My boyfriends family wants me to by the house next door to theirs in santo domingo. His father told me that we could buy it for 100,000 pesos. It doesnt seem right to me. Its not the nicest place and its like 5 blocks away from venezula ave. Does this sound right?
- Thread starter amandalynn
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buying in santo domingo
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If you really mean 100,000 .. then its a rip off
a car doesn't cost 100,000.
The cost might be 1,000,000 . And even so im sure it isnt a house you would feel comfortable...
Gotta check before you pay ..
a car doesn't cost 100,000.
The cost might be 1,000,000 . And even so im sure it isnt a house you would feel comfortable...
Gotta check before you pay ..
Amanda, DO NOT do this, there are so many scams her and this sounds like one, please contact Robert who owns this site or Curt on DR1 real estate section about buying in Santo Domingo. Then you can be sure you are buying a property that has all legal titles. They also offer great advice on buying here in the DR.
forget it
If they told you it is 100,000 pesos, you are getting scammed.
As far as buying goes, an apartment (2 or 3 bedrooms) in SD, in a good neighborhood will cost you 4 million pesos minimum and probably over 5 million. In an average neighborhood, 3 million minimum. In a bad neighborhood, who knows but it wont be somewhere you will want to live.
Prices have gone through the roof over the last few years. When I got here 2.5 years ago, I could have gotten something nice for 2 million pesos. No more!
The vast, vast majority of people who buy in SD are Dominicans, not foreigners. There are plenty of Dominicans here with a lot of money. The point I am making is that as prices have gone so high, you will see more and more For Sale signs as the apartments they own will be woth so much. They wont be looking to buy anymore, they will start selling, especially those who own multiple apartments. And, you do not have fresh, foreign money coming in to keep the market as high as it is. So, which way is it going to go?
Everywhere you go, you see more and more apartment buildings going up, so there will be more and more on the market and not enough buyers. Prices will eventually come down. That is when you buy, not now.
I have toyed with the idea of buying since I got here but I do not see any upside to it. I am still renting and plan to continue renting until I feel comfortable with the market, if that day comes.
Just my opinion.
Larry
As far as buying goes, an apartment (2 or 3 bedrooms) in SD, in a good neighborhood will cost you 4 million pesos minimum and probably over 5 million. In an average neighborhood, 3 million minimum. In a bad neighborhood, who knows but it wont be somewhere you will want to live.
Prices have gone through the roof over the last few years. When I got here 2.5 years ago, I could have gotten something nice for 2 million pesos. No more!
The vast, vast majority of people who buy in SD are Dominicans, not foreigners. There are plenty of Dominicans here with a lot of money. The point I am making is that as prices have gone so high, you will see more and more For Sale signs as the apartments they own will be woth so much. They wont be looking to buy anymore, they will start selling, especially those who own multiple apartments. And, you do not have fresh, foreign money coming in to keep the market as high as it is. So, which way is it going to go?
Everywhere you go, you see more and more apartment buildings going up, so there will be more and more on the market and not enough buyers. Prices will eventually come down. That is when you buy, not now.
I have toyed with the idea of buying since I got here but I do not see any upside to it. I am still renting and plan to continue renting until I feel comfortable with the market, if that day comes.
Just my opinion.
Larry
If there is one thing that I have learned in my experience with the DR it is caution. This is particularly so when considering investing in real estate. Due diligence is essential! And due diligence is certainly more than listening to a boyfriends family who attempts to persuade you to buy the house next door! First, do YOU really want the property?! Second, what is the physical condition of the property and how much is it really worth?! Next, and just as important, who is the seller; are you dealing with someone who has GOOD, and MARKETABLE title?! You really should consult with a good Dominican attorney who specializes in this area. Good luck and PLEASE be cautious!
I would not be in the least bit surprised, John. My point is does the seller, who ever that might be, have what the seller is purporting to sell, that is, good title to transfer to the purchaser. It would be indeed unfortunate if the purchaser completes a sale of the property and then when she wants to sell in the future learns that she did not obtain good title when she purchased it. Due diligence and/or a good Dominican attorney is essential.
thank you all for the advice. the house that they want us to buy is a simple barrio-style from his aunt.. his family is not well off by any means. i know the market in the DR is really high right now and its not a good time to buy if you want to buy a nice place for a good price. i have been considering buying it so we have place to stay when i am there now and we have a place to stay when we go back and visit in the future. when you buy do you buy just the building or do you get the land too? i heard that sometimes you just buy the building.
no matter how much or little you pay for this house is irrelevant. this is his aunts house, that means that it will always be "his" families house, regardless of what it may say on the paperwork. if you get in a pond with alligators remember, that even though you are wearing a US coast guard approved life jacket, the pond still belongs to the alligators. if you split up you will never get a dime back, regardless of what any court may say. do you have the money to pay armed guards to take possession? that is what it will take to get the house away from "the family". will you split up, move back to US, canada, england, __________ (fill in blank) and wait for him to sell it and send you your proceeds? have a nice wait it ain't happening. rent it. does the aunt come with the place? where is she going? which one of the relatives will be living there when you are away in france? going to rent it out when you're not there? who will collect the rent? do you really think they will send you the rent? auntie will need the rent for an operation. how could you be so cruel? what class of tenants do you think you will get in this neighborhood? rent it from auntie, save your money. there are beautiful apts. in SD at good prices, something worth owning and proud to be an owner of, put it ALL in your name, tell him it is british law that if you take money out of mother england that it must remain in your name only for 20 years or their is a heavy tax problem that could affect his immigrant status.
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