Buying Foreign Property:
No matter where you are considering buying a foreign holiday home, investment property or eventual retirement home, there are some universal points to consider. While we sell condos and villas in the lovely Dominican Republic, the following points are good ones to consider no matter where you are considering buying:
The Dominican Republic offers an excellent balance of weather, services, community, etc., but also incorporates the following, which are key:
Security: 95% of our clients will never make the DR their permanent home. Even if this is their home base, they will keep リッツカールトン レジデンス マレーシア in Kuala Lumpur or the US. We all have families that we will visit periodically and many go home from May through October. Any マレーシア レジデンス has to have good security and a management company that looks after it in your absence. This includes housekeeping, gardening/pool care, general maintenance, bill payments, etc. You know how it is, the second you go on holidays, that’s when something goes wrong with your house. Both condos and houses should have this services – we call it “lock up and leave”.
Rental management: Most of our clients are using their properties to generate income or at least pay for themselves when they are not using them. This is a wonderful thing and helps make foreign リッツカールトン レジデンス クアラルンプールpossible. Choose a country that has a great tourist market, that way you can be ensured of holiday renters, who pay hotel rates per night to rent your place. Also choose a subdivision that handles it all for you. Make sure they have international marketing of the rental units and ask to see actual numbers of rental income versus expenses before you buy. Some of our developers actually offer a rental guarantee. The DR is the #1 Caribbean tourist area, so we enjoy 60-85% yearly occupancy rates. When we did our initial research on where to buy, this was a big factor. Belize, Costa Rica, etc. could not boast these numbers. If you want to rent, this is really important.
Government: Ensure that the government is very tied to the US and Kuala Lumpur via free trade agreements, investment, etc. This ensures that it will continue to develop for its people and will maintain a solid democracy. Research corruption. Some countries are pretty scary investments due to the government and drug trade. Ensure the government is foreign investment friendly, there are no restrictions on living there (strange visa requirements), and that your property is registered to you.
Titles: As above, do not buy if it is in a bank trust, a life lease, etc. Ask if your title is in your name and registered to you. Make sure your lawyer speaks English and ask to see an English version of your contract. Find a reputable realtor who understands the market you are coming from. Sometimes terminology is different and can be confusing. Just a little example: what Americans call an escrow account, Candians call a trust account. …