renting vs. buying

businessdr

Member
Oct 8, 2011
431
2
18
A lot of people have advised to rent here before buying.

Is it for the purposes of getting to know the country

or is it because people believe the real estate prices are inflated

and are sure to fall?

What are people's opinions on this?
 

CFA123

Silver
May 29, 2004
3,512
413
83
Rent first to know the country. Rent first to fully understand the dynamics of a neighborhood. Rent first to begin to understand the market and pricing. Rent first in case you decide DR is not for you. Rent first, because you can walk away. Rent first because it can take years to sell a property you bought and don't want. Rent first...
 

william webster

Platinum
Jan 16, 2009
30,247
4,328
113
The idea of renting is becoming an interesting phenomenon -

Many of the new, younger generation prefer to rent - have less interest in owning.
They see more flexibility in renting.... job transfers, lifestyle changes , etc.

Similarly, the older generation is seen these days to sell the house asset for cash to live on.
They then acquire a rental.
Liquidity in the latter years can be a plus.

Many of the new builds in NYC are rentals... less condos going up.

123's points are well taken

But I see a shift.... in two different generations.

That begs the question -
Who will step up to buy the houses the seniors want to sell??
 

Derfish

Gold
Jan 7, 2016
4,441
2
0
Let's assume the man is asking a Dominican Republic question instead of a New York question.
Yes, rent first to see if you like it here is the basic thought on this subject. I doubt if prices are going to drop soon, but if you are renting you can find the house you want, not just the one that some Real Estate agent thinks is what you, the gringo, wants.
 

popeye

Bronze
Jan 22, 2016
609
0
0
I would never just buy a home without living in area first for a while. any country. rent is cheap
 

Robert

Stay Frosty!
Jan 2, 1999
20,574
341
83
dr1.com
Rent first to know the country. Rent first to fully understand the dynamics of a neighborhood. Rent first to begin to understand the market and pricing. Rent first in case you decide DR is not for you. Rent first, because you can walk away. Rent first because it can take years to sell a property you bought and don't want. Rent first...

Supported 100% and pretty much by all long term DR1 members that live in the DR.
 

Mauricio

Gold
Nov 18, 2002
5,607
7
38
If Dominican: buy as soon as you can

If Foreigner: rent as long as you're not sure you'll stay here forever. I bought too early.
 

wrecksum

Bronze
Sep 27, 2010
2,063
96
48
It depends on how long you intend to stay.

Dependent on where you want to be,there are great opportunities to purchase but it is essential that if this is your only experience outside your usual comfort zone and cultural reference that you get to know a bit about the country first.

You could buy straight away to avoid paying rents which are lost forever but find yourself stuck with an immovable property in a country you have grown to hate, surrounded by untrustworthy profiteers.
This is why most residents recommend to rent first then decide if you want to buy.
 

chic

Silver
Nov 20, 2013
4,305
1
0
depends on how much $ u have the trump/buys/ owning when your flush is always better lots of stuff to do,,,keeps you bisee ur handle is bisness so your making/have/made/and my advice is to hire peeps to handle things for u///
me im of the owning...im faced right now w/a immed. win$ or and or?///poss of loosing// or holding and winning over the long run/// im going for the long term owning/controlling
 

peep2

Bronze
Oct 24, 2004
581
16
38
Began visiting D.R. around 25 years ago. Met my wife there about 20 years ago. Bought a house in the capitol about 8 years ago. I like it but in my own mind I have written the house off. As far as I am concerned the house is my wifes and my wifes problem. My advise is to rent first. If nothing else, that will introduce you to the dominican concepts of real estate dealing. Just my opinion.
 

Contango

Banned
Dec 27, 2010
2,196
5
0
A lot of people have advised to rent here before buying.

Is it for the purposes of getting to know the country

or is it because people believe the real estate prices are inflated

and are sure to fall?

What are people's opinions on this?

There are many good points, even from the pobre. Buying vs renting. But the fact is 90 percent of the folks posting couldn't buy anyways. Never forget opinions are skewed by socioeconomic status. Most here are hanging on by their nut sacks.
 

zoomzx11

Gold
Jan 21, 2006
8,367
842
113
easy to fall in love with the DR and be so lovestruck as to not see many of the nuances of the culture that can drive you nuts later on. Some people are never able to make the necessary adjustments to long held views and leave in bitterness blaming the country. You will never change one thing about the people or the country and if you are to be happy here its you who will need to change and adapt. For example if you are a controlling kind of person you will never be happy here. This entire place is totally out of control and lots of things make no sense.
 

Expat13

Silver
Jun 7, 2008
3,255
50
48
I rented for 4 years before buying because wasnt sure if I was staying and bought into the older expats warning to always rent. The downside for me is when I eventually bought, I realized I blew 45k on rent which is a significant part of most purchase prices here. If you know your staying, and can accept the culture etc. then maybe its better to buy earlier on, very hard to say.
I still know gringos here since 2007 waiting for the big real estate crash so they can buy. Dont think you will see that here.
 

LTSteve

Gold
Jul 9, 2010
5,449
23
38
A lot of people have advised to rent here before buying.

Is it for the purposes of getting to know the country

or is it because people believe the real estate prices are inflated

and are sure to fall?

What are people's opinions on this?

It all depends on what your long term plans are, your financial postion and other factors. First of all do have or have you applied for your residency. If you plan on living part or all of the year in the DR than you need to do this and it starts in your home country getting all the documents together. Buying a property is a big committment and involves more than just the purchase. You have to make sure you are dealing with the right people, you are trustworthy and looking out for your best interest. If you rent or buy make sure your property has good security. Security should be your number one priority in looking for property. To answer your question on property values. Prices dropped a number of years ago and the amount of property on the market has increased so prices aren't going to fall any further but that being said there are some good deals out there and many people willing to negotiate prices. If you are not planning on living in the DR for at least half the year I would suggest you rent. If you buy you will need to rely on others to take care of your property while you are gone. That could create issues. Also if you are paying cash vs financing is also another thing to consider. Cash is king and is could create more return than investing in property in the DR. A lot to consider. Good luck and good travels.
 

drstock

Silver
Oct 29, 2010
4,493
2,080
113
Cabarete
First of all do have or have you applied for your residency. If you plan on living part or all of the year in the DR than you need to do this and it starts in your home country getting all the documents together.

I don't agree with this. Obtaining Residency is a long, tedious and expensive business and I would wait until you are sure about staying here before starting it. It is true that you have to start the process in your own country but my preference would be to return to do that later, just paying overstay fines when you leave until then.
 

markryan

New member
Jul 16, 2014
374
0
0
Own in your home country where you know what you are getting into. Most likely safer and easier where you originally came from. Rent that property collect the rent and use that money to rent in DR. I know where I live the rent from a tiny condo would get you a nice big ocean front condo pool and all in the DR. You still own so not wasting money on rent best of both worlds.