- Thread starter dgaulin
- Start date
Considering a condo/apartment
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.
Some come here and buy a free standing home and have all kinds of security problems. Some buy an apartment in a dump of a complex and wonder why they have issues. You're looking for an apartment/condo and there are plenty of well managed complexes. Plenty. And they have well run Rental Programs. It is absolutely possible. You have to take the naysayers with a grain of salt. They need to get it off their chest.
You asked the right question in your op, someone will eventually give you an answer to that question. You also might get some good responses by asking the same question in the East Coast section.
my contesting that here..........only buy if you have children/brothers /sisters w/kids...etc a property to be passed down ...
An overzealous moderator deleted my previous post on this subject (as-well-as my entire profile and history of posts as-well-as my status as a poster...all is restored! Thank you Robert!) Rent for a short term (i.e. a week or 2) and then decide on the area you want to live-in. Don't listen to the nay-sayers here, as many don't even own property here and probably could never afford to in the first place. Enjoy the D.R. and get from it what YOU want, be it rental or purchase.
I guess you aren't getting the " oh what a great place to buy" support that you want. You say you want a place to relax for a few months but the grandkids come first. If you have the money then go ahead and buy, if not come and rent...I have learned that while after retirement I may not be there for coworkers.. grandkids continue to grow -up.The choice will be yours.
I do not regret my decision to buy. The rental income pays the bills, and most of the mortgage. I was lucky to find a good property manager, which is extremely important. I visit five or six times a year, and when the time comes to spend most of the year there, it will be an easy transition. Buying is not for everyone, especially those who think they can sell at a profit in a few years. If this is a long term investment, do your research and choose what is best for you. If you have questions about any of the communities, PM me.
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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.
Again, if you are only going to be in the DR for "a few months" than DO NOT buy a condo. If you are paying cash or even worse if you have to borrow to pay for it you will be far ahead if you rent, especially if you are not coming for a continuous couple of months. There is nothing wrong with looking at potential real estate but many who do so while on vacation in the DR get what I call "Island Fever". You see this on those ridiculous shows on HGTV, Caribean Life, etc. Of course, the weather is wonderful. The scenery is gorgeous and wouldn't be grand to be able to do this anytime we want????? Remember, paradise does not come without a price. While you and your wife are in the DR look at condos and try renting for a year or two. If you can come down for a month or more that would be ideal. That would give you a better idea of what day to day life is in the DR. My wife and I had been coming to the DR for over 25 years before we actually took the plunge and bought in Las Terrenas. We owned the condo for about 6 years and then decided to sell. Needless to say we took a huge hit in what we had to sell the place for but the reason we sold. In those six years we had security problems, weather related problems, a fire across the street which sent burning debry in the area and put small wholes in our roof top canopy. There are many problems you will encounter that you wouldn't even have to consider in the States. Again, the biggest challenge is to try to stay on top of your property while you are not there most of the year. Additionally you may have to apply for residency to be able to buy property in the DR. So, I guess what I am saying is don't complicate your life if you don't have to. Good luck and good travels.
Actually, you can buy property here as a non-resident. Owning property here is a plus when trying to obtain residency in the D.R. It shows financial stability and an attachment to the Country that renters do not have without substantial investment of one sort or another.
I hear there's a new rule for $200,000 of property..... fast track residency
After much research for ocean view land we ended up buying a condo in a new complex in Bavaro. It is too early to say but so far we have no regrets at all. My 2 cent pitch would be for you to buy in Sol Tropical but of course I am biased. It's new, we'll built, and little more than a 5 minute walk to the the beach.
What the pro-renters don't understand is that it is just not practical for many people. We have jobs off the island and can't afford to rent year round in the DR. Nor do we want to rent a place for two weeks here and three weeks there in another apartment when we do come down. Might as well just stay in a hotel.
Since closing and furnishing our place at the end of November most of the weeks until April are booked and rented. Which will easily pay for all of the HOAs and cable for the rest of the year.
Like anything in life their are potential downfalls but if you just want a nice vacation home and don't mind doing some international leg work I say go for it.
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What the pro-renters don't understand is that it is just not practical for many people. We have jobs off the island and can't afford to rent year round in the DR. Nor do we want to rent a place for two weeks here and three weeks there in another apartment when we do come down. Might as well just stay in a hotel.
Since closing and furnishing our place at the end of November most of the weeks until April are booked and rented. Which will easily pay for all of the HOAs and cable for the rest of the year.
Like anything in life their are potential downfalls but if you just want a nice vacation home and don't mind doing some international leg work I say go for it.
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