I Would Think Twice

[jimmythegreek]

About buying any apartment anywhere in DR going forward.

The corruption inside the Administration of these properties is extensive-violating the property's own rules and the Condominium Laws.

As a property owner, your recourse in the courts is difficult to counter the corruption and abusive monopoly tactics by a minority group and can leave you in a difficult situation to even sell the property as the monthly association fee is driven to very high levels to support many that are not paying and controlling the financial account with no audit process.

Caveat Emptor.

 

[CristoRey]

About buying any apartment anywhere in DR going forward.

The corruption inside the Administration of these properties is extensive-violating the property's own rules and the Condominium Laws.

As a property owner, your recourse in the courts is difficult to counter the corruption and abusive monopoly tactics by a minority group and can leave you in a difficult situation to even sell the property as the monthly association fee is driven to very high levels to support many that are not paying and controlling the financial account with no audit process.

Caveat Emptor.

I rent. Problem solved.

 

[jimmythegreek]

I rent. Problem solved.

Well problem solved until the Landlord raises your rent to offset the massive increase to the mantenimiento and then the hassle and cost to move to another apartment with new contract.

 

[Fulano2]

Build à house.

 

[cobraboy]

Build à house.

Extremely difficult to sell, unless you have no intention to ever move or divest.

 

[Tamborista]

Rent a house from a "trustworthy" old school family with references, pretty simple, no?

 

[JD Jones]

About buying any apartment anywhere in DR going forward.

The corruption inside the Administration of these properties is extensive-violating the property's own rules and the Condominium Laws.

As a property owner, your recourse in the courts is difficult to counter the corruption and abusive monopoly tactics by a minority group and can leave you in a difficult situation to even sell the property as the monthly association fee is driven to very high levels to support many that are not paying and controlling the financial account with no audit process.

Caveat Emptor.

So this happened where you bought your apartment. Where else has it happened that you personally know about?

I sympathize with you on the problems you've had, but you would have a hard time convincing me it's SOP in other apartments.

I'd suggest you got a bad apple.

 

[ctrob]

Extremely difficult to sell, unless you have no intention to ever move or divest.

Leave it to the kids. Make it their problem.

 

[bob saunders]

I have no doubt I could sell my house because of it's location and income possibilities. Location and price, like everywhere are important.

 

[USA DOC]

....Rent with a 7 year lease , that states no rent increase.............

 

[Fulano2]

Extremely difficult to sell, unless you have no intention to ever move or divest.

Depends where, price and kind of house. Same as an appartment.

 

[CristoRey]

Well problem solved until the Landlord raises your rent to offset the massive increase to the mantenimiento and then the hassle and cost to move to another apartment with new contract.

Indeed some people have this problem.
I'm connected. I do not have this problem.

 

[wrecksum]

What's the point of this post? So many people here have apartments with no hidden drawbacks.Find a decent lawyer and do your due diligence as is universal, I don't see what it's trying to say.

Maybe a fool and his money were soon parted?

 

[Cdn_Gringo]

I think we can agree that Real Estate market on the island bears very little resemblance to what many foreigners are used to. Properties sold without titles being immediately available, deslindes that may or may not exist, language is always a barrier when it comes to complicated purchase agreements, some people purchase with no intention of living in the property, lawyers can be shady. Real Estate agents are completely unregulated and adhere to no code of ethics, legal processes can take a long time, selling high-end villas and some condos can depend on the right foreigner finding the property and on and on it goes.

Buying on the other hand is as easy as sliding money across the desk, even for properties that haven't been built yet and maybe never will.

It's easy to get into trouble unless one spends lots of time here looking, learning and doing their due diligence. Some pitfalls in this country are not easily recognized by buyers who don't know what to look for and who rely on their lawyer to ensure they aren't skinned alive. The geology on an island is different, the building practices can be a mystery and with no code of standards to build to, it can all come down to a roll of the dice.

Some foreigners are really good at dealing with Real Estate transactions here and have all the tools and language skills they need, others not so much. Those looking to purchase as an investment and rent the property out while living far away need to be that very special type of investor that can lose it all and not bat an eyelash.

