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I was wondering why all the properties in Punta Cana, etc have bars on the windows. It wasn't just a few, it was the majority. I am guessing there is a lot of crime? Is that a true assumption?
People put bars on their windows to achieve a "look". Think wood grids. Yea, it's a sign of crime.
We have a home in Mazatlan Mexico. We cash flow ours as it rents very well. We don't have any metal bars in our area.
So you wouldn't suggest a place for my own person use, just as an investment (rental)?
Somehow I'm not thinking a designer would opt for steel bars to achieve a "look" ROFL! LOL I like the "think wood grids" comment! ROFL!!!
BTW do you have a reputable realtor and management company you could suggest?
Thanks!
I use my place in MX for myself as well as a rental unit (by-weekly renters).
When you roll up the numbers, it takes 10% of the purchase price to break even. That includes paying yourself 5% on the cost of money. So I cherry pick a couple of the best weeks and then go when it isn't rented. That works out to be about 5-8 weeks a year.
You don't want to get into long term rentals: It's impossible to cash flow it and then you cannot use it. If it sits empty only for you, then it's a lot less to rent from someone else. Massive appreciation is the thing of the past. So you want to rent it out to break even even assuming depreciation (included in that 10%) and get that 2-4% per year appreciation in a normal market.
The "rentability" is all about quality for a reasonable price. As important, it is about what it looks like with pictures. I can P.M. you some more specifics if you like. I've got it down to an art form as I studied it and I am pretty savvy guy. I'm looking for a spot in AZ as well as we speak. Therefore it must be on a golf course in a gated community with the right amount of amenities. If you want to rentout a place in MN (which I do) it must be on a lake with the right mix of amenities (think internal hot tub; sauna; fireplace etc). It's simple: What would YOU want for a week on vacation? Remember: you are buying a week or two (not the whole home). You want the wealthier vacationers. If you go too high in price, you cannot cash flow it plus it's higher risk in 2009. Hence, Mazatlan (for example) is a much better move than Cabo because the massive difference in pricing.
interesting post.. My family is from the Dominican Republic , I grew up in the states. Dominican Republic is a Caribbean country, the beaches are beautiful and the people are warm and happy..there is always music playing wherever you go.. While I agree that Panama is a very pretty country, it does not have the Caribbean , island feel that DR has and it is culturally very different. I do believe you will enjoy retiring there.
Like every other third world country, there is crime and also you need to be careful because of break ins..you see this more in neighborhoods that are accessible , gated communities and areas where there are "foreigners" tend to be safer..
Always remember that you never pay full price for anything, in the DR , you are expected to haggle for prices on things and you often see people asking for money in the streets..
For the most part , people are kind and the island has many pretty areas to explore..Good luck to the OP..if you need any quick advice-you can always pm me.. by the way, my uncle is the monsignor in the Basilica in La Romana, which is close to Punta Cana, if you ever need anything..
Take care.
People put bars on windows over there by default as a precaution. It doesn't necessarily mean there is crime. But for what it's worth Punta Cana itself still isn't really developed all that much outside of the hotels so I would imagine some places are safer than others.
interesting post.. My family is from the Dominican Republic , I grew up in the states. Dominican Republic is a Caribbean country, the beaches are beautiful and the people are warm and happy..there is always music playing wherever you go.. While I agree that Panama is a very pretty country, it does not have the Caribbean , island feel that DR has and it is culturally very different. I do believe you will enjoy retiring there.
Like every other third world country, there is crime and also you need to be careful because of break ins..you see this more in neighborhoods that are accessible , gated communities and areas where there are "foreigners" tend to be safer..
Always remember that you never pay full price for anything, in the DR , you are expected to haggle for prices on things and you often see people asking for money in the streets..
For the most part , people are kind and the island has many pretty areas to explore..Good luck to the OP..if you need any quick advice-you can always pm me.. by the way, my uncle is the monsignor in the Basilica in La Romana, which is close to Punta Cana, if you ever need anything..
Take care.
Thanks for the response. I haven't been on for awhile and I just noticed the reponse now.
My husband though it would be a good idea to retire to the Dominican Republic. The Dominican Republic is a beautiful tropical paradise in the Caribbean. The Dominican property market is very affordable and the cost of living is very low. But you have to be very careful when investing in Dominican real estate, there is a lot of fraud and corruption like in most developing nations.
My husband had visited the Dominican Republic before and loved it, but I was sure this would be a terrible idea. We searched the internet for Dominican property guides and estate agents/brokers. We came across a web site called Dominican Watchdog; they have a property guide with 10 simple rules on how to avoid fraud and corruption when buying property in the Dominican Republic. It was very helpful. Dominican Watchdog also helped us find a trusted lawyer that wouldn't take advantage of us because we're "gringos" and they referred us to a Realtor too.
