Pros and Cons of Renting vs. Buying Property in the Dominican Republic
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- เผยแพร่เมื่อ 29 ส.ค. 2024
- Considering renting or buying property in the Dominican Republic? Watch this video to learn the pros and cons of both options.
Whether you're looking to invest in real estate or find a place to live, understanding the differences between renting and buying in the Dominican Republic is crucial. From financial implications to long-term commitments, we'll break down everything you need to know before making a decision.
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I moved to DR 5 yrs ago and rent a whole house with a small pool for $600 a month and use my capital for investment in the market and crypto. So far so good. The thing about DR depending on the location prices in properties dont go up as fast as the states and sometimes depreciate.
Jay got me laughing 🤣🤣 talk about he almost fell asleep 😴
😅🤣
Passive income and side hustles
In DR, buying is the way to go. No tax or low property tax depending on the home total price. I bought an apartment in Santo Domingo back in 2011. Property has been rented since then and I have paid zero in property tax.I love it!!!!
That's one of the benefits of buying here.
As you said it is a personal decision. My husband and I are both RE Agents in the US and have own 7 homes in the US but since we are retired and in our seventies our lifestyle has changed significantly. We are still trying to decide whether we want to buy here in DR or just rent. In 2008 was the start of the RE crisis and 2010 is when we visited the DR and fell in love
I believe owning something here especially now as the market is on the incline is beneficial whether it's property or land for future use.
I don’t get a chance to watch you guys like I used to, but I certainly do enjoy everything y’all tell us great TH-cam channel. Also, you make a great! God knew what he was doing when he put you two together!❤❤❤❤
We appreciate that. Welcome back🤗
I heard about Pedernales being the next potential town to be on the rise
It is few years down the line.
I will not buy in a place where I think or know the return will be a little if I sell! Plus, I put money into four homes in the U.S., and I'm tired of working with skilled labor, which you find out after the repairs are really unskilled labor. I have spent plenty of money going behind installers to ensure that they know what they are doing, or as I did in Las Vegas, I refereed a fight with my floor installers, from a reputable company, about how the floor should lay near a door. I ended up having to tell them what to do! There are lots of frugal people who have never owned a home and only bank their cash. We often say that their family will have a good time spending their money when they die!
As usual, good informative video. I agree that buying vs renting is totally a personal decision based on so many factors. I will say though, if someone is not familiar with many parts of the DR, it's much better to rent first, and get to know an area. You may think it's the "perfect" spot, until you actually live there. It's important to really know the area before investing. We actually thought we wanted to live on the north coast and for years we travelled from one end to the other, looking at various properties. We eventually decided it wasn't where we wanted to retire and ended up buying land in Punta Cana to build our retirement house. Looking back, all the trips we did on the north coast were so worth it because we learned a lot, saw the pros and cons, etc. I also think it's important to really think about what's important to you - prioritize. Do you want the beach, the mountains, city life, country life, and so forth. We love golf so, for us, it was almost a no-brainer looking in the PC area because on the north coast we would have been so limited. Everyone is at a different stage in their life and priorities change. In my opinion, you are smart renting for now because you're young, your daughter is still in school, etc. 🙂
Very well said. Thanks for sharing. This is good information.
Usually in the United States, if you rent a house, the owner will take on the responsibility of the repairs but there is a deductible that you must pay....
Thanks for this information.
You have a good plan, land is better so you can sell later or build.
At the end of the day, it comes down to your finances and what works best for you. Your list of pros and cons were on point. It’s the hidden fees and costs that put homeowners in jeopardy. Another great point, was the area that the property is located in. We can’t foresee how an area is going to be in the future. No one can afford to take a financial loss nowadays, so do what’s best for you.
I agree. Great point.
Yes. Buying land and sitting on it is a good move, especially if it's in a good area and becomes limited.
Yes.
good insight, like the content, me and my wife plan on renting in the start, my wife is Dominican and she has family there, but our goal is to eventually buy, small steps, lol the kitchen is always gonna be hot with a Dominican wife, the oven, lol i gotta check if she put pots and pans in there before I start the oven, lol
Thanks😅
Great topic as usual dinamic duo. Pastor Cordova NY
Glad you enjoyed it! Thank you🥰
Bro, at 28:46 you killed your own argument/point. If cash flow pays your rent then it would be better to own and rent to yourself.
I get it, you don't have the cash to pay the 40% but stay strong and I believe you will get there! You both work hard and smart and offer great content and a good family!!
Obviously you don't get it, but whatever 😅
@@NorberisR really, okay.
HOA in florida is crazy.
Yes it is.
Another good informative subject!
Interesting that you made me analyse what I’ve done myself all these years living in rent and houses.
