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Dominican Republic real estate
It is not hard for a foreigner to purchase
Dominican Republic real estate, whether you intend to live there or rent
the property. The prices are usually much less than what you would expect
to pay in the United States. For example, a luxury hotel would cost you
about 1.5 million dollars, a villa would range fro, $500,000 to $650.000
and a condo would cost about $250,000. You can also buy a parcel of land
for less than $100,000, which is much less than the price you would pay in
any North American city.
Keeping in mind the retail value of the real estate, you can make a lot of
money by purchasing a villa or condo in the Dominican Republic. So many
people would love to have their own space when thy go on vacation, that
you could have it rented all yearlong. The problem then would be that you
would not get a chance to enjoy it yourself.
When you buy property in the Dominican Republic all sales are expected to
be in cash. You will have to arrange financing through your bank at home
to close the deal. You may find some sellers that are willing to help you
with the financing by allowing you to pay 50% down and the remainder in
full within 3- 5 years.
While most people who want to buy a house here tend to look at the markets
in the city, there are many bargains available just on the outskirts. It
is quite possible to get a reasonably sized building lot just outside the
city for less than $25,000. If you intend to build your own home, experts
advise that you should allow about $27 per square foot.
The best thing about buying real estate in this tropical paradise is that
there is no hold up with the legal work. Foreigners can hold property and
it only takes a lawyer to draw up the contract. There is no specific
amount of time that you have to reside here and you can certainly purchase
an investment property or one that you plan to use for your retirement. By
renting it out, you can get it paid for without having to spend any of
your pwn money.
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