Buying Home in a Foreign Land
I just read on a Wesabe message about a guy who bought a half acre of land 1000 yards from the Caribbean Sea using a credit card. I’m only linking here to the Wesabe site because it says (and emphasis is mine to respect privacy rules),
Wesabe is unique because it combines easy-to-use budgeting tools with a thriving community of smart, supportive people, anonymously sharing ideas and advice with each other to help everyone get more value for their money. And, your information stays private and completely secure, so you can take advantage of Wesabe’s many benefits without worry.
The commenters were very insightful urging the buyer caution in dealing with local customs, laws, and regulations, along with the challenges of local builders and codes. However if the buyer did purchase in the Dominican Republic, it’s a place I’ve heard is FANTASTIC for people considering investing or retiring.
… along the north shore, prices of well-built residences are highest in Sosúa (approximately $15 per square foot), up to two-thirds less in Cabarete ($4 to $5 per square foot), and much less the further away you get ($2 to $2.50 per square foot).
You can buy a magnificent ocean-view house in Sosua measuring 3,766 square feet, with three bedrooms and four bathrooms for $340,000. The property sits on 1.7 acres of land with a swimming pool. Or, how about this—a seven bedroom/six bathroom home with 5,380 square feet, on 1.11 acres of land with a swimming pool, waterfall, and Jacuzzi for $330,000—it was originally listed for $550,000. That’s on the high end of the property scale. $179,000 will buy you a two-bed/two-bath house in a good location, with a swimming pool. Or an apartment in a secure complex with swimming pool for $43,500.
The article went on to explain that foreigners have the same right to buy and own homes as natives to the Dominican Republic, as long as the Title Registry Offices have a record of all purchases made by foreigners. In the DR, buyers must first come to a purchase agreement verbally and then the verbal agreement is written. In dealing with any foreign purchase (or domestic, for that matter), hiring a good honest attorney is key to having a successful transaction. In Tennessee, for example, our escrow offices - or title companies - must have an attorney on staff to oversee all transactions.
This article offers a huge amount of great information if you’re considering purchasing a home in the Dominican Republic. At the end, it also names reliable builders, attorneys, real estate agents, schools, and more.
This home is listed at $286,000 and has an in-ground pool, 5 bedrooms, 3 baths and over 2300 square feet.
Here’s one for $168,000 and a few minutes walk to the beach. It has 1600 square feet, 3 bedrooms, and 2 baths.
There is a huge disparity between the wealthy and the poor on the island. I don’t know how this would affect a purchase and living in the area, but it’s something to note. I could see myself living in the sunshine of this beautiful island.