It's easy to get into difficulty and it can be very difficult and time consuming to get out of it. This market is not for sheep.

 

[jimmythegreek]

What's the point of this post? So many people here have apartments with no hidden drawbacks.Find a decent lawyer and do your due diligence as is universal, I don't see what it's trying to say.

Maybe a fool and his money were soon parted?

Nope-maybe you don't know what you are talking about-many apartment complexes-specifically in SD have this problem-so there is definitely a point to my post and a lot more-the laws in the country for Condominiums are antiquated at best and can't deal with these issues effectively.

 

[jimmythegreek]

So this happened where you bought your apartment. Where else has it happened that you personally know about?

I sympathize with you on the problems you've had, but you would have a hard time convincing me it's SOP in other apartments.

I'd suggest you got a bad apple.

Where else? Numerous other apartment complexes throughout the area have the same problem-the problem is the Condominium law itself-first the entity of the Directiva should be abolished. Only a triangle of control-Owners-Administrator-Independent Auditor.

 

[jimmythegreek]

I think we can agree that Real Estate market on the island bears very little resemblance to what many foreigners are used to. Properties sold without titles being immediately available, deslindes that may or may not exist, language is always a barrier when it comes to complicated purchase agreements, some people purchase with no intention of living in the property, lawyers can be shady. Real Estate agents are completely unregulated and adhere to no code of ethics, legal processes can take a long time, selling high-end villas and some condos can depend on the right foreigner finding the property and on and on it goes.

Buying on the other hand is as easy as sliding money across the desk, even for properties that haven't been built yet and maybe never will.

It's easy to get into trouble unless one spends lots of time here looking, learning and doing their due diligence. Some pitfalls in this country are not easily recognized by buyers who don't know what to look for and who rely on their lawyer to ensure they aren't skinned alive. The geology on an island is different, the building practices can be a mystery and with no code of standards to build to, it can all come down to a roll of the dice.

Some foreigners are really good at dealing with Real Estate transactions here and have all the tools and language skills they need, others not so much. Those looking to purchase as an investment and rent the property out while living far away need to be that very special type of investor that can lose it all and not bat an eyelash.

It's easy to get into difficulty and it can be very difficult and time consuming to get out of it. This market is not for sheep.

Even if you do your due diligence-means nothing-the administrator and directiva can later be changed and problems begin at that point in time. I doubt many foreigners have been very successful with their real estate purchases in the DR given the numerous evidence that I have seen over the years.

 

[cavok]

Not sure exactly what a "Directiva" is(is that the board of directors?), but a BOD and an administrator are both very common ways of administrating a condominium association, both here and in the US, and else where around the world.

Having an administrator - usually an owner and particularly common in smaller associations - does not prevent the problems you seem to be having. I've seen and heard about the situation you're describing happening in Florida many times.

 

[TropicalPaul]

I bought an apartment last year in SD, despite realising that a) the maintenance fees were very high and b) it would be hard to sell. Why? Basically because I love the apartment and wasn't buying it to sell, I bought it to enjoy it. The maintenance fees are high (US$ 600 per month) mainly because of insurance. The tower is fully insured against hurricane and earthquakes and insurance companies are jacking up the premiums because climate change is increasing the risks. Our insurance went up by 15% this year. But for my $600 a month I get 24 hour front desk, amazing security, everything cleaned and repainted and the peace of mind that if we are hit by a hurricane or an earthquake, I won't lose everything. So it's expensive, but worth it.

In London it's normal to pay $1,000 a month maintenance fees for a lot less.

 

[Cdn_Gringo]

Even if you do your due diligence-means nothing...

Certainly also a potential hurdle buyers could face. My post was focused on the art of purchasing property here. The potential pitfalls of owning after the purchase is an entirely different deck of cards but probably equally important.

The takeaway, if you don't plan to live in what you purchase on a full time basis, if you are not extremely careful with the representation you hire, if all the planets don't align perfectly, purchasing property in the DR can be an unexpected nightmare that is difficult to wake from.