hi im looking to buy a house or a apartment in DR so i could rent it out as a vacation home..i wanted to get some info on that if it is a good investment where would be a nice place for me to buy im looking for something in a nice neighborhood where alot of tourist people would stay..my spanish is not really that good but my girl lives their she helps me out a little her English is not really that good but she is getting their..my budget is around 50,000 to 1000,000 any ides would be great
- Thread starter katarina29
- Start date
Cost of living in Santo Domingo
Carol Morgan is without doubt the best english school in SD but look at New Horizons too. It is the only real bilingual school in the country, and your daughter will not only continue with english-american education but also learn spanish and the dominican spanish culture.
I have 3 children age 8 to 12 since 6 years in New Horizon in Santiago.
good luck!!!!
I have 3 children age 8 to 12 since 6 years in New Horizon in Santiago.
good luck!!!!
If you rent near a metro station - with two lines open shortly - it should be possible to do many trips without car or taxi. Buses are cheap and taxis for short distances reasonable. For out of town travel there are frequent gaguas and coaches. It is also possible at moderate cost to rent car with driver for a day.
pi2
We have (Now split between the two) several properties that were purchased with that same goal in mind all over the DR. Our first experience in short term rental was problematic to say the least!
We learned by trial and error after about three to five years, since there's always that new twist in the loop that will catch you off guard.
We found by the same trial by fire that houses were only profitable (if you can call it that) when renting via a pool system. Which meant that most were to be located close to the regular attractions to both local and foreign tourists.
For the apartments, we learned that transportation and access was paramount, second only to location due to strata.
The better location of the unit in relation to shopping, transportation to work, access to services, the less the trouble involved in keeping long term tenants (which were handled by a Lawyer and only with renewable 2 year rental agreements, which btw comply 100% with the rental laws depositing the security deposits as noted whilst reporting the rental income as well to the fisco).
With that budget you'll be looking at an apartment unit for the most part.
My last investment was into an apartment unit in the east coast, which I had placed on a timeshare scheme with a family agent, again all with a Lawyer and all the legal stuff added. To be honest, this has proven to be the most profitable and less problematic of the three ways I'd been carrying out the rentals under.
Under the contract, the buyers can only sell back to the agent when they want out of the contract after getting a new buyer. He provides them with a 5% over the original contract profit share from the new contract. The contract holder is the only one responsible of getting a replacement buyer that meets the financial requirements of the contract. If they opt to unload the contract having the agent seek the new buyer, the 5% is dropped and when the agent is unable to secure a new buyer within 12 months, the original buyer can break the contract by buying an "out" right for 25% of the original value of the contract.
It's so good that all of my future investments will be carried out on this timeshare scheme!
Katarina - I would also suggest that you consider Gazcue since you are going to be working there. I find this the most elegant section of town.. the only one that is designed for walking.Yes, you have the problem of transporting the kids to school but with your budget, you will be able to contract with a local taxi driver (i know of two good ones) who will take the kids to school and pick them up again.. this might be better than planning on getting a car and driving in SD. Honestly, if there is any way that you can arrange to drive the minimum here - you will be happier.
Since the US Embassy and USAID and most of the big NGOs are here in Gazcue-- it is possible that you might be able to arrange for a MIMIMUM of driving.
If you can walk to work - and get the kids transported to school at a reasonable cost (which should be possible with a monthly deal with a taxista) .. then you can rent a car for the weekends if and when you want to get out of town.
There are two new beaches (honest to god,swear to it.. and the water is CLEAR assuming that it has not rained and we are not getting rain water) /// ok.. maybe not my first choice for swimming but the park on Gomez and Independencia has great air exercise machines and is kept really clean... plus there is a lovely pool and gym at the Melia.
if I can avoid going west of Gomez. I do
I only go there to shop....
pm me if you need more info on Gazcue -- I do not know about other areas...(but here you do not need an invertor or a generator- we are on the same grid as the Palace and they do keep the lights on almost all of the time)
Since the US Embassy and USAID and most of the big NGOs are here in Gazcue-- it is possible that you might be able to arrange for a MIMIMUM of driving.
If you can walk to work - and get the kids transported to school at a reasonable cost (which should be possible with a monthly deal with a taxista) .. then you can rent a car for the weekends if and when you want to get out of town.
There are two new beaches (honest to god,swear to it.. and the water is CLEAR assuming that it has not rained and we are not getting rain water) /// ok.. maybe not my first choice for swimming but the park on Gomez and Independencia has great air exercise machines and is kept really clean... plus there is a lovely pool and gym at the Melia.
if I can avoid going west of Gomez. I do
I only go there to shop....
pm me if you need more info on Gazcue -- I do not know about other areas...(but here you do not need an invertor or a generator- we are on the same grid as the Palace and they do keep the lights on almost all of the time)