My plan...

Hi, I'm Pamela, I am almost 50 and this is my plan...I would really appreciate all the help I can get!

I plan to buy a condo in the Sosua area. I plan to stay there for a month each year and rent it out the rest of the time. I plan to do this for 5 years. Then, once I'm retired, I'd like to be in the DR for 6 months out of the year and start a small business. Somewhere in there I'd like to start the residency process. I don't know when or how to start this. Any advice would be greatly appreciated! Thank you!

Hi Rocketgirl.  Welcome.  Tell us a little bit about yourself.  Have you been here before?  Where?  Why Sosua?  What are your interests?  What do you know about buying or owning property here?  You say you want to rent?  Do you know the consequences?  We can help when we know what you need help with... Lots of advice already here.  Do some research, get acquainted...

Cheers,

I know nothing about owning or renting in the DR. I've never been there but I know many who have. From what I've heard it's safer and more cost effective. I plan on visiting next year once I can seriously look at purchasing. I understand that the sosua area has a large expat community, which is where I would feel most comfortable.

Better just rent.

Rent forever? Or just for now?

Ok, well firstly I am in the Punta Cana area and have found it to be safe, loaded with opportunity not as expensive as others here will tell you, loaded with new development, close to the airport, great beaches and some pretty decent people.  I dine out on a regular basis, drink  more rum than I need to and a have property here.  There are lots of things that you will need to educate yourself about and many people here will tell you to rent before buying and that is good advice.  The laws here are very different from Canada and owning property here is not for everyone.

Thar's a start, lets hear from some of the others..

Great post by Mike!

Come down a few times and rent in various areas. Find the area that works for you honey.  The east is very different from the north and the north east.

Many here have strong opinions about their area.  Check them all out. Pick our brains and make sure to start reading the threads! Ask ask and ask some more questions!

I've been here 15 years, lived in many different parts of this country! Find what works for you.

Thanks! I'll rent for a couple of months and your around checking things out.

Welcome, you will be flooded with advice, ideas, people looking to make some moey fro you etc. You are fortunate to be able to take time to truly explore your options. I am partial to Sosua sice my first visit in 1996. Be patient, no rash decisions required.   I suggest keeping your personal status private.  Sit back and read, learn & smile because you have the choices to make, not anyone elses! Keep posting, we are here to help.

Thanks Tinker 😊

Rocketgirl.

Welcome.  There are a lot of good intel on this site.  Remember, everyone may not tell you what you want to hear.  But they will tell you what you need to listen to.

Home ownership is a good feeling.  However, absentee properties, come with nightmarish true stories.  Believe ALL of them.  Don't rush to invest in any area, until you have put your toes in the waters.  Over 5 years you are depending on income to cover expenses and make some albeit small profit.  Too many times people "think" and guesstimate an unrealistic number of days it will be rented each year.  For 5 years.  That is 60 months.  With you occupying it max of 5. 

There are almost always surprises that sound like Ka-ching, Ka-Ching.  While you may be lucky and not experience any catastrophic events, plan for the worse.

Lastly, someone suggested renting. Smart advice.  You may spend the first week, and realize you don't like it enough to foresee spending your retirement in it.  Be patient.  There is no hurry. Notwithstanding, new properties are going in every year and the perfect one for you, may not have been on the drawing boards yet.  A lot is going to happen in the next 5 years.

Patience is a virtue my dear.

Relax and smell the roses.

Good luck.

Big Bob in Luperon on the North Shore, where new things soon are expected.

Feliz Navidad

Thanks Big Bob!

When contemplating a purchase rent the property you'd propose to buy (and rent when absent) first.

Get out and see lots of places and talk to others.  Sometimes just having a single element, such as 'ocean view' can make a  large difference in rental days and thus may be more than worth that premium in purchase.

Ultimately the decision might be as simple as "Would I/we pay $X to rent this place".  If the answer is no then keep digging and trust your gut.

JR

Just ask anyone who bought for the "view" how long before the view became just a part of the landscape. The oohs and aaahs are not that note worthy, Just very expensive.

I don't disagree with that at all.  Just working up some spreadsheets prior to going back.  I was intrigued at the costs of some half-finished projects, not much worse for the wear considering it was concrete sitting out in the weather.  Exposed rebar does give me pause though.... :)

JR

My pleasure Rocketgirl.  Anytime.

P.s.  I am your "neighbor" from Colorado in the states.

Yes, there will definitely be spreadsheets involved in my decision making process.

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