Does it Make Sense to Buy Now? (Sosua)

USAMary

New member
Jul 9, 2006
2
0
0
If my husband and I were to buy a small apartment in Sosua area, we couldn't actually use it now, other than a couple of weeks per year. So, I am trying to understand if there is any genuine hope of expecting rental income sporadically. We would be able to make more extended use of the apartment ourselves when my husband retires in 6 years. Probably makes more sense to purchase closer to that time, but it is confusing to try to figure if apartment prices will escalate so much that we would be priced out of the purchasing possibility if we wait. Comments appreciated! Thanks
 

Rocky

Honorificabilitudinitatibus
Apr 4, 2002
13,993
208
0
112
www.rockysbar.com
USAMary said:
If my husband and I were to buy a small apartment in Sosua area, we couldn't actually use it now, other than a couple of weeks per year. So, I am trying to understand if there is any genuine hope of expecting rental income sporadically. We would be able to make more extended use of the apartment ourselves when my husband retires in 6 years. Probably makes more sense to purchase closer to that time, but it is confusing to try to figure if apartment prices will escalate so much that we would be priced out of the purchasing possibility if we wait. Comments appreciated! Thanks
Prices will rise, in general.
What makes all the difference in the world, is which apartment/condo, in which complex, with who running it while you are gone.
 

skyblue

New member
Mar 20, 2006
279
0
0
buy now or pay later

prices will go up and you can still find could priced condos in sosua. if you wait until you are retired (and your income is fixed), it might be harder and you might have more financial constraints.

ps. how many people do you know that always say "i should have bought that 5 years ago when it was cheap, i can't believe prices have gone up so much"
 

Rocky

Honorificabilitudinitatibus
Apr 4, 2002
13,993
208
0
112
www.rockysbar.com
You certainly are welcome to name any complexes you are looking at, and I'm sure you'll get a lot of input from the locals.
 

Malibook

Bronze
Jan 23, 2002
1,951
167
0
www.yourtraveltickets.com
I would only buy 6 years ahead of time if I could find a great deal.
You have plenty of time to search and wait for a desperate seller.
Many properties seem to be on the market forever.
Good luck.
 

skyblue

New member
Mar 20, 2006
279
0
0
buying at a snails pace - literally

on that note, buying property in DR is a LOOOOONG process so don't go into it thinking it's going to happen over night. you have to look and wait and wait and look and not jump into anything. our first property took us a year to purchase - it's a waiting game. p.s. i would stay away from realtors, but that's just me.
 

ecarignan

New member
Jan 9, 2003
302
0
0
www.commtech.ca
I would buy now with due dilligence of course. Prices have more than doubled since 2003 on the north coast in desirable areas. Wait another 5 or 6, you'll pay at least double than today's price. And contrary to the previous poster, stick with a realtor, don't venture out on your own. Use the normally mentionned ones on this board and use the lawyers normally mentionned on this board too. Why wait if you can enjoy going for a few weeks to your own villa/appartment?

Good luck.
 

Mirador

On Permanent Vacation!
Apr 15, 2004
3,563
0
0
ecarignan said:
... Good luck.


If you really want to press your luck, then wait 'till after the hurricane season. You may find some great bargains at salvage prices...
 

Rocky

Honorificabilitudinitatibus
Apr 4, 2002
13,993
208
0
112
www.rockysbar.com
Mirador said:
If you really want to press your luck, then wait 'till after the hurricane season. You may find some great bargains at salvage prices...
I believe the OP is buying on the North coast around Sosua.
We don't get hurricanes here.
 

Camden Tom

Bronze
Dec 1, 2002
736
39
0
ecarignan said:
I would buy now with due dilligence of course. Prices have more than doubled since 2003 on the north coast in desirable areas. Wait another 5 or 6, you'll pay at least double than today's price. And contrary to the previous poster, stick with a realtor, don't venture out on your own. Use the normally mentionned ones on this board and use the lawyers normally mentionned on this board too. Why wait if you can enjoy going for a few weeks to your own villa/appartment?

Good luck.
I couldn't agree more. Especially about working with a good realtor. I have been a broker in Minnesota for over 30 years and I have found the knowledge and resources of a great local broker to be very valuable. It will save you time and money.
 

moviemouth

New member
Jul 12, 2005
149
0
0
If you are American (USA), another factor in favor of buying now rather than waiting is the comaparatively low cost of financing or refinancing your existing home for the (tax deductable) cash to invest in your DR getaway home. However, that window is closing (30 yr. fixed rates in New York recently hit 7%) at the same time housing prices are rising in DR as escarignan pointed out. It's a double whammy that raises the risk of waiting.

My wife an I purchased our house in Cabarete back in October w/o benefit of as much of "getting to know you period" as we would have liked (and is often quite properly recommended here). We found the help and ongoing relationship with our local broker/builder invaluable and we used a law firm often mentioned on this board to make sure our deal closed with no problems. So far we are delighted with our home which we expect to use for only 4 short visits per year until my wife retires in 3-4 years. If we somehow become disenchanted (which we doubt) we believe that the reality of a rising market will protect us from undue financial harm. I hope these 2 cents are helpful to you. Good luck.