Anyone of you planing or already bought real estate in Dominican Republic? What are things to look when you want to buy real estate in Dominican Republic? What area of Dominican Republic is the best for expats? My friend looking to buy and considering DR! Thank you all!
Personally, I wouldn’t buy in the DR. I think you are far better off renting. Then if things go sour, you just throw the keys at them and find another place. That said, Punta Cana (on the east coast), Costambar, Sosua and Cabarete (on the north coast near Puerto Plata) seem to have a lot of expats.
That is one of the things that I suggested as well! I said that they should rent for a few months and see how is it! They plan to spend winter there and summers in Canada. They hope while they are in Canada that they can rent it and enjoy some “free” vacation during cold days in Canada.
We have some friends that winter over (in Costambar, one of the places I mentioned). They also spend about 5 months in Canada over the summer. They signed a yearly lease on the condo they rented. That way they can leave their stuff and lock up the place when they’re home. They do have friends that check up on the place at times, but in lieu of this, someone from property management could check in from time to time. I don’t think you would want to close it up for five months unattended. Same goes for a place you bought.
Buying here can be a good idea. It depends on your needs and your resources.
Expat areas include Bob’s list and Semana, Las Terrenas, La Romana, Juan Dolio, Jarabacoa, Luperon and the entire north and east coasts.
If you plan to live here long term, then come down and rent. Rent for 6 months to a year in the area you think you want to settle. Then and only then consider purchasing. If you do, make sure to get a good qualified realtor (there are no licensing requirements here) and a good lawyer who is on your side! Make sure you understand the rules here before you leap in.