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Im thinking of buying a condo. Help!
Thanks guys for all the wonderful replies. I have another question. What are these costly maintenance issues you speak of? The owner stated that he pays condo fees that takes care of the building, cleanup, gas, and water. I believe he said its 3800 pesos per month. I understand the normal wear and tear inside the apartment will require maintenance. And finally does anyone sell hurricane/earthquake insurance here?
Clueless Alex
Clueless Alex
Start believing things people down here tell you when they are trying to sell you something
and I guarantee you.. you?ll have problems.
I don't understand what you mean? I wouldn't do anything unless I have it in writing from a reputable lawyer.
How does this help me?
Give me some valid information. Just saying stay renting means nothing. I have been here for 4 months already. Ive been coming back and forth to the country for a decade.
Alex, follow your gut feelings. Most of the ones trying to deceive you have never owned anything on their life nevertheless in the DR. They are a bunch of clueless/afraid of making a decision themselves thus their provided thoughts.
The "maintenance" will be exactly as you stated "condo maintenance fees" to cover for the most part what you have already pointed out; gas, water, cleanup, security and cable tv at some places. The amount of these fees would vary depending on the "junta" of neighbors living in the building.
Your/building location tells me that you do live with very successful Dominicans thus your junta should be very strong. You have lived in the DR enough to make a decision, do not allow scary thoughts to steer you away from something you know feels right within you.
I purchase and sold when it was time also in SDQ, not a problem at all with anything, not with maintenance, junta, neighbors, nada, nothing. Again, most of these folks have never outright owned anything and will suggest to stay at a B&B for ever.
Is your decision, I don't sell real estate and do not live at the DR any longer although do travel very often - good luck and stay thirsty my friend!
Thank you my friend. I come here for valuable advice from expats who live on the island but it seems like most of the DR1 people hate the place. Very interesting.
Valid information as requested.
1. Get a copy of the title deed and a copy of seller's cedula.
2. Get a lawyer or go to title office yourself and check he really does own said apt. and check back of original title to see if mortaged
3. Go to impuesto interno (tax office) or get lawyer to go and check if said apt. is mortgaged or has any money owed on it such as original purchase tax or property tax depending on value.
4. Talk to other owners and head of the property administration to see how many people pay and what services are provided by the monthly condo fees.
5. Contact insurance companies to check hurricane and earthquake cover. It is available but much more expensive if you have glass windows lol. And the one I contacted refused to do a survey as we had a dog (??).
5. If all ok and if the worst comes to the worst you can afford to lose all of your money then get lawyer to draw up contract and go for it.
Matilda
1. Get a copy of the title deed and a copy of seller's cedula.
2. Get a lawyer or go to title office yourself and check he really does own said apt. and check back of original title to see if mortaged
3. Go to impuesto interno (tax office) or get lawyer to go and check if said apt. is mortgaged or has any money owed on it such as original purchase tax or property tax depending on value.
4. Talk to other owners and head of the property administration to see how many people pay and what services are provided by the monthly condo fees.
5. Contact insurance companies to check hurricane and earthquake cover. It is available but much more expensive if you have glass windows lol. And the one I contacted refused to do a survey as we had a dog (??).
5. If all ok and if the worst comes to the worst you can afford to lose all of your money then get lawyer to draw up contract and go for it.
Matilda
Alex if you wish this info and professional reliable help Pm me. The same brother in law is very experienced in buying real estate for starting hotels.*
It reminds me of what a Dominican friend told me few yrs ago ..nobody bought anything beaches were cheap why buy there so much land...not so now 30 yrs ago realestate *took off...scams ...high prices meltdown 8-9 yrs ago.. scammers seller get same land*
Selling what they didn't own...fast forward to today illegal to buy realestate with cash deslinde..prices 1/2 of hay day...most important good lawyer ...he won't release funds till taxes in your name and all is in order ....imagagine if you bought 8 yrs ago you would be ****ed also today...but it's DR way bitch about everything seems to make them happier so be it...
Selling what they didn't own...fast forward to today illegal to buy realestate with cash deslinde..prices 1/2 of hay day...most important good lawyer ...he won't release funds till taxes in your name and all is in order ....imagagine if you bought 8 yrs ago you would be ****ed also today...but it's DR way bitch about everything seems to make them happier so be it...
