If you dream of owning a sunny villa or a beach side apartment in Punta Cana, here are five essential tips to consider when looking for real estate overseas.
1) Research Your Location
You may already have a favourite destination in mind and be visualising your life lazing by a swimming pool overlooking the Caribbean Sea…
It’s wise to do a fair amount of research into any new destination and cover everything from foreign ownership of real estate rules, property taxes, the political and economic stability and also the investment potential given by Dominican Republic. With this information in hand it will be easier to make the right decision about which location suits your lifestyle objectives, budget and long term investment plans.
2) Ask Assistance
Finding a realtor able to assist with your search for the perfect vacation home could save you time, effort and even money in the long run. A local agent will understand the dynamics of their property market and be able to quickly and efficiently track down real estate bargains that match your vision for your vacation home overseas.
Be aware that in Dominican Republic real estate agents neither have to be licensed nor qualified however and so take a recommendation if at all possible and tread carefully. At Christophe Punta Cana Agency we carry out market research and property research on your behalf
3) Manage your Money
If you need to raise a mortgage to pay for your vacation home you may need to re-mortgage your home or raise finance in your home country to fund the purchase because in many countries it is difficult for non-residents to get a mortgage and in some of the emerging property markets around the world there is no possibility to get a mortgage.
When transferring money overseas beware of fluctuating exchange rates that can devalue your lump sum significantly and make the difference between you affording your dream home and affording a poor second best. There are professional companies available who can help those buying property abroad to deal with fluctuating currencies…look into your options.
4) Title Deeds and Legalities
Make yourself aware of the legal rights that you will have as a property owner in DR and find out about any assurances you can get that you own the freehold title to the vacation home that you have bought.
Never buy real estate overseas without the aid of a good lawyer, check their credentials and ensure that any contracts or agreements you sign are translated into your mother tongue and that you check the wording carefully before you sign!
5) Protect Your Assets
Once you make the transition from house seeker to vacation home owner you will want to keep your real estate assets well looked after. If you are only going to be vacationing in your home overseas occasionally consider having a management company look after your home when you are away.
Ensure a property that is to be left for periods of time is well secured because even in countries where there is very low crime like in Punta Cana a beautiful home left standing empty can become a temptation.
Get insurance to cover the value of your home and contents and make sure someone regularly checks that your property is in good order!