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  1. #1
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    Default Suggestion on buying an apartment in SD?

    I live off and on in the DR and land up paying a lot of rent. Most of the times the place is empty but considering what I have paid in last 4 years I could have very well bought it instead.

    I am looking for an apartment that has:
    3 Bedrooms, Nice Living Area, Good kitchen, Elevator, Standby Electricity in a safe area. Around 200sq mt.

    I have no idea how much it costs, it might be a good thing to goto an agent but I need to gather enough information before I venture out, since my Spanish is not good I suspect the rates they would quote surely would be good.

    I need rates in different areas:
    a) Rates per square meter? I think that is a good measure to go with.
    b) What would the rental value for the above places be?
    c) Which areas should I look at. How would one group them? Like Naco > Bella Vista > xyz
    d) Any discounts on paying up as cash?
    e) What is the negotiation margin typically for these deals?
    f) Things to be taken care in due diligence.
    g) How much time would it take to close the things? What %age to be paid at signing and what %age typically at possession?
    h) Are there cases in which half finished buildings never get completed?
    i) Any references for the construction companies?

    I know these things can be easily gotten from any local person but I wanted to learn from anyone of you.

  2. #2
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    Thumbs down My persoal point of view;Buying vs. Renting in the DR!

    My experience is limited to the Santo Domingo area.I rented a 3 bedroom house in Arroyo Hondo area for 2 years,and bought a house in the same area 5 years ago.I bought the house because I "succumbed" to the very Dominican idea that it is "ALWAYS" better to "own" than "rent"! Logic:You lose your job,have no income,the "Landlord" will put you in the street if you don't pay the rent,if YOU own the house,you eat beans,rice,and espagetti,but you have a place to live.If you(Non-Dominican) put the money it takes to buy an apt.,or house in the bank at 10%,you can rent a beautiful apt.,or house with the interest,pay your "utilities", have money left over at the end of the year,and still have all your "Capital"! Dominicans can't do this,because they could NEVER leave the "Capital" alone.They would "Blow" the Capital,and then be on the street! Their "logic" is good,For Dominicans!!! Figure 2 Million and up for the 3 bedroom apt. you describe in Santo Domingo.Good furniture is very expensive here! My suggestion?,Rent,Rent,Rent,or maybe you should RENT!!! You will have "Problems" if you rent,and "Crisis'" if you buy! CRIS.....Did I convey my "NEGATIVE" views reguarding the purchase of a place to live in the DR??? CCCCCCCCCCCCCCCCCCCCCRIS

  3. #3
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    Make nice to someone here that speaks Spanish and can help you is my advice. Maybe you should take into consideration that there are problems in the DR and make real low offers and you may just get lucky.

    No way to figure it out unless you look and find out what the market is asking and make offers of 50% of asking price to test the waters. What can they say to your offers other than NO?

    Well that is how I would go about it. I would first look for resales and try to catch someone desperate before I looked at new construction.

    Let me know how this turns out for you.

    Just some other rambling thoughts...

    I spend a lot of time in the country. I will be there 9 days next month, 14 days the month after, I was there 20 days over Christmas, 8 days over Thanksgiving, 7 days in September. I am increasing my time of stays but so far I am under 80 days a year.

    I rent an apartment in a hotel with 1 bedroom, 2 full baths, working kitchen, dining area, living room and terrace. It is a decent place and I think that AZB, Robert and a few other people would agree to that.

    Oh, I get a gourmet breakfast included and it has a beautiful pool, located in a quiet area which I prefer and is beautifully landscaped with a night guard. I really like the people that work there and find absolutely nothing offensive about the place.

    I pay 30- dollars a night. So I am paying about 200 dollars a month (80x30 divided by 12) to stay in a place I really enjoy staying in where they even enjoy having me there which of course is strange in itself.

    Lets say I bought a cheapy apartment for 20 thousand US. Don't believe there is much cheaper than that and someone please correct me if I am wrong. This is a studio of course and not a 1 bedroom which I am comparing to. Besides the 20k there is monthly maintenence and the fact that if I decide to quit for any reason I now have the liability of a place to sell. Also breakfast is NOT included, nor is maid service (clean up after me and wash dishes etc).

    So I am getting now 15% on US dollars for under 100k and 18% over 100k. 15% of 20k is 3000 a year which by staying in the hotel I have an extra 600 dollars US to buy beer with. This equals 500 beers and when you divide by the 80 days max that I stay there is more beer than I currently drink. (I actually drink water but that is a lot cheaper)

    Anyone disagree with my math?

    I digress. If you can buy an apartment from someone who needs out at a low price the percentages get way scewed and all my math goes in the garbage
    Last edited by Escott; 02-22-2003 at 12:25 PM.

  4. #4
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    Sounds like a great plan but only 500 beers for 80 days? That is more sacrifice than one should need to make! We are talking Grandes right? That might make it a bit more tolerable;-)

  5. #5
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    haha, I was just trying to prove a point. I drink, for the most part, water. I don't get drunk and when I drink I get the hangover before the buzz for some reason. Heck, maybe I should stop putting the Viagra in my beer? hahaha

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