When you rent you simply paying and don’t look at place where you live as active income on monthly basis or yearly income.
With house it’s good idea every 6 months at least check what’s happening on market and if it’s right moment you always can have good deal .
This is big bonus of having home cause you can anytime from being passive getting active at right moment.
Also from my experience I realised that always choose home first off all because you will enjoy living there no matter how long and even if its value will go down the most important thing is you enjoyed living there .
With less responsibilities you will always get less .
But like you said we all have different plans and that makes us to do right things for us .
🖐
Thanks for sharing. Great point.
I agree with the position that it is totally based on a person’s goals and preferences. I can tell you this, that we have always made money through investing and buying our own property and then reselling. We own a two bedroom apartment in Santiago that is paid for and it is now generating monthly income. That property will be available for us to retire in Santiago someday if we would like. Our home up here in Michigan is not paid for, but we have a lot of equity in it and when we sell it, we will be able to put all that money in the bank tax-free, which will also generate interest income or be available for whatever we need we have in retirement so for us buying has been a good investment. Thanks for the great video and content. 👍
You're welcome. Thanks for sharing this.
My problem with DR is, they're almost asking the same price for the homes there as the homes in the US. That's not worth it, in a place where infrastructure isn't top notch, Police extortion and susceptible to crimes.
LETS GO!!!!!
I would say the best reason to buy would be the duration of stay. Hotels and air bnb add up for long stays. I bought because I stay long periods in DR. it is also an investment, but as far as flipping the property, I have not seen my property increase that much in value for 10 years. But it has, so that is a good thing. When buying property in DR can be a minefield. Proceed with caution.
Guys, great topic as always! James, the name of the movie was the Big Short that dealt with the subprime loans. As far as wear and tear on rentals those issues should be discussed during the signing of the lease. There should be an understanding whose responsibility it is when there is wear and tear inside the contract so there’s no ambiguity as to who will pay. ✌🏽
Yes and we didn't negotiate this. But you are right.
I want to know… because I am now having plans to do it! But I just got this feeling to move abroad RECENTLY…! And you guys got the right style…
Congratulations. Glad to know the videos have been helpful🤗
Smart Buying during the financial crisis. The Movie was called The Big Short. PMI Insurance was what you were referring to.. Love that Presidente Shirt.. I Have been subscribed to all your channels for a couple months now love the content.. Hello From Bronx NY.
Thank you for supporting both channels.
Your welcome love your videos keep up the great work
I dont think DR has conventional fixed loans, think it is 5 years fixed then it changes. So it best to pay it off as soon as possible. Or all cash if you can from the start. Use US equity in property to buy in DR
Yes this is the case sometimes.
We sold our starter home which was big enough and purchased our dream house in Georgia… you already know what the dream houses look like in Atlanta…. 😂 I want my starter home back….. sometimes more is not better……
That's true
Great pros and cons guys. Personally I would prefer to buy; or build my own, but I honestly need to rent first so I can really experience a few heavy rain falls to know exactly where to avoid. Owning a home in a flood zone is a terrible thing. I would not want to do long term renting anywhere, because i am truly tired of dictations about all the things I can not do. When I finally move to the DR, I only want to move one time, that’s it. Great video y great topic James y Norberis. 👍👍👍
You're welcome again. Good point about flood zones.
Another factor is HOA fees, here where I'm at HOA is separate from my mortgage..I liked what you said about the 40% needed there as a down payment and using it for other financial goals.. Renting I think for a few years gives you a chance to get a lay of the land and see what fits...I'm definitely seeing renting as a better option there for the moment..Great information Jay and Norberis... You've got to do what's right for you and your situation, I feel that..
Thanks. Hope it was helpful.🤗
Thanks for sharing. 👍
In RD the down payment required is 20% as resident average and 30% down payment for foreigners. If a bank is asking 40% it is because you have marginal credit. This is my experience as a purchaser in RD and shopping for banks for my construction project.
Thanks for sharing this information.
What's the process you went through buying your land? Did you use an attorney? I heard there's a lot of fake purchase where your own attorney will scam you.
Great info guys. I'm pretty much like you James, I rent where I stay and the money I save from not putting a down payment on purchasing a house or having to pay upkeep expenses on a house, I invest that money into stocks, bonds, and other things that net me great returns on my money.
This is how he thinks. Now I see he isn't so crazy 🤗😁
Thank you for sharing guys. 🙏
Our pleasure!
Great video, but always invest in a home! And l and
Most people don’t have the capital to buy from the jump, but renting for a few years before buying is ok
Thanks so much for the video!!! I asked Jay about doing this video 2 months ago.
Hope you enjoyed it!
