I want my house!!!

cobraboy

Pro-Bono Demolition Hobbyist
Jul 24, 2004
40,964
936
113
The rent to own while sounds good in theory one must be sure that this is the house they want.
We tell all our tenants who inquire that we'll insert a right-of-first refusal/rent-to-own clause in their rental contract. We assure 25% of rent paid will be discounted from the pre-determined price of the house (with COLA increases), executable after 5 years rental.

In 40 years it's never happened.

Rent-to-own sounds good but rarely works.
 
Sep 4, 2012
5,931
57
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I will save that amount $2,000 US per month for at least 5 years and then buy. Maybe I will find a deal like dv8 on a great house for pennies. :)

I just know (heart speaking now) that I want to stay in my area, and am scared that in 5 years that may not be possible :(

SHALENA

If you can easily swing that type of savings, you are set.
 

william webster

Platinum
Jan 16, 2009
30,247
4,330
113
Rent to own is a good idea (in answer to your question to me a page or two back) in that it capitalizes some of your rent.

But let me ask a question....is this your first house purchase?
Any experience behind you?

I didn't see whether this was addressed before
 

dv8

Gold
Sep 27, 2006
31,266
363
0
hill sounds good. you can check windows right now ( i think it's raining everywhere). this is layman advice but gives you a good idea of problem areas. look at the frames: do they fit well? are there any cracks around the frame on the outside or inside? is the water gathering in the slides (if sliding windows) or inside the frame (if panels)? do screws fir well and are set tight?

on a good day get up on the roof. are there any cracks? openings? water gathers anywhere? what about area next to tinaco? sealed well? piping intact?

you can do small repair yourself with a silicone, they sell it in transparent, white or black so it can be used in any colour frame. roof can be sealed with a sealer and that should be done routinely, every few years. but the most important part is that you keep a hawk eye on current owners. if you report any damage and they do not want to fix it - a bad sign. a house is constant maintenance. you will not know how the house takes super heavy rain/storm until you are faced with it. then you either do repairs or fix things making sure no future damage is done. you have to repaint the house and all iron regularly. if current owners are not doing any maintenance the chance is they never did anything and some stuff only holds together with dust, rust or dirt :)

as a house owner i can say i feel good and secure. i have something of my own and as a last resort it can be sold. even at half price to some rotten hearted bastard like myself :) but i also know owning house is constant costs. if you want to live well you have to spend money. over time it will be the sum non recoverable. say, you paid 100k dollars. over years you will repaint, do the roof, walls, pipes, wires and so on. even if you sell at 150 after 10 years it may be that in those 10 years you actually spent 50k more on maintenance and changes. so you end up making nothing or at a loss, especially over a long period of time.
 

dv8

Gold
Sep 27, 2006
31,266
363
0
i bet you this house was more expensive per square meter than surrounding apartment blocks. i have seen this before - the thing was all over polish news - and it made me angry. architectural challenge? no doubt. functional? i betcha. but cheap? no.

and from the point of view of a person who grew up in 41 sq meters apartment with four people inside and who had to share rather small room with older brother until aged 25 (moved out) i would be happy to have this narrow corridor if it was only for myself :)
 

JohnnyBoy

Bronze
Jun 17, 2012
1,448
0
0
Shalena you should never buy something based on your overtime. Put your post tax OT money in the bank.
when the right deal comes along it will be like the stars aligned.
You are fixating on this house.
I have seen this before
You are about to do something you perhaps may regret.
 

SKing

Silver
Nov 22, 2007
3,750
183
63
Rent to own is a good idea (in answer to your question to me a page or two back) in that it capitalizes some of your rent.

But let me ask a question....is this your first house purchase?
Any experience behind you?

