The Most Common Dominican Republic Home Buyer Questions
1. WHAT IS THE FIRST STEP TO BUYING A PROPERTY IN THE DOMINICAN REPUBLIC?
The very first step is to begin to look at properties with your realtor. This can be done in its initial stages online, but you will eventually want to arrive here in person and get a feel for what you like and desire in your home.
2. HOW LONG DOES THE PROCESS TAKE?
Property closings are generally 30-60 days but are subject to the agreement between the buyer and the seller. On closing day, an agreement is signed between the buyer and the seller, or someone can act as your “power of attorney” to sign for you. You can find a more detailed explanation here.
3. WHAT CAN I EXPECT THE REALTOR TO DO?
You should first expect your realtor to walk through the properties with you and answer all of your questions. If they don’t know the answers, your realtor should be able to assure you that they will do their best to find out for you. When you decide to buy a property, your realtor will arrange a meeting with a lawyer to discuss further details that need to be determined.
4. WHAT’S YOUR BEST ADVICE FOR FIRST-TIME BUYERS IN THE DOMINICAN REPUBLIC?
Our best advice for first-time buyers here is to have an open discussion with your realtor to gain the most clarity on what you want for a property purchase. Know what you are willing to compromise on in terms of size, rooms, etc. and what you are NOT willing to compromise on. This simple step will also help you get clear on what you don’t want to spend time looking at. Time is valuable. By working together, we can make the most of it for both of us. We also have a wide variety of gated residential communities that we recommend.
5. HOW DO I FINANCE A HOME PURCHASE IN THE DOMINICAN REPUBLIC?
Generally speaking, financing is not recommended here. There are, however, some residential communities that are now offering to finance. To find out more about this, we have an article to help you.
6. ARE THERE ANY SPECIAL TYPES OF TAXES I NEED TO KNOW ABOUT?
- Most properties are held in Dominican Corporation names, which give you two major advantages. One is not having to pay any transfer taxes.
- You simply transfer the Corporation which contains the only asset: the property you are buying. The second is the avoidance of any inheritance issues. If the property is not held in a Dominican corporation, you will need to pay a land transfer tax.
7. DO I NEED TO BE A RESIDENT TO PURCHASE A HOME IN THE DOMINICAN REPUBLIC?
No, you do not. This is yet another reason that makes it such a favorable place to buy property.
8. I WANT TO LIVE CLOSE TO THE BEACH! WHAT DO I NEED TO KNOW?
The beach is a beautiful place to call home. However, wise homeowners will be mindful of the fact that electronics and devices are easily susceptible to salt and rust. If you plan on building on the beach, we recommend you take this into consideration with the initial plans of the house to avoid future frustrations.
9. WILL HEALTH CARE BE AN ISSUE?
Dependable, private medical care is available in every town and city on the North Coast. Comprehensive medical care is also offered in the bigger cities on the island, including Puerto Plata. We also have a private nationwide ambulance service. You can find a list of services here.
10. OUR KIDS WILL NEED TO GO TO SCHOOL. WHERE CAN WE LOOK?
We have several wonderful private schools in the Dominican Republic. Prices vary, but to find a list, please go here.
Those of us who live here in the Dominican Republic love it. Our quality of life is wonderful and our warm local culture and community reflect that reality.
Contact me today to find out how you can begin to make your lifestyle dreams a reality.