Buying vs Building a house in DR?

[jd_mine]

Jimmy,

I had a question about the house you are building: Why have you chosen that path??
I was browsing some realtors sites for houses in Sosua and they seem to be fairly cheap. Why have you chosen to build yourself instead of buying existing property??

[JDR]

I paid $3,000 for the land. First floor will cost about $18,000-$22,000. Second floor which will have 3 1 bedroom apartments will cost me about $30,000. Total cost will be about $55,000. Where can I get that?

[jd_mine]

But can you be sure that will be the cost? Won't it end up more expensive? Like now with the shitty exchange rate? Or builders not finishing in time or within budget?

[JDR]

But can you be sure that will be the cost? Won't it end up more expensive? Like now with the shitty exchange rate? Or builders not finishing in time or within budget?

I have the land and I am not a poor ex pat. I will purchase all material on my credit card, lock it up on my land and they will build it within 2 months. I just pay for labor. Where can I get a house for $25,000 with 3 bedrooms, 2 baths?

[jd_mine]

You can't, I know. I'm just thinking about the risks. I'm thinking about doing something like this myself, but building seemed like a risk, especially if you're not there yourself.

[JDR]

You can't, I know. I'm just thinking about the risks. I'm thinking about doing something like this myself, but building seemed like a risk, especially if you're not there yourself.

I am with my novia 4 years now and its for us and her two kids. Neither of us can sell it and the kids will have a place to grow up in.

[BrooklynBeas]

But can you be sure that will be the cost? Won't it end up more expensive? Like now with the shitty exchange rate? Or builders not finishing in time or within budget?

I have the land and I am not a poor ex pat. I will purchase all material on my credit card, lock it up on my land and they will build it within 2 months. I just pay for labor. Where can I get a house for $25,000 with 3 bedrooms, 2 baths?


I know I know... THe Dominican Republic!

[domfan]

i went through all this. my objective was 'an economic but solid house' (hey i AM a poor expat.....). and i got it. the same way as jimmy mentioned: buy the material, just pay the labor.
now, there ARE certain risks: material gets stolen, the maestro cheats you on labor cost and/ or quality.
i fired the maestro 3 times, got him back 'cause there was no better chap.

you will get through with nerves of steel and a certain relaxed fatalism, when 90 degree angels turn out to be a bit more ore less......

[BigTrick]

I was considering buying an apartment in Club Residencial or Caribe Campo. But if I can build a house for under 30K, that seems to be a better deal. I plan to see Jimmy's subdivision while there.

Hey Jimmy.....if someone is planning to purchase land in your neighborhood. Should he wait til the peso gets weaker or will the owner take dollars?

How much of the land does the guy you purchased from own?

[JDR]

I was considering buying an apartment in Club Residencial or Caribe Campo. But if I can build a house for under 30K, that seems to be a better deal. I plan to see Jimmy's subdivision while there.

Hey Jimmy.....if someone is planning to purchase land in your neighborhood. Should he wait til the peso gets weaker or will the owner take dollars?

How much of the land does the guy you purchased from own?

The land is going FAST and he deals in pesos only. I will be there in a few days. Another Ex Pat has bought a 1,000 meter piece there.

300 meters were 100,000 pesos.

[brianod]

Hi Guys

I want to build a house in the Sosua area but am still at the very preliminary stages of my research. have seen JDR's land in the post as well as talked to several others in general terms about my interest

One of JDR's post mention the land in his neighborhood is going quickly - Does anyone have direct contact information with this seller?

Does anyone know of other opportunities? At this juncture, I'm limiting myself to either an intown location or expat community

Additionally, Since I know I want to invest in the country, does anyone have suggestion for a banking or other similar relationship? If I make a decision on a purchase, I would think that it would be necessary to close quickly or minimally put up a deposit and don't want to carry around 5-10k in negotiable instruments beyond my mongering $. Or is this US thinking?

Any ideas would be welcome
B

[domfan]

buy or build: if you are a newbe, buy one, there are opportunities if you take a bit of your time. there are bunches of real estaters, but watch out. i got one top address, if you want it, i mail it directly, i am not in advertising here, lol...
banks: you may open a pesos account without preliminaries, 500 pesos minimum, you may get a ATM card, works very well here, i never carry cash, get my dayly pesos at any machine, but ONLY in pesos.
you will open an US$ account too: if you are not a resident, the bank will ask you for a recommendation letter of your bank back home. minimum is 500 $.
you may use your ATM card from back home, too, but only pesos withdraws, i got no idea about exchange rates applied.
transfers may be done to both kind of accounts. my experience is: US$ take ~3 - 5 days, pesos up to two weeks. ask for the transfer costs.
i work with PROGRESSO and POPULAR. perhaps you like rather a branch of a foreign group: SCOTIABANK (ca) is well represented, on the north coast too. city bank, as i know in santo domingo and likekly santiago.

please acknowledge: i am no professional estate or finance chap, i only gathered my knowledge through living here.

