Tips on Buying Real Estate in the Dominican Republic
What’s not to love about the Dominican Republic? The splendid view of the gracefully swaying palm trees, unbelievably clear, warm waters, and stellar coastlines are just too amazing to be ignored. It’s practically not a wonder why so many beach heads flock to this part of Hispaniola just to have a taste of the perfect Caribbean beach experience.
As a matter of fact, the real estate market in the Dominican Republic has been experiencing somewhat a spurt in the past years, as many foreigners are looking at the market for potentially perfect vacation homes. With prices quite low for a cozy, tropical beach home in the Caribbean, the offers are just too good to resist.
And while the idea of a comely beach cabana for a price that’s practically half its value can be quite a score, it still pays to be careful in making a major decision such as a real estate purchase. The following are some tips in buying real estate property in the Dominican Republic:
Always Have an Attorney Who Can Work Out the Legalities for You
This is a basic rule that applies to any home-buying endeavor. And in the Dominican Republic, you need an attorney who should be able to track the ownership background of a specific property for you. This is very important as you don’t want to get in trouble, or be inconvenienced because the land you had bought turns out to be in dispute among its owners. Moreover, an attorney should be able to provide guidance when you are dealing with real estate agents. Basically, the gist is to have your rights protected and never be put at stake.
“You are now in Dominican Republic”. Dominican Republic 2008 by Smiley Stew, on Flickr. This work is licensed under a Creative Commons Attribution-NoDerivs 3.0 Unported License.
Find a Legit, Trustworthy Real Estate Agency
Reliable real estate agencies are not so hard to come by in the DR nowadays. Long-running companies are now serving different clients for commercial or residential real estate. If you hail from another country and are hoping to get yourself a good agent in the DR, check out http://www.juanperdomo.com for more information.
Decide Ahead of Time the Type of Property that You Want to Acquire
Do you wish to buy a lovely beach house for your personal pleasure? Or are you looking to take advantage of the booming real estate market in the DR and have a beach-front resort built for business? Make sure this is clear with your agent and your attorney to avoid misunderstandings which could result in delays.
nemesis-r / Pixabay
Know the Dos and Don’ts of Buying Real Estate in the Dominican Republic
While you might have been told that real estate requirements for foreigners in the DR are generally fuss-free, don’t ever be complacent. Pore over contracts, consult with your attorney to clear up contract ambiguity, and never give money when you have no hold on the receiving end. You don’t want to entrust quite a sum for materials to someone who will only run away with your money and never show up again.
Always full of energy and hungry for new knowledge, Hervey Alec sees to it that alongside being a real estate consultant for properties in the Dominican Republic, he also spends time on sharing his insights through article writing. For vacation rentals and vacation home properties in the DR, he highly recommends Century 21 — contact them through their FB page here: https://www.facebook.com/Century21JuanPerdomo.
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