New Projects

spiral

New member
May 2, 2013
26
1
3
When I first lived in (moved to)the DR I was amazed at the amount of unfinished real estate "projects" I saw everywhere. From Cabarete to Santo Domingo to Juan Dolio they were everywhere. I remember the giant tower right on the Malecon that stood empty and I thought the likelihood of someone recouping money from one of these failed projects is probably nill.

Having bought a newish home in the US I found out how important it is to find out who the builder is. My first house (in the US) even though newish It was not built well because it was built by D.R Horton who is one of the US's worst mass builders. The next house I bought I made sure I found out who the builder was to not have this issue again.

My wife's sister-in-law and mother bought in on a new real estate project in Santo Domingo. It faired well and they ended getting a 50,000 USD apartment for 40,000 (yes these were aimed at Dominicans).

Has anyone here ever bought into a new project (in or out of the city)? What location did you pick? How did you investigate the builder and their history of completion of projects? Did you live in it yourself or did you rent it out as a vacation rental?


Please I am looking for people who actually have experience with this type of thing so only reply if you do. I read a page worth of posts and I get the whole rent first thing. God knows it's a crazy place. The north coast real estate looks like it depreciates more than appreciates. To be honest and the years I spent lurking at island real estate I have really only seen Santo Domingo appreciate.
 

SKY

Gold
Apr 11, 2004
11,955
2,109
113
Sky Real Estate Rules

1 Never buy anything that you cannot pay for in the morning and move in the afternoon.

2 Read Rule 1 again.

Disclaimer: Failure to follow rules can be hazardous to your bank account...............
 

ando1991

Member
Dec 5, 2016
48
7
8
I was wondering about this, too. I was also interested in some developments/projects. Who are the reputable builders in the Puerto Plata/North coast area?
It actually looks like they building more and more projects....
 
  • Like
Reactions: Africaida

singletravel

Active member
Oct 13, 2003
284
36
28
I'm in the process of building a new home now, the fees to pay all (city, govn/t, local etc etc) BEFORE you even start is amazing ..... Everyone has a finger in it .......
 

JD Jones

Moderator - Covid 19 in DR & North Coast
Jan 7, 2016
6,526
3,965
113
I'm in the process of building a new home now, the fees to pay all (city, govn/t, local etc etc) BEFORE you even start is amazing ..... Everyone has a finger in it .......
While it's fresh in your memory it would be great if you could list the agencies/offices you're having to pay, and as an added bonus, how much.

I have seen some pretty amazing charges in my time here. (Including a geographical study of the land where the house
was being built)
 

singletravel

Active member
Oct 13, 2003
284
36
28
well, top of my head. Costs are relevant to what you payed

1.) city permission to build (yup) and they also have to approve the plans (another fee)
2.) turn on power and electric
3.) Survey for title
4.) lawyer fees (absurd)
5.) Even ministry of Tourism gets a cut
 

Africaida

Gold
Jun 19, 2009
7,774
1,340
113
well, top of my head. Costs are relevant to what you payed

1.) city permission to build (yup) and they also have to approve the plans (another fee)
2.) turn on power and electric
3.) Survey for title
4.) lawyer fees (absurd)
5.) Even ministry of Tourism gets a cut

Which area are you building into ?

Do you have an architect ? Construction company ?
 

singletravel

Active member
Oct 13, 2003
284
36
28
by the way, the bids for the shell house were off the wall. My contractor asked for two bids and I even meet with the them (one is building Delancers new house) to double check. As a last resort Im using the contractor to build the house in-house. He'd prefer to out-source it, but Im saving 30%. Things are EXPENSIVE NOW!!!!
 

singletravel

Active member
Oct 13, 2003
284
36
28
I double checked all references and Juan Perdome was the greatest of help. A simple, honest, humble and knowledgeable man. I uses him as my backboard for help and thoughts ....