I didn't see whether this was addressed before

First home purchase, never purchased before. Have no idea...

hill sounds good. you can check windows right now ( i think it's raining everywhere). this is layman advice but gives you a good idea of problem areas. look at the frames: do they fit well? are there any cracks around the frame on the outside or inside? is the water gathering in the slides (if sliding windows) or inside the frame (if panels)? do screws fir well and are set tight?

on a good day get up on the roof. are there any cracks? openings? water gathers anywhere? what about area next to tinaco? sealed well? piping intact?

you can do small repair yourself with a silicone, they sell it in transparent, white or black so it can be used in any colour frame. roof can be sealed with a sealer and that should be done routinely, every few years. but the most important part is that you keep a hawk eye on current owners. if you report any damage and they do not want to fix it - a bad sign. a house is constant maintenance. you will not know how the house takes super heavy rain/storm until you are faced with it. then you either do repairs or fix things making sure no future damage is done. you have to repaint the house and all iron regularly. if current owners are not doing any maintenance the chance is they never did anything and some stuff only holds together with dust, rust or dirt :)

as a house owner i can say i feel good and secure. i have something of my own and as a last resort it can be sold. even at half price to some rotten hearted bastard like myself :) but i also know owning house is constant costs. if you want to live well you have to spend money. over time it will be the sum non recoverable. say, you paid 100k dollars. over years you will repaint, do the roof, walls, pipes, wires and so on. even if you sell at 150 after 10 years it may be that in those 10 years you actually spent 50k more on maintenance and changes. so you end up making nothing or at a loss, especially over a long period of time.

Well, I can say that the current owners are excellent about fixing things even though I found out that the electricity seemed like it was done by amateurs. I told them about filtration in my bedroom ceiling which caused paint to chip. I had asked around to several Dominicans how much would that cost to do (thinking of doing it myself and deducting from rent) and they told me not much, depending on what a person charged to do it and around 4,000RD for materials, some sort of sealant and some other stuff. When I called the owners, they sent 2 big shot roofing companies to do a cortizacion and one was 52,000RD and the other was 49,000RD and both companies had 10 years guarantees so the man told me if after they did the work if I saw any cracks or anything in the ceiling or any paint chipping just to call them. And that gave me much respect for the owners because they could of just sent some Laborer over to slap some sealant and new paint which would have lasted at least till the end of my lease but they chose the better option although it cost them ALOT more money. Also they sent someone regarding the water heater, and the electricity I am still working on because I was so fast to let someone else do it and I am still awaiting the receipts from them in order to give to the owners. Also, the marquesina iron gate did not open when I moved in (it is automatic with a little thing that looks like a beeper) and they sent someone to fix that even though I told them it wasn't necessary because I don't have a car! But now it works fine. And Victor (2 years old) occasionally gets a hold of my keys and tests the door for me just so we can know that its still working. LOL

I am hoping that everything works out in the next 5 years or so...I really love my house.


SHALENA
 

SKing

Silver
Nov 22, 2007
3,750
183
63
Shalena you should never buy something based on your overtime. Put your post tax OT money in the bank.
when the right deal comes along it will be like the stars aligned.
You are fixating on this house.
I have seen this before
You are about to do something you perhaps may regret.

No I'm not, I'm not buying it. Although I love the house...

SHALENA
 

Ringo

On Vacation!
Mar 6, 2003
2,823
41
0
Hi Shalena.... I've stood back to watch and I see lots of good advice.

I also see that this is your FIRST time to own a home for you and your three children. A home that you like and that YOU think is a good deal that works for you and your kids. It is not often that people find something that stands out to them that will work.... being optimistic and that is NOT my style.

Are the owners Dominican or Gringo? Why do they want to sell? They appear very accomidating on working with you and fixing things and I have to admire that. But .... why?

WOULD they finance and if so the terms? Perhaps if you had a second and third person(s) that will secure the loan?

Even though everyone says to rent for a year....... You ignore and ....WHAT THIS HOUSE.

If so... and it can be done... then let's get some people together to inspect and go over everything to SLAP YOU AROUND.... or get it done.

YOUR call.
 

