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  1. #1
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    Oct 2002
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    Default Home/Condo Purchasing

    To those who have had the experience or to those who may know,
    How wise, if wise at all would it be for a non Dominican resident who visits a few times a year to purchase a home or condo in the DR.

    Home would be used initally as rental property with the long term goal of personal use.

    Are there management services that will rent, collect rents and provide maintence for tenants? If so are the reputable?

    If legal issues arise such as non payment of rent is it a long drawn out procedure that would require an attorney to resolve?

    Can the property be confiscated by the government or anyone else for any reasons?

    And what areas of the Dominican Republic do you think have the potential for the greatest appreciation if any?
    Any preferences to homes or condos and why?

    Thanks GNYC

  2. #2
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    Jan 2002
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    Default

    I would definitely recommend buying a Condo over a house if you intend to be absent for any length of time. There are several units for sale, some with good management and others. Before doing anything, I suggest you spend some time in the area where you intend to settle and have a look at what's available and work from there.

  3. #3
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    Default

    I agree with Eddy re condo rather than house if it will be vacant for extended periods. Maintenance and supervision much better in a good condo complex, much less chance of theft, etc.

    In the condo complex where I own an apartment in Sosua, the administration handles rental, collection, maintenance, etc. I'm sure the same is true in other good condo complexes.

    Non payment of rent can be a problem. You would want to consult with an attorney on this before making the unit available for rent. If you are on the north coast, I strongly recommend Fabio Guzman, the attorney who answers questions in the legal section. You can "meet" him at www.drlawyer.com

    You will also need legal help to form a company. Far better if the company you own owns the unit, whether house or condo, than if you have it in your name. There are some significant legal advantages. The taxes saved at time of purchase help to defray the cost of setting up your company. Again, Fabio Guzman would be a good choice if you are on the north coast.

    I have never heard anyone express concern about the possibility of confiscation of their house or condo. This is a country that is dependent on foreign investment; it can't afford to confiscate property if it wants to maintain investor interest.

  4. #4
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    Jan 2002
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    Default stolen property

    I have never heard anyone express concern about the possibility of confiscation of their house or condo. This is a country that is dependent on foreign investment; it can't afford to confiscate property if it wants to maintain investor interest. [/B][/QUOTE]

    Ken this has already happened
    even rather recently in Sosua. A house was stolen by a lawyer .
    and instead that other lawyers are outraged by this
    they refuse to help. It seems to be political.
    This will in the states develope as a very public example not to
    invest in the DR.
    It is already all over Wallstreet as he is very well connected.
    I will keep you up todate with futher developments.
    Everybody knows about this case in Sosua.

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