Not necessarily the case with a few exceptions. The ones who have set roots for good do own, the ones still chasing dreams do what haters do, hate and hop from B&B to B&B and friends bedrooms.
That's not a life to live, not for ever anyways.
The condos in DR are very nice and affordable - I do love the area you are at, truly a gem.Talk to the vecinos, the junta and find out more details, do not be enticed just because the beauty and affordability of the place.Time for due diligence's is at stake right now.
A good attorney would take care of all of the legal errands once you feel comfortable enough to go along with the purchase should you decide to go that route.
...which is exactly why I'd urge the OP to tread carefully. Why, as an owner, would I give up a 14% ROI, particularly when I have a renters and applicants doing backflips to stay there? And, frankly, the 14% is an "absolute best possible return" scenario that doesn't take expenses other than purchase cost into consideration. There are MANY variables involved.
I understand the desire to free up cash, but I mean he can do a HELOC, even if it's encumbered by a mortgage. He gets cash, maintains his cash flow from rent, AND keeps the property.*
That said, people have their reasons. Abuela's in the hospital, new business opportunity are the ones you hope for. Sky high maintenance costs and "special assessments" are the ones you wanna miss.
Either way, you should be sure you know exactly what you're getting - and getting into - before you break out the checkbook.
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What exactly are these two I keep hearing about?
Before you answer I did live in the DR and owned. Go on....
And for some odd reason, that post above doesn't read as written by you Rob, was your account hacked?
Let me try to answer thatDRob,
Real estate owners own to rent or sell, what else?
If the apt has appreciated, sell and do it again or retire....
Certainly, do the homework, think hard.....
I will say this,*
I get great satisfaction driving my own car vs renting.
I feel the same about houses.
Paying rent allows the owner to climb the appreciation ladder.
I feel that Sto Domingo might be an easier place to sell than where a
I am.
I wish out buyer the best
Naturally, the 14% is the pre expense number.
Throttle it back to where you want.... it's 10% plus for sure.
Real estate owners own to rent or sell, what else?
If the apt has appreciated, sell and do it again or retire....
Certainly, do the homework, think hard.....
I will say this,*
I get great satisfaction driving my own car vs renting.
I feel the same about houses.
Paying rent allows the owner to climb the appreciation ladder.
I feel that Sto Domingo might be an easier place to sell than where a
I am.
I wish out buyer the best
Naturally, the 14% is the pre expense number.
Throttle it back to where you want.... it's 10% plus for sure.
Addendum*
Without sounding?? Like I don't know what*
I have owned here, Canada, NYC and am now watching my daughter go through it in London UK.
Can't think of a loser in the bunch .
Without sounding?? Like I don't know what*
I have owned here, Canada, NYC and am now watching my daughter go through it in London UK.
Can't think of a loser in the bunch .
The primary concern with attached housing (I'm referring to condos, townhomes and the like) comes in the form of special assessments. Those are bills for shared items that unexpectedly fail such as roofing, elevators, common plumbing, road repairs, etc., that have to be paid by the owners. This is particularly a problem for older buildings and/or facilities subject to inordinate wear and tear (i.e., hurricane zones, properties close to salt water.)
It's important the seller speak with the condo association, and look at the minutes. If it's a well-run building, there should be records of past and upcoming assessments.
Frankly, I'm surprised the COA bill is only 3800 pesos. Unless he's living in garden style condos (or an old two or three story apartment conversion), that's chicken scratch for an elevator building on the ocean.
WW,
Please understand, I don't disagree with any of that. I'm big on the "joy of ownership" thing myself, lol. But, we as NAs are usually inundated with information related to a RE transaction, so we know - or at least have every opportunity to learn - everything going on with the property.*
I'm simply saying the OP should exercise the same caution. And yeah, I'd be just fine with a "true" 10% cap on a hold property, lol.
Understood and agree though the BDLG he's in is at one the best locations in Santo Domingo thus the junta likely is as good as the location so are the vecinos.
Do you know the spot where the BLDG is located? If you do then you would relate to my suggestions.