Great content as usual
Much appreciated
Many people with good paying jobs in other countries could invest more in the dr if they can get a rent to own by owner deal, instead of large liquid capital for down payments or lump sums payment plans
You DO NOT want to open the kitchen, trust me. In my apt the kitchen is open and all I keep thinking about is how good it'd be if the kitchen was closed off. The oven simply heats up the kitchen and the living room so I can't escape the heat 😂 you want the heat to be isolated to the kitchen so you can step out of it at will.
Great video! Great couple!
Thank you!!
Very good and acquire information. Thanks
Most welcome
Very good info 😊.
' The Big Short' is the name of the movie
Thanks.
Nvidia stock split June 7/24. Trading June 10/24, Buy and hold for min 5 years. Good for your daughter. Or buy 2 year options. Then you can buy a house cash if interested.
I'll tell my husband he knows more about this than me but I think he owns this stock already.
buy your own with free money.. if you mortgage as most people do dont own anything not yours. domincian republic there is no right off you can't make money when you are in debt
I think the DR is experiencing a high amount of inflation and the real estate is over priced at this time. The country does not have the full infrastructure to quantify the high prices outside just a few tourist locations. I love this country and the people but also have known it for 25 years.
I wish I bought an old building in Zona Colonial because that is the one spot I like. The rest are just 1-2 weeks get away's for me.
You too have a great vlog and very entertaining but it can be hard for you since you promote both buy and rent. It's a fair question to ask you why you don't buy since you also consult. It would be the FIRST question I ask you and respect that I know you would tell me.
What are some of your other investments?
Real estate and stock market
O wow,, the iris went into sleep mode @ the 33:54 mark. Still, the vid is a valuable keeper.
Q: if you do your own repairs or upgrades on a rental, can you subtract the cost for that particular month or lower the rental cost due to the upgrade or are both situations negotiable ?
I wish. You still have to pay the full rent even if it you repair something.
@@NorberisR
Aaaww...Booo...that sucks 😕 Thanks for the info 👍
Apartment complex have maintenance onsite but in the dr is not the same! Except for natural disasters!!
LUCKY LIKE #7
Renting is better. Owning is an investment
This is exactly how my husband thinks.
@@NorberisR me too
The big short
👍🏾
renting mean you own anything and you paying someone else property
Im looking for a apartment with immediate access to the streets with all appliances and furniture, any connections?
No, I don't.
Please look for a company who does rent to own it’s better to own that way
That doesn't exist here.
It’s called The Big Short
Thanks
@@NorberisR Hello, I’m arriving in Santo Domingo on the 19th, what airbnbs do you have available?
You can check the availability here.
airbnb.com/h/bluegemretreat (Santo Domingo Este)
airbnb.com/h/dominican-gem-getaway (Santo Domingo Este)
@@NorberisR Thanks, I’ll be doing business with you for sure. Let me finalize my dates and I’m reserving the first one
You're welcome.
buying land in dr is too many land and there cheap. i cant see what kind of investment property ? they have so many building properties
I paid my place off. No payments
Congratulations 🎊
"Almost fell asleep" lol
😅
dr dont have investment only in real estate
I personally don’t see that much value in owning in DR. Obviously I respect everybody decision but I’ll use my sister as an example. She purchased an apartment in Santiago, paid like 180k. I saw a listing 10 month old trying to rent for 40k pesos. Which means I can be her neighbor for 700. I own properties in Pennsylvania and there no property I pay 180k that I’m renting for anything less then 1400. So it’s a personal decision for everybody but the math does not add up. Put 180k froze in any bank in DR, you’ll get the money to rent at the complex you wanting to buy plus way more money
In your scenario you probably have HOA fees, in addition to taxes your paying on property and homeowners insurance. Your sister's neighbors' property may have low HOA fees, no insurance fee nor have to pay taxes on that apartment.
I agree and what you are saying makes sense if a person is looking for a return. But good point.
Yeah looking at the prices of homes/apts in the DR going for $180K - $200K....almost the price of US properties, I don't see the comparablesvwhembit comes to those two countries. Your DR property is not going to double or even go up significantly in the next years....unless the infrastructure and quality of life is going to go up exponentially in the next few years.
It's best I rent and send my daughter to private school in DR.
Movie: The Big Short
Thanks 😊
Did you mean to say the Pookies and the ray rays with the broken vehicles in front of the homes
🤣😂 I'll let my husband address that one.
What happened to your platano farm? Do you still own it?
We still have access to the land there but we are not doing any planting now.
OWNING PROPERTY MEAN YOU ARE DEBT FREE
Please don’t paint 🎨 it purple 🤣🤣
I promise I won't 🤣