Considering a condo/apartment

dgaulin

New member
Jan 6, 2016
13
0
0
Hello, I'm new to dr1. My wife and I are from the U.S. and considering purchasing a condo/apartment in the Punta Cana/Bavaro beach area. I'm just wondering which neighborhoods would be a good choice? Our price range won't allow beach front, but we don't mind walking 7-10 minutes to the beach. We may rent it out a bit, but long term, it will be used by us for lengthy stays when we retire.
 

chic

Silver
Nov 20, 2013
4,305
1
0
i believe if you like it go for it probably apt w/mangement... i like a large two bedroom over a same size 3 ...of course u funds should be in place ,,,,and im not recom. areas to you...but depending on your travel x's to d.r. a buyers rep...might /will save you alot...i.e. buying /looking is a daunting task ,,,back and forth travel adds up ...if you save 30Kus...its worth whatever....if less well u have expenses...
the larger squ ft the better... second or third floor...pick your views... try to stay in area one night... etc
 

DRdreaming

Member
Jul 29, 2014
242
21
18
Hello, I'm new to dr1. My wife and I are from the U.S. and considering purchasing a condo/apartment in the Punta Cana/Bavaro beach area. I'm just wondering which neighborhoods would be a good choice? Our price range won't allow beach front, but we don't mind walking 7-10 minutes to the beach. We may rent it out a bit, but long term, it will be used by us for lengthy stays when we retire.
El Cortecito or Los Corales are probably where you should look. Communities here include El Dorado, Grunwald, Palm Suites, Arenas de Bavaro, Estrella del Mar, Santa Maria, Sol Tropical, and others. All are a relatively short walk to the beach.

Sent from my BNTV600 using Tapatalk
 

Meemselle

Just A Few Words
Oct 27, 2014
2,841
383
83
Do not buy. EVER. You will never flip it for any kind of value and the loopholes/contingencies/traps for foreigners---do not go there. Rent. Lease. Do not buy.
 

LTSteve

Gold
Jul 9, 2010
5,449
23
38
Hello, I'm new to dr1. My wife and I are from the U.S. and considering purchasing a condo/apartment in the Punta Cana/Bavaro beach area. I'm just wondering which neighborhoods would be a good choice? Our price range won't allow beach front, but we don't mind walking 7-10 minutes to the beach. We may rent it out a bit, but long term, it will be used by us for lengthy stays when we retire.

Hi:

I would be a little cautious in buying a condo if you only plan on using it for a very short period during the year. It is difficult to manage when you are not there. Relying upon a condo management company is fine as long as you feel comfortable that you can trust them. Remember if you buy you will most likely have to pay a monthly maintenance fee, which will cover security, grounds and pool maintenance and other expenses incurred by the condo association. In addition you will have to pay the electric and cable/satellite bills monthly. Also any problems that come up, such as, hot water tanks being replaced and minor damage by your renter would need to be addressed. Do not include the cost of electricity in your monthly rental. This can vary, depending on the time of year and the use by a particular renter. The electric bill is the responsibility of the tenant. If they use A/C 24/7 the bill obviously will be a lot higher. Additionally electricity rates are generally higher overall than in North America. You also need to have your tenant sign a contract and explain to them that there is a security deposit and this CAN NOT be used towards the last months rent. The security deposit is just that, to cover damage to the apartment or it's content and will not be applied to the last months rent. Many tenants want to use the damage deposit to pay there last months rent. Make sure they understand this up front and you will have fewer problems at the end of their rental period. I have gone the route you are considering and if it was me I would simply rent for the time I was spending in the DR and not buy a property. Many have but the problem is when you are not in the country to oversea it many problems can occur that our out of your control. If you decide to buy make sure you find a condo complex with very good management people and excellent security. SECURITY is a high priority in the DR. You want to live in an area where you will feel secure and comfortable. Good luck and good travels.
 

dgaulin

New member
Jan 6, 2016
13
0
0
Thank you for your reply. I was a little concerned with that one response. My wife and I are coming down in March for a week and plan on looking at some of the neighborhoods mentioned. We are staying at the Melia Caribe Tropical and I believe we will be fairly close to those communities. I'm not looking to make a huge profit on my investment. I will be happy renting just enough to pay the monthly association fees and utilities. Our goal is to have a place we can come to whenever we want. Any additional suggestions would be appreciated.
 

drescape24

Bronze
Nov 2, 2011
1,918
0
36
Hello, welcome to dr1, I have multi properties in the DR, so I am coming from experience.
If your younger and still working and can afford to buy, then do so after staying in the complex you want to buy in.
If your retired, don't buy. Rent, because it's easy to get into property here, it take time to get out unless you unload it.
Anyone to talks about flipping property is mad. Advoid that conversation.
Good luck, I have no regrets about my purchases, but buying in the D.R. isn't for everyone.
 

