Considering investment property in Costambar

[drummerdave]

Here's another question for you guys.
What are remodeling costs like in the DR?
At the property Im considering, what I do know is things like Kitchen cabinets appear to be good, and closets look good. But there will definitely be some masonry/plaster work, tile work, and finish-work at a minimum, need things like vanities and glass shower enclosures of some sort in the bathrooms, and, let's just make the assumption that some plumbing and electrical work will need to be done.
Add to that A/C will need to be installed along with Ceiling fans, light fixtures, etc.

What are the construction labor costs like for finish work like that, as well as for materials, as compared to the US?

 

[Big]

labor is cheap, broad question however

 

[rafael]

Just plain bad property management also.

Bad Prop Managers are more prevalent then bad Realtors. Just take a look at some of the photos on vrbo/airbnb. Tons of shadows in the pics, I've seen dirty laundry in pics, shoes laying around, unmade beds, someones bare foot in a photo, pics of a toilets, on and on.

Being able to navigate the airbnb site does not make one a property manager.

That is typical for dominican real estate. I looked at one apt online and three of the four pics were of bathrooms. None showed a view of the sea off in the distance or the common area with gymn, bar and better view of the sea. Literally have no idea why I agreed to see it but RE guy was showing me an apt around the block so we were close.

 

[Farmer]

We rent our home in San Jose de las Matas on airbnb not so much as an "investment" but as a way to have it cleaned regularly and have a gardener take care of the exterior. We feel it's better to have it used occasionally than to lock it up for the long periods between our visits. It generates about half of our monthly expenses.

 

[SNH]

Hi all.
I've been eyeing a property in Costambar, but everything I read about buying RE in DR is Buyer Beware because it's the wild west: Trust no-one including the realtor, your lawyer, etc. So I am trying to be very cautious.

Everything I've read on Costambar has been very positive. Do you have different views? VRBO and AirBNB show rental rates that seem promising, though they dont give you info on occupancy rates. Do you have any opinions on that area?

In essence, the property is a multi-unit building that I would like to use for rental income as well as staying there when I come down. I'd need to use a property management company. All that said, I'd like a local to inspect the property well to see what hidden issues it might have. But it appears there is no such thing as an inspector I could hire to do that. So how do you guys handle that type of thing? Where do you find someone who is local, and who you can trust to give you info you need so as to not get screwed?


Also, I would have to buy at least some furniture for the units as they are sparsely furnished. What are furniture costs like in the DR as compared to the US? As for US standards, let's use something like Ashley furniture for reference - not designer. I've heard it both ways, that it is more expensive, and that it is cheaper, so I dont know what to think.


Thanks for any insight you might be able to provide!

1. Don't Do It!!
2. See #1

DR is not the type of place you invest especially in the North Coast or any tourist towns.

3 . You MIGHT get 3-4 good months of income during high season in winter which is usually THE EXACT same time you will want to come to dr yourself. After Semana Santa March/April depending when it falls will be absolutely CRICKETS!!!! Summers you will be giving the place away or it will be empty.

4. Plan on NEVER being able to sell it again or for anything close to what you paid for it.

5. Finding someone reliable and reputable to manage while you are gone will be mission impossible.

Save the money and the headache, just rent when you come down and put the money in a savings account or stocks or anything else.

 

[windeguy]

1. Don't Do It!!
2. See #1

DR is not the type of place you invest especially in the North Coast or any tourist towns.

3 . You MIGHT get 3-4 good months of income during high season in winter which is usually THE EXACT same time you will want to come to dr yourself. After Semana Santa March/April depending when it falls will be absolutely CRICKETS!!!! Summers you will be giving the place away or it will be empty.

4. Plan on NEVER being able to sell it again or for anything close to what you paid for it.

5. Finding someone reliable and reputable to manage while you are gone will be mission impossible.

Save the money and the headache, just rent when you come down and put the money in a savings account or stocks or anything else.

As someone who has lived here for 16 years full time , I completely agree . If you are going to live here full time, fine, as an "investment" forget about this idea.