R
Rich
Guest
Can anyone tell me if it is possiable for an american citizen to buy or build a decent house in santiago for approx, 20,000.00 to 30,000.00 usd?
Housing in Santiago
H
hillbilly
Guest
Not possible in the city.
You can get a good start on one, or build a very modest one for that. All depends on what you want or need. But half a million pesos won't go far in construction. By coincidence an engineer friend of mine just walked in and I asked him your question. His answer? "A very small one if they already have the land."
HB
You can get a good start on one, or build a very modest one for that. All depends on what you want or need. But half a million pesos won't go far in construction. By coincidence an engineer friend of mine just walked in and I asked him your question. His answer? "A very small one if they already have the land."
HB
J
JohnS
Guest
Re: Not possible in the city.
Please correct me if I am wrong when calling DR a "developing country", but I am always confused about the relationship between average income and cost of living in developing countries.
If people in countries like DR, make a fraction of what people make in Europe, one would think that cost of living would be a fraction!? In my home town in Sweden, anybody with a decent job can afford a good place to live in a nice neighbourhood. And if you move to a small town in the countryside, you can buy a house of typically 170 square meters for c. US$ 50.000. That will include a separate garage for the car and a garden, most probably with apple trees and plum trees.
But in DR, you have to put up a fortune to get a decent place to live!? Often, even more than in Sweden??? But I guess there are enough rich people there to maintain a real estate market...
It does make me a little worried though, since I now realize I have to bring a massive sum of money even to get a place to live!!! Geez...
Please correct me if I am wrong when calling DR a "developing country", but I am always confused about the relationship between average income and cost of living in developing countries.
If people in countries like DR, make a fraction of what people make in Europe, one would think that cost of living would be a fraction!? In my home town in Sweden, anybody with a decent job can afford a good place to live in a nice neighbourhood. And if you move to a small town in the countryside, you can buy a house of typically 170 square meters for c. US$ 50.000. That will include a separate garage for the car and a garden, most probably with apple trees and plum trees.
But in DR, you have to put up a fortune to get a decent place to live!? Often, even more than in Sweden??? But I guess there are enough rich people there to maintain a real estate market...
It does make me a little worried though, since I now realize I have to bring a massive sum of money even to get a place to live!!! Geez...
A
azb
Guest
Re: Not possible in the city.
This is correct, people in DR do make fraction of the sum of what people make in USA and in Europe. However, the same people live in slums where you wouldn?t leave your dog alone for a few minutes. Vast majority of people live in barrios with a tin roof and curtains for doors. Water, only a few hours in a day and long black outs. Needless to say, many don?t pay for electric yet they have phones in the house.
To find a house in a decent area, you would have to pay and pay dearly for the comfort and for the real estate value. I am looking to spend 80k US to buy a house and all I see is mediocre type average sized houses in not so great areas. In fact, 80K is a joke if you are looking for a nice good-sized house in a respectable area.
Solution: Look for a land outside of Santiago (15 mins drive) ex: auto pista Duarte towards moca but close to Santiago or towards Licey but close to the main road leading to licey, yet, still close enough to Santiago.
A friend of mine bought a huge sized property in a campo near Santiago (can?t remember where) and built her own house. A mansion for the cost of an average sized house in Santiago city. The bad point is that the dirt road is rough leading to her town; just imagine when it rains.
This is correct, people in DR do make fraction of the sum of what people make in USA and in Europe. However, the same people live in slums where you wouldn?t leave your dog alone for a few minutes. Vast majority of people live in barrios with a tin roof and curtains for doors. Water, only a few hours in a day and long black outs. Needless to say, many don?t pay for electric yet they have phones in the house.
To find a house in a decent area, you would have to pay and pay dearly for the comfort and for the real estate value. I am looking to spend 80k US to buy a house and all I see is mediocre type average sized houses in not so great areas. In fact, 80K is a joke if you are looking for a nice good-sized house in a respectable area.
Solution: Look for a land outside of Santiago (15 mins drive) ex: auto pista Duarte towards moca but close to Santiago or towards Licey but close to the main road leading to licey, yet, still close enough to Santiago.
A friend of mine bought a huge sized property in a campo near Santiago (can?t remember where) and built her own house. A mansion for the cost of an average sized house in Santiago city. The bad point is that the dirt road is rough leading to her town; just imagine when it rains.
S
Stephen Hadley
Guest
Re: Not possible in the city.
People at low income levels live in a shack you would be embarrassed to put your garden tools into. Additionally, they will be living with multiple family members. Alternatively, they may be living in an inherited home or one built in better times.