Chip

Platinum
Jul 25, 2007
16,772
430
0
Santiago
With all respect, EVERYBODY thinks their house is worth more than what they paid for it.

Why does everybody here on this forum assume nobody knows what there are talking about?? :)

Cmon you guys could make a mountain out of a molehill. Here's a few facts:

1. The owner of the house in front of mine is asking for over 6M and the house and yard are smaller.
2. I'm conservatively estimating RD5M for my lot, that calcs to RD17,500 per m2 - you can't buy a lot and build a house in my neighborhood for less than RD21,000 a m2.
3. Did I mention they are building numerous homes in my subdivision? That equates to demand.
4. The DR and the US are different markets.
 

SKing

Silver
Nov 22, 2007
3,750
183
63
Hi Shalena.... I've stood back to watch and I see lots of good advice.

I also see that this is your FIRST time to own a home for you and your three children. A home that you like and that YOU think is a good deal that works for you and your kids. It is not often that people find something that stands out to them that will work.... being optimistic and that is NOT my style.

Are the owners Dominican or Gringo? Why do they want to sell? They appear very accomidating on working with you and fixing things and I have to admire that. But .... why?

WOULD they finance and if so the terms? Perhaps if you had a second and third person(s) that will secure the loan?

Even though everyone says to rent for a year....... You ignore and ....WHAT THIS HOUSE.

If so... and it can be done... then let's get some people together to inspect and go over everything to SLAP YOU AROUND.... or get it done.

YOUR call.

Oh, shut up.

SHALENA

Thanks to everyone else for your advice, I am going to do what I said I would do in the previous post. :)
 

CaptnGlenn

Silver
Mar 29, 2010
2,321
26
48
Agree, well said.



The difference is that with the former the only gain is the time lived at cheaper rates and w/o incurring in any debts (if discipline is applied); with the latter, although interest were paid, an asset is acquired at the end.

Neither, renting or buying is the ultimate/perfect solution; this is determined by the person involved and their circumstances, motives and future goals.


I agree... sort of. BUT... The renter could take the difference between the rent they pay, and what would be their total monthly costs of mortgage payment, insurance, repairs, maintenance, etc... and bank the difference. They would then also have an asset... and a liquid one, at that. Also, while a buyer, once the property is paid off, ends up with an "asset", it could be at a price greater than the property is worth; thus not really an asset but a liability.

Just to set the record straight, I own my condo in the D.R. and also my home in the U.S. (and owned my previous two homes). I understand the advantages of both courses; and as you say, the "right" choice is whatever is right for the particular person.
 

CaptnGlenn

Silver
Mar 29, 2010
2,321
26
48
I'm not sure and may be wrong, but don't some countries make someone who owns a home free and clear declare a certain value as rental income to themselves?

I don't know, but you could be right. There are some whacky laws around the world.
 

CaptnGlenn

Silver
Mar 29, 2010
2,321
26
48
Why does everybody here on this forum assume nobody knows what there are talking about?? :)

Cmon you guys could make a mountain out of a molehill. Here's a few facts:

1. The owner of the house in front of mine is asking for over 6M and the house and yard are smaller.
2. I'm conservatively estimating RD5M for my lot, that calcs to RD17,500 per m2 - you can't buy a lot and build a house in my neighborhood for less than RD21,000 a m2.
3. Did I mention they are building numerous homes in my subdivision? That equates to demand.
4. The DR and the US are different markets.


I don't know anything about your property. Maybe it IS worth what you think it is; and if so, congratulations . BUT, the only way to find out for sure is to try and sell it.

point one... your neighbor in front of you is asking too much for his house, it is not worth $6M ... how do I know this??? BECAUSE HE HASN'T SOLD IT YET.

point two... if in fact there is demand as you assume, (based on the new construction in your subdivision), consequently your neighbor's house would have sold were it priced at its true value.

point three... just because housing is being built, doesn't mean there is a market for it. If these homes in your subdivision are being built on speculation by a developer, when they are SOLD will determine/indicate/confirm the demand, not when they are built. The fact that they are being, or have been, built determines, (in part), the SUPPLY only.
 

