Best place to buy a vacation property I can also rent out...with a twist
Jul 22nd, 2016, 07:08 PM
#23
Join Date: Jul 2016
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Seems like 'RoamsAround' has had some negative experiences.
With the internet today, everyone has access to the market values, and with open forums all over the internet, it is very easy to learn what the median monthly rentals are.
It is no secret that rental occupancy rates, specifically in the Punta Cana area, at this time is at about just a 60%- which may not matter if you are just looking to rent it out to just offset some maintenance expenses while making personal use of the condo.
As a real estate agent, I always advise anyone trying to move to the Dominican Republic to just rent, if possible in different communities, until you get a better feel for the area.
With the internet today, everyone has access to the market values, and with open forums all over the internet, it is very easy to learn what the median monthly rentals are.
It is no secret that rental occupancy rates, specifically in the Punta Cana area, at this time is at about just a 60%- which may not matter if you are just looking to rent it out to just offset some maintenance expenses while making personal use of the condo.
As a real estate agent, I always advise anyone trying to move to the Dominican Republic to just rent, if possible in different communities, until you get a better feel for the area.
Jul 23rd, 2016, 04:40 AM
#24
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No negative experiences - just passing on info gained from living 15+ years living in the Caribbean that reality is often very different than the initial hopes and dreams one has when looking through rose colored glasses (very common with people when they first explore living in the Caribbean).
Not to disparage the Real Estate profession but often they are "selling the dream" and those potential buyers who don't do their homework and due diligence can find reality often falls short of expectations. Jocelyn's advice to "rent first" is spot on although it is difficult for some people to accept. They are often are trying to purchase property with a limited budget (hence the need to rent out the property) so they are reluctant to spend money on a rental because then they don't have enough money for the downpayment on a purchase. They also watch too many HGTV shows like "Beachfront Bargains" and "Vacation Homes for Free" and think "why not us".
My point was one there is no one cookie cutter answer to OP's questions and everyone has to do has to do their homework to determine if a particular situation will work for them. This is especially true when it comes to those people who want to "rent out their place" when they are not there. Often the owner wants to use the property in peak season and then thinks that there will be a long line of vacationers looking to rent the place in "off season". Well, it's called "off season" or "low season" for a reason.
Sorry folks, it is costly to live in the Caribbean and it's better to find that out BEFIRE you buy rather than after.
Not to disparage the Real Estate profession but often they are "selling the dream" and those potential buyers who don't do their homework and due diligence can find reality often falls short of expectations. Jocelyn's advice to "rent first" is spot on although it is difficult for some people to accept. They are often are trying to purchase property with a limited budget (hence the need to rent out the property) so they are reluctant to spend money on a rental because then they don't have enough money for the downpayment on a purchase. They also watch too many HGTV shows like "Beachfront Bargains" and "Vacation Homes for Free" and think "why not us".
My point was one there is no one cookie cutter answer to OP's questions and everyone has to do has to do their homework to determine if a particular situation will work for them. This is especially true when it comes to those people who want to "rent out their place" when they are not there. Often the owner wants to use the property in peak season and then thinks that there will be a long line of vacationers looking to rent the place in "off season". Well, it's called "off season" or "low season" for a reason.
Sorry folks, it is costly to live in the Caribbean and it's better to find that out BEFIRE you buy rather than after.