On top of this, they may not own the land they live on. If you REALLY want to live that way, your cost of living could be as low as theirs. Many people in the country make just enough for rice and beans and thats it.
I have seen small but nice concrete houses in the country being sold for 50K. If you find such a deal, you may have trouble getting a clear title and the owner is likely selling at a loss.
If you want to live cheap RENT... Its easier and cheaper anyway.
People at low income levels live in a shack you would be embarrassed to put your garden tools into. Additionally, they will be living with multiple family members. Alternatively, they may be living in an inherited home or one built in better times.
On top of this, they may not own the land they live on. If you REALLY want to live that way, your cost of living could be as low as theirs. Many people in the country make just enough for rice and beans and thats it.
I have seen small but nice concrete houses in the country being sold for 50K. If you find such a deal, you may have trouble getting a clear title and the owner is likely selling at a loss.
If you want to live cheap RENT... Its easier and cheaper anyway.
H
hillbilly
Guest
A few points
1) There is a growing middle class: Bank managers, Insurance Execs, People in Commerce. People with betting parlors! Believe me the informal economy is booming!.
2) An average sized apartment will cost over RD$1,000,000. There is financing available thru the Savings and Loan Asso.
3) An example of how things went. I bought my first house for 18,500 US$. I sold it for 22,500 and bought this one for 35,000/.. I could afford all this on what my wife and I made as teachers at the university. We were paying the S&L $203 a month on the morgage. It is now free and clear.
HOWEVER, things have changed. the avenue where we live is now considered the 5th Ave of Santiago, the price of land has literally skyrocketed, and what I paid 35,000 for is now appraised by the bank at over 720,000. Perhaps the only really good deal we have ever made. The lady that sold us the house bought one in Santo Domingo for 45,000, 1000 mt2 on Bolivar!. It is now worth zillions!
With these examples you can see why many people are opting for apartments, from RD$800,00 up to 5 mil...( You can divide by 17 to see dollars.)
What AZB said about going out of town is quite right. There are still gems to be found. It would take some work on your part, but it is possible...
Good Luck
HB
1) There is a growing middle class: Bank managers, Insurance Execs, People in Commerce. People with betting parlors! Believe me the informal economy is booming!.
2) An average sized apartment will cost over RD$1,000,000. There is financing available thru the Savings and Loan Asso.
3) An example of how things went. I bought my first house for 18,500 US$. I sold it for 22,500 and bought this one for 35,000/.. I could afford all this on what my wife and I made as teachers at the university. We were paying the S&L $203 a month on the morgage. It is now free and clear.
HOWEVER, things have changed. the avenue where we live is now considered the 5th Ave of Santiago, the price of land has literally skyrocketed, and what I paid 35,000 for is now appraised by the bank at over 720,000. Perhaps the only really good deal we have ever made. The lady that sold us the house bought one in Santo Domingo for 45,000, 1000 mt2 on Bolivar!. It is now worth zillions!
With these examples you can see why many people are opting for apartments, from RD$800,00 up to 5 mil...( You can divide by 17 to see dollars.)
What AZB said about going out of town is quite right. There are still gems to be found. It would take some work on your part, but it is possible...
Good Luck
HB
D
Dan
Guest
I am buying a house from my parents in the (campo) outside of Santiago and I am paying $60,000 US for it. You can't even get a nice place outside of the city for that amount easily. I'm getting the deal I'm getting because I am buing it from my own parents.
P
pascal
Guest
Just to make sure we are dealing with tings that can actually be compared . You wouldn' not find in most european country a decent place below 100 to 150,000 US dollars . This is in the UK, Germany, France ,Belgium , the netherlands and even Spain nowadays and and and ....
I have sold my small house in France a few years back before I got on to visit more of europe and have just about afford to build the first floor of my ' construction ' in M.C. This is far away of the city so guess what it is like in a city.
Pascal
I have sold my small house in France a few years back before I got on to visit more of europe and have just about afford to build the first floor of my ' construction ' in M.C. This is far away of the city so guess what it is like in a city.
Pascal
K
Kuda
Guest
You're lucky you don't live in Denver, where the average home purchase price is $240,000 USD. My house doubled in the last 7 years, but I can't afford to buy it now. Santiago sounds like a great deal to me. Jump on it!!
J
JohnS
Guest
Re: A few points
The problem with living out of town is that I fear my "mansion" will become my prison! At the moment I live out of town, in the Asir mountains of south western Saudi-Arabia. The nearest town is called Khamish and it has nothing to offer me. This is Saudi and even here, Khamish is considered boring.
