Tips Before You Buy houses in dominican republic

If you wanted to have a house and property in paradise, buying a property in the Dominican Republic is the closest thing to this dream. And while hundreds of people have flocked to the stable real estate markets of the Caribbean, the Dominican Republic remains one of the most acclaimed places to move and stay, especially from the perspective of European and American investors, who don’t exactly fit the mood of an exotic location.

houses for sale in dominican republic

However, since most people don’t worry about making a move before buying a property in the real estate sector, scams and frauds have become as common as seashells in the golden sands of this Caribbean paradise. Here are some quick tips before you dive into the region’s real estate market –

 Know the current value of the real estate market in the Dominican Republic before deciding to buy the property in question. This is really crucial for a good deal to be negotiated, and its importance cannot be emphasized more by the fact that almost 80% of the people who bought a property in this region without researching are facing difficulties now.

Fly to the Caribbean, and do the research yourself along with your real estate agents. Why? Simple – because what looks good online or from your dining room TV may not be such a valuable investment from a first-hand perspective.

houses for sale in dominican republic

Make sure the taxes have been paid on the property you intend to buy. This is also a death trap for foreign investors. The government of the Dominican Republic or allied authorities do not send reminders or warnings about unpaid taxes. Instead, they impose fines on amounts due, and will block the sale or transfer of ownership of a defaulted property. Therefore, if you do not want to keep a property that is not legally yours, and that cannot be sold either, make sure you have credible evidence that the property is good with taxes.

Make sure you have the credibility of the real estate agent or agency you have hired. Hiring local real estate agents is advisable because they know all the intricate details of the laws of the region. However, fraud and scams in the Dominican Republic have increased lately, especially in the real estate sector. And at the head of the charge are fraudulent agents and scam agencies, which usually target foreign real estate entrepreneurs and investors, as they are usually unfamiliar with the laws. Verification of licenses and accreditation of authorized sources is the best way to avoid falling into this trap.

houses for sale in dominican republic

Budgets are important. If you are on a tight budget, avoid buying houses or real estate near the beach or resorts. Because no matter what the agent tells you, they will almost always cost a fortune. Unless you want to live on a remote island like a castaway.

So if you’ve been thinking about owning a real property in the Dominican Republic, check out the above factors before you take the plunge. Owning a home in paradise can be fun, but only if you do it perfectly well!

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Written by Naveed Iqbal

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