The Dominican Republic is one of the largest tourist destinations within the Caribbean Island chain and quickly becoming the most popular country as a place to live permanently. Each year more vacationers discover the tropical delights of Caribbean lifestyles and don’t want their short vacations to end. The Dominican Republic is now attracting an International level of people who are moving over here and buying property to spend their time with superb all year round beautiful weather or snapping up holiday homes to get away from those cold winter months. The Dominican Republic is an affordable place to live and maintain a good lifestyle within dream like tropical surroundings. As you look a little deeper you will soon realize that you don’t have to sacrifice modern living as you are accustomed to, you can find that right here in the DR….
If you are interested in relocating to the Dominican Republic as either a retirement option or a permanent relocation then you might be pleasantly surprised to discover that real estate prices here are the lowest in the Caribbean. Depending on what your looking for whether it be a beach villa, a get away apartment or a family home then prices range from roughly US$80,000 (or less for an apartment) and upwards to the millions dependant on size and location. However for a decent size property with garden there are reasonable properties and new developments offering some fantastic opportunities without breaking the bank.
It’s not surprising more and more people are investing in the Dominican Republic, whether you choose the North of Puerto Plata/Cabarete or the East of Punta Cana either way, both locations have international airports with daily international flights. Just being a mere 90 minutes from Miami or 3 and a half hours away from New York accessibility to your dream homes are only a flight away, even long haul is now not such a laborious task with more flights and more airports to choose from.
There are some pointers to remember when investing in a home abroad and probably one of the most important things you can do first is to find a reputable lawyer and one who will speak good English into the bargain. A good lawyer will explain to you all the necessary steps required to house purchasing in the Dominican Republic. The Dominican Republic continues to encourage foreign investment and has even made the whole process of purchasing property here far simpler than in recent years.
Also a good Estate Agent or Realtor will assist you in explaining most of the details in your prospective purchase and will give advice on what to do with utilities, titles for your house, schools, in fact any number of questions that you will think of.
As a brief guide here is a basic checklist you should be aware of, we are not expert realtors here at therealdr.com but as a rough guide this should help to get you started on your way to buying your dream home in this wonderful country:
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Survey: You should have an independent surveyor to verify that the property to be sold coincides with the one shown on the survey and also presented to sell by the vendor. If you are interested in a plot of land he will check out the plot and confirm size.
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Title Search: Normally your lawyer would do this, but it is a certificate and that the title does belong to the seller and should be clear and clean of any other outstanding titles.
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Inspection of Improvements: A qualified or good reputable builder/architect should examine to see if any improvements are necessary or those being carried out are done professionally and correctly.
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Permits: Your lawyer will confirm to you that the property to be purchased may be used for the purpose which you choose.
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Possession: Your lawyer will check that the vendor/seller is in legal possession to sell the property. If the property you are intending to purchase is rented out this is the time to check the tenant’s contracts etc.
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Utilities: Your Estate Agent or lawyer will check that the seller has paid all outstanding utility bills pending; these will be water, electricity, cable and telephone phone companies.
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Property Tax: Taxes are paid when you purchase a property and are your responsibility as the purchaser to pay. If the present owner has not paid these dues then the government will add on the outstanding taxes to your bill, so make sure that all property taxes are up to date.
Usually the process does not take longer than a month from start to finish, however be realistic at all times as sometimes things take a little longer in the Dominican Republic.
For more information on house buying or general advise check out our Dominican Republic Business Directory featuring several real estate professionals in the following categories:
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