Hello all!!!
My wife and I are in the early exploratory phases of planning our retirement abroad. We are in our early 50's and planning on retirement in the next 6-8 years. We had been looking at the DR and visited there a month ago to check it out a little after talking with others and family members who had visited.
Since then we have been doing as much reading and researching as we can on the different areas, costs, real estate markets etc.
We have decided to get a bit more serious about moving a plan ahead. We currently both work in the states, I run a business manufacturing custom aluminum boats (which we are currently in the process of selling with a five year exit plan. I also have consulting income that might carry over a number of years into retirement. Our youngest child we be done with college in about 5-6 years so that is kind of our starting time frame to make a move full time.
We are still looking a retirement cash flows from investments, when to look at SS and my wife's pension and will be working more with our planners in the states to figure out the most optimal plan for funding our retirement.
When we were there last month we spent a couple afternoons out and about north of Punta Cana talking with a couple expat business owners and felt pretty comfortable with their assessments that area. We have alot more exploring to and most likely will be making a number of return trips over the next several years more dedicated to visiting different areas and hopefully networking with some expat mentors to help us make educated decisions as we move along.
One of our first questions is related to the real estate markets. Are properties going up significantly, have they over the past several years, what does the future look like over the next 4-6 years, etc.
We are not "fast movers", we still trying to decide if we want to keep our current property in the states as a home bases, sell it and use those funds to buy outright in the DR and get something modest back home or add on to one or our kids homes for return visits, etc. We have been looking at properties in the DR from a distance and it does appear there are some nice reasonably prices options in good areas with would meet our needs at first glance. Our concern is what will those prices be in say 4-6 years? Depending on our final retirement funding plan would we be better to consider purchasing in say the next few years, having it rented or managed until we get closer to making the move (this after spending a bit more time down there checking areas out of course) of waiting until closer to making the move full-time.
Ideas, thoughts etc are more then welcome.
Regards PW
Exploritory Phases
Welcome to the forums! Wow, what a lot of info to process. Sounds like you have a good plan - meaning you are exploring.
No one can say what real estate will or may do here in any specific area. Just when we think we have it figured out things change. It depends on so much - international markets and economy, local economy, political stability, tourism growth and on and on. And of course weather. We could be growing nicely in terms of real estate pricing then a hurricane hits (not even your area) and wham things change.
So predicting is a nightmare.
LONG TERM - prices trend upward. We are an island paradise and as the baby boomer bubble ages you know that retirement tourism and living here will increase! Those are facts. What happens moving forward...............
Buying sooner and renting out - option. Make sure you understand the pros and cons and have an excellent manager or company handling things. Many have done it and continue to do it and make money.
Make sure you are very clear where you want to live and why. Please check out multiple places in this country. It is very diverse.
I will also send you a Private Message
Welcome. It is good to have a plan but try to keep it simple to begin with.
Planner makes a good point that you need to explore the country some before settling on PC as your new "home". There are lots of other areas with Expat communities that are a bit less tourist driven.
Good luck, Read the multiple threads here ad ask away
Bob K
Thank you, we are not sold or settled on PC at this point, it was just the first place we have first hand experience with, from what we have read and studies so far the North Coast or maybe central are areas we are wanting to visit and explore more indepth.
PW
Like PW we are going to PC for our first two months but want to explore North Coast as well. Biggest issue I have is that I see sooooo many posts here and other places about driving in the DR. Is it really that bad where if we limited ourselves to day time driving we should only use drivers? I'd really like to rent a car to be able to take some 3 or 4 day trips to LT and other North Coast cities.
Well if you are used to maniac drivers, you know where you are going, have full insurance and you speak Spanish - sure rent a car!
Imho hire a driver. You won't regret it. On the other hand, if you don't hire a driver, you probably will regret it.
After you have been here for a few months and have some idea of the idiots on the road and the actual road conditions consider renting a car for a couple of days, stay local, and see how you do. BUT not before
Bob K
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