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Author Topic: Thinking about purchasing a condo in the Dominican Republic. Good or bad idea?  (Read 6458 times)

Bricks973

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I am thinking about purchasing a condo in the dominican republic. Do you guys think it's a good idea or bad idea. Location sosua.

habracadabra299

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in Santiago yes
in santo domingo yes
in sosua no no no.But if you go to sosua more than 5 o 6 time a year
it will worth the money to have a condo there.You can rent it when you are not in town
and make money.Remenber sosua is not and will be the same sooner.

danceelite0

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I think it's a good move now that the prices are low.  I have a co worker that owns a villa at casa Linda it stays booked.  Six bedroom with a pool, they never have to pay the mortgage out of pocket.  It rents for 350 a day and I am sure a weeks rent covers the mortgage.  Do your home work find and area that's well visited like Semana, PC or Sosua and buy.  It's a buyers market my friend.

Bricks973

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in Santiago yes
in santo domingo yes
in sosua no no no.But if you go to sosua more than 5 o 6 time a year
it will worth the money to have a condo there.You can rent it when you are not in town
and make money.Remenber sosua is not and will be the same sooner.
I am going start going there more often and the asking price for a condo is cheap

Bricks973

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I think it's a good move now that the prices are low.  I have a co worker that owns a villa at casa Linda it stays booked.  Six bedroom with a pool, they never have to pay the mortgage out of pocket.  It rents for 350 a day and I am sure a weeks rent covers the mortgage.  Do your home work find and area that's well visited like Semana, PC or Sosua and buy.  It's a buyers market my friend.
I think I'might going to make that buy, so evertime fly in, I'll have my own spot and hopefully rent it out when I am not there. I'm going to check out casa Linda too

nycstompers

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Good idea to buy. I would have to disagree with habracadabra. Santiago has no beaches. Santo Domino is a good city but way too much traffic. Sosua is along the coast and it's being built up slowly. Getting a spot in Sosua would guarantee that it's rented yearly. Yes, Sosua has issues right now but it's temporary. If you look around and poll the buyers in the DR...its Expats. They are making a killing now and the properties being sold are cheap right now. In about 3 to 5 years...it will go up. You would have to decide on your ultimate location.

Don Pablo

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If you want to live there, sure. Don't expect any capital appreciation, don't expect a lot of rental revenue, don't expect to sell quickly if you need to, do expect some pretty high monthly fees.

If you are two or three months a year, $1500 a month can rent you a pretty special ocean view place and you can go anywhere the next season if you feel for it.

That said, Puerto Plata province, pretty low cost of entry, proximity to the airport, medical services,  low incidence of extreme weather, low cost of living, ex pat community...  It's not so bad.

Buy the best you can afford, ocean front or ocean view.






Molexxyy

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beware of scammers............i have a house in sosua but i hardly visit sosua.if  u not gonna settle there and start some business i will advise u to rather rent a place than buy a house.

bachatero

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I think it's a good idea, especially if prices have dropped.  If the nonsense in Sosua continues, then prices should drop to an all time low in about 6 months.  My guess though is that Sosua will return to normal shortly.

I will buy land and then build a house in 2017.  I will do this for my new DR family.  I'll probably rent it out only during the summer when we are in Chicago.
Live free or die!

sweeper

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@bachatero , you seem to know the country pretty good, i'm retiring with a nice pension in 6 or 8 years, where would you buy?
I know that Samana is popular with gringo expats.  I stayed in  Juan Dolio , east of the capital and iv'e been to La Romana , had dental surgery in Santiago , i speak fluent spanish so i've been thinking hard about retiring in the DR , Mexico , maybe Colombia.

Samar69

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Consider this-

https://www.youtube.com/watch?v=W9DqrYUnCcE

Gringo warns to rent for one solid year before buying.  See what it's really like first.
The World Is Yours!  (But pay attention and avoid the deadly hot-spots).  Travel safely.

mp3

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lol...interesting video,,,for the most part i would agree on what he said,,u will always be a outsider.

..i agree rent for a year and get it out of your system...after renting for a year you will be able to tell if it was a fad or u really want to be a part of the culture,,,these places are a big difference than what u are use to in the united states.


mho

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If you want to live there, sure. Don't expect any capital appreciation, don't expect a lot of rental revenue, don't expect to sell quickly if you need to, do expect some pretty high monthly fees.

If you are two or three months a year, $1500 a month can rent you a pretty special ocean view place and you can go anywhere the next season if you feel for it.

This is the best advice. 

Homes in Sosua/DR are still overpriced compared to other locations.

That said, I like this little house:
http://casalindadr.com/realestatedr/villa-floorplans/

Samar69

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https://www.youtube.com/watch?v=0yU2NNb12Y4

My Warning To Expatriates.

Sobering account. Guy bought land, properties, houses & condos in Belize.

Lost everything.  Escaped with shirt on his back.  Illegally entering into Guatamala. Got caught. Lawyered up and made it back to USA.

Didn't donate to a politician's re-election campaign. Asked for $2 Mil.! 

Host tried it out in Philippines but they both ended up back in USA after buying in Belize & Philippines!   
« Last Edit: August 14, 2016, 11:28:48 AM by Samar69 »
The World Is Yours!  (But pay attention and avoid the deadly hot-spots).  Travel safely.

007

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I am thinking about purchasing a condo in the dominican republic. Do you guys think it's a good idea or bad idea. Location sosua.

Brick973...do your due diligence first. If you have only visited on mongering trips, it is likely not enough experience to jump into buying a property. If you are looking for rental income, then take the time to research the returns in the places of interest. Casa Linda might yield great returns while a complex 5 minutes away may not. Do your homework thoroughly first. I visited dozens of times over the years and did extended month or 2 month stays to really get a feel for things before investing here. I'd advise doing something similar. My experiences during longer stays were different from that of short weekend vacations. I saw things from very different perspectives. Then I finally decided to move. Even then, I wanted to rent first before settling on a more permanent location.

 


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