Expat13

Silver
Jun 7, 2008
3,255
50
48
I don't know anything about your property. Maybe it IS worth what you think it is; and if so, congratulations . BUT, the only way to find out for sure is to try and sell it.

point one... your neighbor in front of you is asking too much for his house, it is not worth $6M ... how do I know this??? BECAUSE HE HASN'T SOLD IT YET.

point two... if in fact there is demand as you assume, (based on the new construction in your subdivision), consequently your neighbor's house would have sold were it priced at its true value.

point three... just because housing is being built, doesn't mean there is a market for it. If these homes in your subdivision are being built on speculation by a developer, when they are SOLD will determine/indicate/confirm the demand, not when they are built. The fact that they are being, or have been, built determines, (in part), the SUPPLY only.

The Dominican appraisal system is not based on historical sales price (partly because there is not accurate source of this information, and it may not be information they want to accept). Its far easier to base it on the inflated price of similar properties that have been on the market for countless years. Does this not make sense? :confused:
 

Chip

Platinum
Jul 25, 2007
16,772
430
0
Santiago
point one... your neighbor in front of you is asking too much for his house, it is not worth $6M ... how do I know this??? BECAUSE HE HASN'T SOLD IT YET.

NO OFFENSE BUT THERE IS A WHOLE LOT OF DIFFERENCE BETWEEN 6.5M AND 5M.

point two... if in fact there is demand as you assume, (based on the new construction in your subdivision), consequently your neighbor's house would have sold were it priced at its true value.

How can you do calculations w/o any numbers?? Here I'll help you. 260 m2 x 21,000 = RD5.5M

point three... just because housing is being built, doesn't mean there is a market for it. If these homes in your subdivision are being built on speculation by a developer, when they are SOLD will determine/indicate/confirm the demand, not when they are built. The fact that they are being, or have been, built determines, (in part), the SUPPLY only.

The developer has built over 10 homes in the last 3 years or so and all have been sold in a matter of months.

No offense CG but you are assuming a lot - why don't you ask for clarification? You are also welcome to come to Los Llanos de Gurabo II in Santiago and see for yourself.
 

CaptnGlenn

Silver
Mar 29, 2010
2,321
26
48
The Dominican appraisal system is not based on historical sales price (partly because there is not accurate source of this information, and it may not be information they want to accept). Its far easier to base it on the inflated price of similar properties that have been on the market for countless years. Does this not make sense? :confused:

I know exactly what you're saying. In fact, I don't even know if we can call it appraisal... more like an owner's pipe dream of what they WANT it to be worth. Add to this, the fact that sellers are perfectly willing to sit on a property until Hell freezes over to get their asking price. Obviously not really serious about selling the property, more about preserving their ego and saving "face".
 

CaptnGlenn

Silver
Mar 29, 2010
2,321
26
48
NO OFFENSE BUT THERE IS A WHOLE LOT OF DIFFERENCE BETWEEN 6.5M AND 5M.



How can you do calculations w/o any numbers?? Here I'll help you. 260 m2 x 21,000 = RD5.5M



The developer has built over 10 homes in the last 3 years or so and all have been sold in a matter of months.

No offense CG but you are assuming a lot - why don't you ask for clarification? You are also welcome to come to Los Llanos de Gurabo II in Santiago and see for yourself.


I make no assumptions, and wasn't talking about the value of YOUR house, (other than to say that the value is undetermined, whatever it might be). What I SAID is that your neighbor's house is over priced, and you confirmed that for me with the fact that the newly built homes are being sold in a timely manner.

oh... and I do look forward to visiting Santiago sometime in the future when I can spend longer periods of time in the D.R. For the time being my visits are limited to a week or so at a time, so that keeps me pretty close to "home" in Cortecito / Bavaro.