Has anyone gone thru the process of buying a vaction home in the DR…renting it out when your not there…did you find a Management company to help you?
Wayne… I think most people have good experiences when buying in the D.R. I did not. That is why I did not post earlier. That was several years ago and quite frankly I got hosed, however, admittedly I was naive.
Not sure exactly how to go about it but do background checks on the owners, the management etc. because there are a lot of shady things that go on in the D.R. without a lot of repercussions if and when the shadyness comes out. EG: there is no prerequisite to be a real estate agent in the D.R.
Just a comment…I have seen the 2 shows “House Hunters” on the HGTV Network where an Edmonton couple bought a condo in PC, and also a girl from New York City, actually in the Cap Cana area.
The Edmonton couple was the most recent, you can google it and watch the show.
Sent you a pm
I to would like to purchase a condo in the DR. Probably in the PoP area but not for sure yet. I do want it to be close to an airport(within reason). I plan on buying a place anytime within the next few years if not even sooner if I find the right place. I want to retire down there with my woman and not just have a vacation home. Any suggestions or info would be appreciated by me as well. Thanks
Remember The ‘Wizard of Oz’? Dorothy at one point clicked her heels and said "Toto (i apologize to those that know Spanish…lol) we’re not in Kansas anymore.
We also were looking to buy a condo in Punta Cana. I spent my first week of my vacation looking. We decided that it was not worth it for us to buy. Found quite a few condos for rent right on the beach and some about 200 yards away. It is much cheaper to rent than to buy and you don’t have the headaches. Also with so many condo complexes springing up I don’t know how many months you will rent it for to make it profitable.
We have bought a condo here (Cabarete) which we still own and built a villa (between Sosua and Cabarete) which we live in. Feel free to ask any questions you may have.
I have rented a Condo right on the beach in Punta Cana from Dec 15-Jan 24. Our plan is to try this first, as we been looking at Condo`s for some time in the area. I am excited about not staying on a resort, and going out and meeting all the local merchants and see if I would really like to spend long periods of time there after retirement.
Buying a condo, villa or land here is full of pitfalls. Be very careful who you trust. Do title searches, get title insurance(well worth the cost) make sure you get a well recommended lawyer or law firm- do not cheap out in this area!
Whatever you do - double check everything. Do not accept any one person’s word for ANYTHING. double check and then check again.
[quote=@planner]Buying a condo, villa or land here is full of pitfalls. Be very careful who you trust. Do title searches, get title insurance(well worth the cost) make sure you get a well recommended lawyer or law firm- do not cheap out in this area!
Whatever you do - double check everything. Do not accept any one person’s word for ANYTHING. double check and then check again.[/quote]
Actually title searchs, corporations status,tax status on any property you may be buying is done by your lawyer (So as Planner said get a good one). The title insurance (Stewart) is not worth the paper it is printed on…
Do be careful and check things out. Someone once told me that a little paranoia is healty, but don’t go overboard. There are some good real estate people out there and there a lot of crooks as well.
Llike i said in my previous post ask me if you have questions (I have been involved in the RE world here on the north coast for some time)