get a two bedroom up there for 50k? I would have thought Maybe a studio...
So if you can do without the money.. and can find a place.. and will be here a month or so.. and can find management...
your price range seems low for anything close to the beach.. but maybe not.. and anything away from the beach will be hard to rent
Ken, can one get a two bedroom up there for 50k? I would have thought Maybe a studio...
No. Seems I skipped that part of his message. Nothing where I live for him.
He needs to come here and make a search. I am sure he can put a roof over his head for 50K, but he needs to be here to see what the trade offs will be.
The best advice I have seen on this board whenever someone asks this question is: "Rent first, for at least six months or a year, then decide if you want to buy and where."
Thanks
I can go higher, but do not want to go more then 70-80 k. The other reason I am interested is to own some assets out of the USA. I could always buy in a different area other then Sosua. I am not crazy about the east coast or the capital city. Do you consider the Dominican banks safe? Thanks to everyone for their help.
I can go higher, but do not want to go more then 70-80 k. The other reason I am interested is to own some assets out of the USA. I could always buy in a different area other then Sosua. I am not crazy about the east coast or the capital city. Do you consider the Dominican banks safe? Thanks to everyone for their help.
I am also doing this to diversify some assets out of the USA and have a place outside the USA to hang my hat since I know I will not stay here when I walk from the job, and I am ready to start a second life and business somewhere else. Are the banks solid there?
My summary:
The forex risk is too high to change US dollars to pesos despite what seems to be high CD interest rates. I do not recommend you ever do this with more than 10% of your assets if at all.
Condo in a place that has great management is your best bet. They can rent it if you are not here and you overall will have less of a hassle.
A house that you purchase now to rent out and then eventually live in is not a good idea. There is nobody that can manage that well remotely.
And the golden rule as already mentioned: Rent for 6 months before you buy anything.
The forex risk is too high to change US dollars to pesos despite what seems to be high CD interest rates. I do not recommend you ever do this with more than 10% of your assets if at all.
Condo in a place that has great management is your best bet. They can rent it if you are not here and you overall will have less of a hassle.
A house that you purchase now to rent out and then eventually live in is not a good idea. There is nobody that can manage that well remotely.
And the golden rule as already mentioned: Rent for 6 months before you buy anything.
RE prices in Sosua will skyrocket very soon! When instead of the current dirty small beach that nobody needs a big modern port for ocean mega ships will be built and operational. Thousands and thousands of cruise tourists will fill the village! They will want many restaurants to eat and many cheap hotels to have fast sex with prostitutes! Sosua will see a great economic future with HUGE upside potential! Now is the great time to buy! Before it is late!
Do not rush into anything because of what Valeri said!!!!!!
For the money you have a condo sounds like a better idea, safer when away if it has security and easier to rent out with management companies.
Please remember money leaves your wallet quickly here and come prepared for extra emergency things, bc they will happen and maybe often!!
For the money you have a condo sounds like a better idea, safer when away if it has security and easier to rent out with management companies.
Please remember money leaves your wallet quickly here and come prepared for extra emergency things, bc they will happen and maybe often!!
You may get a response from "Dark Scorpion" saying that anyone who puts money in a Dominican bank is crazy, but really if you are going to be renting out a property it is probably hard to do without an account. I have US$ and RD$ accounts but don't keep much cash in them. As you know, banks everywhere are thieves, but here there is no government guarantee should things go wrong.
Since the port is to be in Maimon Bay, I think any impact on Sosua will be minimal.
"Val" is stuck with a piece of property she can't unload.
It's not worth what she paid for it.
It has pushed her "Over-The-Edge", so don't pay her any mind!
She is obsessed with the prostitutes, and their "John's" for reasons no one has been able to decipher!
RENT FIRST,RENT FIRST,RENT FIRST!
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It's not worth what she paid for it.
It has pushed her "Over-The-Edge", so don't pay her any mind!
She is obsessed with the prostitutes, and their "John's" for reasons no one has been able to decipher!
RENT FIRST,RENT FIRST,RENT FIRST!
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
Unless the house is also located in a well managed gated community, with a good rental program. Yes, far and few between, but they do exist.
Ok, I just saw what the budget was. Not possible at that amount for a villa.
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