I want to be able to ride my bicycle down to the gym at night, zip over to the supermarket to get some garam masala when I want to cook indian, look at Cecilia form the dinner table and say, Hey, let's go to the Opera tonight!
Why is life so difficult? Sigh... Why can't I ever settle for less...
The problem with living out of town is that I fear my "mansion" will become my prison! At the moment I live out of town, in the Asir mountains of south western Saudi-Arabia. The nearest town is called Khamish and it has nothing to offer me. This is Saudi and even here, Khamish is considered boring.
I want to be able to ride my bicycle down to the gym at night, zip over to the supermarket to get some garam masala when I want to cook indian, look at Cecilia form the dinner table and say, Hey, let's go to the Opera tonight!
Why is life so difficult? Sigh... Why can't I ever settle for less...
A
azb
Guest
Re: A few points
Seems like you are cut-out for a new york type lifestyle.
JohnC, when you come to santiago, let me know, I think i can help you with something better than Gram masala (food for your soul).
AZB, the (self appointed) best indian / pakistani cook in DR.
See ya
Seems like you are cut-out for a new york type lifestyle.
JohnC, when you come to santiago, let me know, I think i can help you with something better than Gram masala (food for your soul).
AZB, the (self appointed) best indian / pakistani cook in DR.
See ya
A
azb
Guest
Dan, can we get in touch? I want to see your house as I am also in the process of finding a deal like yours. I just want to see what 60,000 dollars can buy (and in what location).
can you give me your e mail?
Thanks
my e mail: aftab@bigfoot.com
can you give me your e mail?
Thanks
my e mail: aftab@bigfoot.com
J
JohnS
Guest
Re: A few points (AZB)
Funny you should mention New York! I used to have a girlfriend, who lived in Chester, New York. She was born in Queens and grew up there. Whenever I visited her, we would take the bus to the city for a show, dinner, shopping or just hanging out in the Village. I remember one special night at MahWas! Sigh...
I must have been to Manhattan ten times and I just love it! I wish I could live there! To some extent, I feel like a New Yorker and I literally had tears in my eyes, when I saw the Sept 11. attack on "MY" city! It was very, very hard to face my arab colleagues the next day at work....
Funny you should mention New York! I used to have a girlfriend, who lived in Chester, New York. She was born in Queens and grew up there. Whenever I visited her, we would take the bus to the city for a show, dinner, shopping or just hanging out in the Village. I remember one special night at MahWas! Sigh...
I must have been to Manhattan ten times and I just love it! I wish I could live there! To some extent, I feel like a New Yorker and I literally had tears in my eyes, when I saw the Sept 11. attack on "MY" city! It was very, very hard to face my arab colleagues the next day at work....
E
El Jefecito
Guest
Know what you mean...I'm in the Springs and bought my house as in 92 for 54,500, latest market value, low end 110,000, in Denver probably would be 170,000.
A
azb
Guest
Re: A few points (AZB)
JohnS,
I grew up in NYC (queens). Believe me, you don't want to live there long. Its fun being there for vacation and spending time in village but NYC is not for everyone. I left everything in NYC and Atlanta to live in this peaceful island. I was just in NYC last week and you are right, it was sad to see Manhattan without the twin towers.
I must assure you that all of my Muslim friends in NYC are not proud of what happened on 9/11. We are all affected by this incident one way or another. Many of my fiends have lost their jobs; in fact a good friend of mine is injured from the falling rubble.
Here, in DR, we are also struck badly by the decaying economy. I used to make good money everyday and now I am lucky if I can make ends meet with the flow of patients that I see now. All of my MD friends are hurting. People just don?t have the money.
To get back to my original point:
I can understand your feeling towards your Arab / Muslim colleagues the next day but I assure you that they are just as innocent of the 9/11 attack like you and I.
To change the topic:
Let me know when you would be in town so we can make the arrangements to meet. I would like to know what you do in Saudi Arabia and how you got there? Are you in the military or work for some petroleum company? Engineer?
Contact me via my e mail please. aftab@bigfoot.com
Have a nice day.
AZB
JohnS,
I grew up in NYC (queens). Believe me, you don't want to live there long. Its fun being there for vacation and spending time in village but NYC is not for everyone. I left everything in NYC and Atlanta to live in this peaceful island. I was just in NYC last week and you are right, it was sad to see Manhattan without the twin towers.
I must assure you that all of my Muslim friends in NYC are not proud of what happened on 9/11. We are all affected by this incident one way or another. Many of my fiends have lost their jobs; in fact a good friend of mine is injured from the falling rubble.