Ron Anjero

New member
Aug 8, 2013
149
0
0
I add my voice to the "don't buy, rent". If you are willing to live a short distance from the beach, there are lots of places available for both long and short term. I can only suggest that you come and rent( for a few months) in the location(s) that you find during your visit at the Melia. We rent here for 4-6 months and what you see and learn about the condo complex will not be seen in two or three week stays. We have moved three time in the past 5 years. We thought about buying after year two but in year three we got the neighbors from hell. Valuable lesson learned and we moved on. Do you live in a condo in the US? Don't expect anything from the "condo association", in this country. This not something to rush into. Best of luck to you in any case.
 

william webster

Platinum
Jan 16, 2009
30,247
4,329
113
dgaulin

you will get varying opinions here on renting vs owning - as you would get anywhere.
Some rent their whole lives - never owning.
Others have an aversion to renting for a variety of reasons.

Many very good thinkers and businessmen/women own property in the DR....

As with any foreign land - learn the rules and use the professionals.... after determining your area.

Good luck
 

melphis

Living my Dream
Apr 18, 2013
3,489
1,676
113
I agree with William Webster. Several good investment opportunities here.There are a lot of good places in the El Corticito area and Bavaro. Look at as many as you can and try to spend some time in each complex. There are a few I would stay away from but those are personal preferences.
Try to talk to a few owners and even long term renters. You can get a pretty good feel from them.
 

ctrob

Silver
Nov 9, 2006
5,591
781
113
I wouldn't be afraid to buy at all. Just do your homework first. I've never bought a house anywhere without renting for a while so as to really check out the area/neighborhood. That should be a good rule to follow anywhere. And investigate occupancy rates if you're looking to rent it out a few months a year. There's a few different ways to do that.

Once you find a place you love, secure it. Who wants to be subject to the whims of a landlord - especially in the DR.
 

PJT

Silver
Jan 8, 2002
3,562
298
83
Penniless guarantees

Do not buy at this time. You need to spend more time in the country to get a real feel of its culture and behavior before you invest. There are too many traps for the uninformed, especially foreigners. There are more opportunities renting or leasing with a positive side of less stress for you. You come and go as you please without having to worry about the additional baggage of managing a property.

The Dominican government has taken in a great deal of wealth from foreign investors. Unfortunately, it has not enacted any special legislation or provided a reserved agency to protect the small foreign investors from the dealings of unscrupulous sellers, agents, developers, contractors, lawyers, banks, and government officials/agencies. You will receive a wealth of promises from sellers, services, and agencies that have penniless guarantees.

The DR has not realized that the concept and use of ethical business practices will bring to it more confidence in foreign investment.

Buyer beware.



Regards,

PJT
 

CristoRey

Welcome To Wonderland
Apr 1, 2014
11,713
7,974
113
My first piece of advice for anyone looking to buy property down here is DON'T.
My second piece of advice for anyone looking to buy property down here would be
to follow my first piece of advice.
 

ctrob

Silver
Nov 9, 2006
5,591
781
113
My first piece of advice for anyone looking to buy property down here is DON'T.
My second piece of advice for anyone looking to buy property down here would be
to follow my first piece of advice.

But there are plenty of established, well managed, gated communities where one can live happily and safely. And Law Firms you can trust to handle escrows/closings. Hence, do your homework and you'll be fine.

That's what the OP is doing with their post - homework.
 

CristoRey

Welcome To Wonderland
Apr 1, 2014
11,713
7,974
113
Don't buy, the headaches aren't worth it if your not at your property 85% or 90% of the time.
LC

100% correct because those same trusted people who have been left behind or hired to take care of the property will
gut it completely and strip it bare.
You may even come back to find someone else has moved in and you are no longer welcome in
the area you purchased your beautiful home in. BE VERY CAREFUL SHOULD YOU CHOOSE TO BUY SOMETHING
DOWN HERE. I can show all of you homes in and around Sosua that are completely gutted for this very same
reason.
 

dgaulin

New member
Jan 6, 2016
13
0
0
Wow, lots of negatives here. We are trying to find a place we can relax to a few months a year as we approach retirement. We can't live down there permanently cause we have grandkids.:(
 

SKY

Gold
Apr 11, 2004
13,470
3,604
113
Then rent a place whenever you come down and avoid the headaches. Because you will get a lot of headaches if you buy.
 

william webster

Platinum
Jan 16, 2009
30,247
4,329
113
Wow, lots of negatives here. We are trying to find a place we can relax to a few months a year as we approach retirement. We can't live down there permanently cause we have grandkids.:(

The positive comments rarely chip in here.... too much competition.

I live here happily 8-9 months a year.

Bought in my 2nd / 3rd trip.... built..... happy ever after

Jan 2008 = residency application
March 2008 = land purchase
Jan 2009 = move in

Each to his own...........

Ask BigBird.... he's quiet too.
He lives here - considered moving back for family reasons but now just flies more

I am not trying to impose my opinion or lifestyle on you.


Like Dragnet...........just the facts m'am
 

CristoRey

Welcome To Wonderland
Apr 1, 2014
11,713
7,974
113
Wow, lots of negatives here. We are trying to find a place we can relax to a few months a year as we approach retirement. We can't live down there permanently cause we have grandkids.:(

I usually try to look at the glass half full and see the positives in the DR however, buying property is definitely the
exception. Good luck with your search.