[JDR]

Remember, people are famous for selling land they do not own, so be very careful.

[domfan]

Remember, people are famous for selling land they do not own, so be very careful.

you called it rite, thats why i only trust very few here. and NEVER trust a lawyer.

[brianod]

Thanks Guys!

I appreciate the input!

I will take my time and be careful. I am not in any big rush.

Domfan - please forward the realtors address to bd_od@hotmail.com

I think you said I need a letter of credit for the banks?? I'll see if Bank of America (holder of several of my accounts) has any associations with the local banks. If not, I'll check out the ones you mention

Thanks

[JDR]

Today phase #1. The foundation gets laid.

[BXmonger]

how much does land, etc. go out there...say 1hr from POP airport and 30mins from Cabarete?

[Apos]

how much does land, etc. go out there...say 1hr from POP airport and 30mins from Cabarete?

how much are you willing to spend? silly question i know. there are prices to fit almost any budget, from $3-10 a square metre to sky's the limit. in many areas the prices seem to be rising quickly and there are also many areas that appear bargains. only you know what you are really looking for but buyer beware really applies there.

jimmydr or escottdr are the first 2 on here that i'd ask.

[JDR]

how much does land, etc. go out there...say 1hr from POP airport and 30mins from Cabarete?

NO IDEA! :(

[Don Tomas]

how much does land, etc. go out there...say 1hr from POP airport and 30mins from Cabarete?

NO IDEA! :(

Actually I am confused about the location...1hr from POP going east is about 30 minutes past Cabarete! Unless he is talking 30 mins east of Cabarete.

[Apos]

how much does land, etc. go out there...say 1hr from POP airport and 30mins from Cabarete?

NO IDEA! :(

Actually I am confused about the location...1hr from POP going east is about 30 minutes past Cabarete! Unless he is talking 30 mins east of Cabarete.i thought he meant south of cabarete???

[Don Tomas]

how much does land, etc. go out there...say 1hr from POP airport and 30mins from Cabarete?

NO IDEA! :(

Actually I am confused about the location...1hr from POP going east is about 30 minutes past Cabarete! Unless he is talking 30 mins east of Cabarete.i thought he meant south of cabarete???

I rather go North of Cabarete, very cheap land there! Of course building is a bitch! :eek:

[JDR]

Unless you plan on living with A Dominican chica and one day walking away from it maybe, just buy in a complex.

[elj707]

Jimmy what's your thoughts on buying an condo in sosua :wink:

[JDR]

Jimmy what's your thoughts on buying an condo in sosua :wink:

Waste of money really. They run $40,000 or more and common charges are $200 or more a month.

[JuanElGriego]

Waste of money really. They run $40,000 or more and common charges are $200 or more a month.

Is this really that bad a deal?

Assuming one doesn't want to deal with the building of a home there, what would you suggest as an alternative for someone who wants to retire to Sosua as a single man with no desire to have a family?

[Señor Jimmy of Medellin]

Is this really that bad a deal?

Assuming one doesn't want to deal with the building of a home there, what would you suggest as an alternative for someone who wants to retire to Sosua as a single man with no desire to have a family?


You should rent. There may be better stuff available in the Santiago area.

[nomad]

Hi Team,
I am looking for land and have had www.propertycenter.tv supplying information I am looking for a 500msq plot. The Lawyer problem is my sticking point. I think you definatley need one but I want to use an independant not the one recomeneded by the agent. Was thinking of Guzzman the one from the DR1 site. Any body got any comments or recomend a good Lawyer.

[Señor Jimmy of Medellin]

Hi Team,
I am looking for land and have had www.propertycenter.tv supplying information I am looking for a 500msq plot. The Lawyer problem is my sticking point. I think you definatley need one but I want to use an independant not the one recomeneded by the agent. Was thinking of Guzzman the one from the DR1 site. Any body got any comments or recomend a good Lawyer.


My ex novia, I use her uncle. He is a DA as well.