I am considering buying a modest apartment in Santo Domingo. Does anyone have experience with something like this? Are financing options similar to the U.S.? Anyone care to share some tips?
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I am considering buying a modest apartment in Santo Domingo. Does anyone have experience with something like this? Are financing options similar to the U.S.? Anyone care to share some tips?
Better get 2 good lawyers and 2 great title searches.
Me and cousin used Juan Perdomo when we purchased our condo and land back in 2004 we paid in cash though but Im sure they can work out some financing for you.Quote:
Originally Posted by SmokersRule
http://www.juanperdomo.com/eng/index.htm
Carlos Langa & Asocs.
Calle El Conde #101 Suite 203
Cuidad Colonial
SD
809.682.3208 tel/fax
809-856-7662 cell
info@carloslanga.com email
He's helped a number of people I know, as well as myself. Fluent in English. I get the feel he's an ex-spook retired in the DR....for those who are familiar with Hotel Mercure, he's there everyday for breakfast...
Honestly you would be better off renting especially if you are talking SD or another "normal" city, it's so much cheaper. If you are talking about a tourist area then things are a little more complicated since rents are a lot higher.Quote:
Originally Posted by SmokersRule
Financing options are very limited. Examples:
Banco Progresso Up to 15 years / 60-70% of their apprasied value (NOT what you paid) I couldn't find the rate for mortgages but Commercial loans are a low, low 36%!:rofl:
Banco Popular 7-15 years / 70% of their appraised value (NOT what you paid) Rate unlisted but again not US rates, figure 20%+
PS. If you have property in the US you are much better off refinancing and then paying cash if you really want to buy.
THANK YOU for the info. From my online research, it seems that most home loans go through Banco Popular, but it is nice to have some alternatives to explore as well. Typical terms with BP are 80% LTV, 8-12% interest, 15 or 20 year loans. I wonder if any other financial services can do any better.
In the U.S., the real estate agent typically holds your hand through the process. I know that the role of real estate agents is different in the DR (i.e., they are much less important). Do you recommend relying heavily on a Re/Max agent or something like that?
Which BP site did you goto? The http://www.bpd.com.do site which is the DR bank, listed something very different. Though I reported Mortgages in Dollars the Mort in Pesos is 20 years but still 70%.Quote:
Originally Posted by SmokersRule
http://www.bpd.com.do/espanol/banca+...en+dolares.htm
http://www.bpd.com.do/espanol/banca+...potecarios.htm
Also...re: renting vs. buying. I am looking into an apartment for my novia. Rather than sending rent money, I'd much rather just buy it. That way, when and if things go south with her, I've got something to show for my stupidity. That being said, I'm not looking for a "nice" place (as I won't be living there)...I am just looking for a place to upgrade her from where she's at now (which will not be very hard to do). I'm looking in the RD750,000 to RD1,500,000 range.
Interesting. That information came from a real estate person I've been speaking to. I'll look into it and let you guys know what I come up with. Thanks for the help.Quote:
Originally Posted by Don Tomas
Assuming she's Dominican, wouldn't you have trouble getting her evicted from the apartment in that case?Quote:
Originally Posted by SmokersRule
Of course I realise that is an unlikely contingency as most gringo/dominicana relationships are stable and enduring. :rolleyes:
It appears that there are real estate issues that I have not yet explored, such as this one. Thanks for the advice.
Quote:
Originally Posted by weyland
Actually after a few years you may be considered married by common law and the apt may be hers. :eek:
Couple of points...first, buying a condo to put your novia in is a bad, BAD idea. If things go south, you will not get her out easily...if at all.
As far as mortgage loans, the rates from BHD, Banco Popular, and Banco Leon are all in the 8-10% range with 70-80% LTV, up to 20 years. I have seen the requirements list from all three and they are similar to a US "limited doc" loan. They all also offer loans in Dominican pesos, which can be more than 2x those rates. 98% of the real estate agents in the DR (at least the North Coast) know very little to nothing about mortgages for foreigners, but there are now mortgage brokers popping up even in Sosua, so in the capital, I'm sure there are several.