Here, in DR, we are also struck badly by the decaying economy. I used to make good money everyday and now I am lucky if I can make ends meet with the flow of patients that I see now. All of my MD friends are hurting. People just don?t have the money.
To get back to my original point:
I can understand your feeling towards your Arab / Muslim colleagues the next day but I assure you that they are just as innocent of the 9/11 attack like you and I.
To change the topic:
Let me know when you would be in town so we can make the arrangements to meet. I would like to know what you do in Saudi Arabia and how you got there? Are you in the military or work for some petroleum company? Engineer?
Contact me via my e mail please. aftab@bigfoot.com
Have a nice day.
AZB
P
Pib
Guest
HB: A few *more* points
"...is now appraised by the bank at over 720,000"
HB, didn't you miss a zero there? I would swear you did.
As for what others have said, yes, real state is too darn expensive in DR. Furthermore, banks are nothing but stinking loan sharks. I am paying 24% to my bank and they refused to lower the rate even after all other banks did, La Nacional is even charging 18% for about the same ammount I took from my bank. I will soon check to switch banks, which by the way with all the "legal expenses" and such and such will probably cost me an arm and a leg. And who knows, it may even cost me another part of my anatomy that doesn't come in pairs.
"...is now appraised by the bank at over 720,000"
HB, didn't you miss a zero there? I would swear you did.
As for what others have said, yes, real state is too darn expensive in DR. Furthermore, banks are nothing but stinking loan sharks. I am paying 24% to my bank and they refused to lower the rate even after all other banks did, La Nacional is even charging 18% for about the same ammount I took from my bank. I will soon check to switch banks, which by the way with all the "legal expenses" and such and such will probably cost me an arm and a leg. And who knows, it may even cost me another part of my anatomy that doesn't come in pairs.
D
Duarte
Guest
Re: A few points
Unfortunately most people want exactly the same thing as you, so everybody crowds into one area and prices go through the roof. I'm currently grappling with the same issues. I want to get a house in the DR, but should I get it in my hometown where I can get it cheap, but may be bored after a little while, or should I pay a lot more to live in the big city, where you can find pretty much everything? I think that real state in the DR is relatively cheap compared to other places. It all depends on where you want to live. In my hometown of Cotui, I could find a very, very nice place for around $50,000. If I want to live in Arroyo Hondo, however, I will need at least $250,000, but when you compare it with other places it is cheap, because Arroyo Hondo is top of the line in the DR. To get a comparable house in a top of the line neighborhood, here in Detroit I will need $500,000+. The biggest issue in the DR is financing. That's what makes the difference. Here in the US I can get a house with 5% down, financed to 30 years at about 6% yearly interest. In the DR you will most likely need at least 30% down, financed to 10 or 15 years and interest rates are 20%+. My advice is, if you have to borrow, then borrow as much as you can in the US or Europe at the lower rates, instead of borrowing in the DR.
Unfortunately most people want exactly the same thing as you, so everybody crowds into one area and prices go through the roof. I'm currently grappling with the same issues. I want to get a house in the DR, but should I get it in my hometown where I can get it cheap, but may be bored after a little while, or should I pay a lot more to live in the big city, where you can find pretty much everything? I think that real state in the DR is relatively cheap compared to other places. It all depends on where you want to live. In my hometown of Cotui, I could find a very, very nice place for around $50,000. If I want to live in Arroyo Hondo, however, I will need at least $250,000, but when you compare it with other places it is cheap, because Arroyo Hondo is top of the line in the DR. To get a comparable house in a top of the line neighborhood, here in Detroit I will need $500,000+. The biggest issue in the DR is financing. That's what makes the difference. Here in the US I can get a house with 5% down, financed to 30 years at about 6% yearly interest. In the DR you will most likely need at least 30% down, financed to 10 or 15 years and interest rates are 20%+. My advice is, if you have to borrow, then borrow as much as you can in the US or Europe at the lower rates, instead of borrowing in the DR.
M
Maria Obetsanov
Guest
Re: Not possible in the city.
My parents build in Licey a few years back they spend around $140,000 US they already had the land it is a mansion I did floor plans. Less developed is Licey Arriba, nice area I have a large lot where to build mine. Not too far from New Airport. Licey is too tightly developed for my taste.
My parents build in Licey a few years back they spend around $140,000 US they already had the land it is a mansion I did floor plans. Less developed is Licey Arriba, nice area I have a large lot where to build mine. Not too far from New Airport. Licey is too tightly developed for my taste.