planning for life in the DR...

[pi2]

of course, in some countries the 'reverse Mortgages" do the trick to keep the elders afloat.

Thats another way to provide retirement income for a vacation home.

Drains the proverbial tank somewhat, but to some, it may not matter.

If you have spent all of your savings educating your children to the point where they are self-sufficient professionals... go ahead and "live it up" in the golden years.

My 2 cents

Life expectancy is increaing all the time for those that have reached 65 or 70. Extensive help may be required in later years. Assisted living is expensive in the US and advanced countries. A property in a developing country makes a nice nest egg should independent living be difficult or long term medical care be necessary.
pi2

 

[william webster]

Read up on these Reverse Mtges... need to be 62 to qualify and can be absent from the house for a year.
No income restrictions, no spending restrictions, no prepayment penalty.... very fair

The loans are intended for exactly what you say - to assist the elderly w/ health care and lifestyle in their latter years by tapping into theier house equity.

HUD sponsored and even some state plans.... very popular and will become moreso, I expect.

 

[pelaut]

Having 32 years in the DR and having built four homes and rented others, I have a qualified opinion:
Hillbilly, Pi2, Chip . . . . are ALL correct ?? it depends on the times, lease options, interest rates, material costs, etc., etc.

And the times they are a-changing. The whole world may be in financial free-fall. The gang that brought us 300% inflation before may take the elections in May. And living here full time will be a bigger change for you than the collapse of worldwide markets.

My advice? Have your feet on the ground for a full 365 day year with NO commitments, no decisions and lots of travel. Rent furnished a month here, a month there, longer where you think you like it. Campo, suburb and city. Then review your changed attitudes and the rent/buy environment.

NOTE: if "retiring" means "aging", be sure to include access to oldster services as a criterion on your decision table. Start that table now and review it monthly during your "orientation year".

 

[southwardbound2]

Just this week in the Faculty Room on PUCMM campus, one of my engineer colleagues had some plans laid out on one of the tables, and Curious Me went an took a peek. Immediately, Curious Me recognized the basic plan, and since the fellow is a friend, we talked and kidded about it.

It was a "typical" country residence. A "4 water roof", large cement pad, with cement blocks up to the windowsills, and the wood up to the roof-line.

Since I am a big fan of this type of construction, I pontificated on the benefits of lapstrake (clinker-built), palm wood sidings, and then he said: "Oh no....tongue and groove pine."

And I kidded him and said: "Cheater!!! It should be palm...clinker built style."

And he said: "No, that is really expensive."

He then said that all told this house, two bedrooms, dining, living, kitchen...would be about $15,000 to $20,000 for his client in NYC...

I told him to "Hold that thought." Honestly, if we close on the house, I just might build me one in Bajon, on the lake of the counterdam on the Mao River...

So, Amstellite, hold on to those thoughts....do the rental, find your place...you might want to look at a place like Guananico, or Luperon or El Estrecho...there are tons of places not full of ex-pats where you can enjoy life not too far from the big city.

HB

What's a "4 water roof"?
And the price seems too cheap.....what's missing?

 

[Chip]

What's a "4 water roof"?
And the price seems too cheap.....what's missing?

Price for this type of construction would be around RD10,000 per square meter.


A 4 water roof has 4 surfaces and would look like a roof over a simple square or rectangular building.

 

[pi2]

Over a 20 year timeframe post - war buying has almost always been better than renting.

DR prices are low and increasing so why not buy?

Plots of swamp in Florida that I could have bought 20 years ago for $$ are now worth $$$$

Plenty of choice in DR at half the better parts of Florida prices now.

Some pre-equiped with Solar.

pi2