The Realtor made the arrangements for just to come out and view properties. When we arrived we where picked up at the airport by the Realtor and taken to our hotel in Santo Domingo. Santo Domingo was better than I could have ever imagined, it a huge, modern, cosmopolitan city. We first when to see Dominican real estate in Boca Chica and Juan Dolio. The next day we visited Casa de campo in La romana. Casa de Campo is beautiful, but it was more than we were looking to spend so we kept looking. We went further east to Punta Cana, Bavaro and Cap Cana. The Bavaro/Punta Cana area has some of the most beautiful beaches in the world, its true paradise. But before deciding on a property I wanted to see the north coast of the Dominican Republic. So we visited the towns of Samana, Cabarete, Sosua and Puerto Plata. The north coast of the Dominican Republic is beautiful, but we finally settle on a home in Punta Cana.
For us buying property in the Dominican Republic was made easy thanks to the information and references we received from Dominican Watchdog. I've heard so many bad stories about Latin America, but the Dominican Republic is actually pretty safe, you never hear of people getting kidnapped here and the general crime rate is lower than many US cities. The locals are very kind and friendly to foreigners. If you are planning to buying property in the Caribbean, I recommend the Dominican Republic. Before investing in Dominican real estate search Dominican property guides and consumer protection agencies that deal with investing in Dominican real estate. It’s the only way to be able to avoid Dominican fraud and corruption. Dominican Watchdog was the best Dominican property guide and consumer protection agency that I found. I couldn't be happier with the investment we made and now I spend my days enjoying one of the most beautiful beaches in the world and all our friend and family want to come visit every chance they get.
Good idea for a thread. There are some who think that things could get so bad here in the United States with inflation and escalating crime and unemployment worsening, foreclosures increasing etc that those that can, will leave the country.
Before I put roots down here and buy a house only to wish I could leave a year later if things get bad here, I'd like to explore Latin America and other places outside the USA.
I'm concerned about moving my cat to another country if I can't have him by my side the whole way and not have him subjected to nasty vaccinations or quarrantines. Did you move with pets? If so, how did that go?
Good idea for a thread. There are some who think that things could get so bad here in the United States with inflation and escalating crime and unemployment worsening, foreclosures increasing etc that those that can, will leave the country.
Before I put roots down here and buy a house only to wish I could leave a year later if things get bad here, I'd like to explore Latin America and other places outside the USA.
I'm concerned about moving my cat to another country if I can't have him by my side the whole way and not have him subjected to nasty vaccinations or quarrantines. Did you move with pets? If so, how did that go?
It's good that you're wanting to explore before actually relocating and I agree that it was a great idea for the OP to start this thread. A lot of people are already leaving the States and have been for some time 'cause the writing was on the wall, so to speak. There's a lot of info you can get on the net, but unless a reputable site don't believe everything you read - but you can whittle down places to ones you'd like to visit/explore. That's what I did because like I said before, I didn't move to Panama "for" business - just too young to retire, so was looking for a place where "I" wanted to live, then business was secondary.
Personally, I'd plan a trip to where you can actually see places first, then say make a plan to rent for a bit in the one you feel would be a good place to move before you buy. That way you'll know for sure that's where you want to relocate.
Regardless of which country and thank God we all don't choose to live in the same place, eat the same food, attracted to same person or there'd be a lot of disappointed people out there LOL. A lot of great countries to live in outside of the states. On pets the key, at least here - others can chime in about countries they live in - is to have your ducks in a row before you would bring your pets. Here if you get with someone and have your paperwork all ready and plan the trip with pets around when the vet can be at airport, then they essentially do a 'home quarantine' so your pet doesn't have to stay overnight somewhere else. It's the people that just show up without 'planning' that tend to have problems. So after you would find the place that's right for you, then just make sure you know what you need to do to make moving your pets down smooth.
I wouldn't want to waste the time and money traveling; then finding and getting excited about a place only to find that my pet would need to be quarrantined. That would ruin it for me. I'd want to find out what the pet friendly countries were first before I even started to look.
Also, what about the language barrier? Do you speak the language? How long did it take you to learn? I took spanish in high scool and college but never became fluent and have forgotten most of what I learned. How are the cram courses? How long does it take to learn so you are comfortable?
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Yea, it's a sign of crime.
I'm looking for a spot in AZ as well as we speak. Therefore it must be on a golf course in a gated community with the right amount of amenities. If you want to rentout a place in MN (which I do) it must be on a lake with the right mix of amenities (think internal hot tub; sauna; fireplace etc). It's simple: What would YOU want for a week on vacation? Remember: you are buying a week or two (not the whole home). You want the wealthier vacationers. If you go too high in price, you cannot cash flow it plus it's higher risk in 2009. Hence, Mazatlan (for example) is a much better move than Cabo because the massive difference in pricing.
