Hi from New York!

Welcome to the forums.     Lots of great info on here about many many subjects.

So,  info on bank financing will have to come from there.  Maybe some members can  add some insights.

Generic advice - know the area very very well before investing.   Real estate here is a long term hold, once you buy you can be stuck with it for  some years so you dont want to make  a mistake.

You will need to consider a lot of things  that wont cross your mind  there. FOr example water supply,  electrical supply stability,  cell phone reception,   who supplies internet and cable etc and at what speeds.......  Airport proximity.  If its an investment who will you rent to? What is important to them.....

So many considerations.

Purchasing here is a lot different. Make sure you have a lawyer who works for you and not also for the seller.  Dont accept anything anyone tells you.  Double check it!

Thanks, Planner. Good advice. I was thinking of doing a long-term rental first. What's the best way to find a place...Airbnb doesn't have too many deals.

Lisa

Yes, the best thing to do, which will be agreed on by posters here, is rent first! Spend time in your target area to ensure it is right for you before buying. I probably do not have to tell you (but will anyway) the culture is much different here. As an example anywhere near downtown Las Terrenas (where we live now) is very noisy with motorcycles, quads, loud music, etc. And most houses here do not insulate from the noise. If you cannot deal with that it will drive you nuts. We are building  a home outside LT in Coson and cannot wait to move to peace and quiet!

It is quite difficult looking for rentals on-line. You have to, as Planner says, get boots on the ground here to find something that appeals to you. Book something on AirBNB first short-term to give yourself time to look around at potential long-term properties.

A lot of folks are looking for heavy deals now on rentals figuring owners are desperate to rent but such is not the norm. As an owner of a condo in LT we still have to cover our costs and it simply isn't worth the risk of renting to someone at the ridiculous rates some are asking for (e.g. half price or more).

I typed more than I intended but hope this helps.   David

Also, no US bank will finance an overseas property purchase. If one has a good relationship with a Dominican bank you may obtain financing but the interest rates and qualifications are a challenge.
Sorry for all the negatively skewed insights but moving here and living has its challenges and its best to understand what they are. My wife and I had similar questions when we started our journey to land here in DR!

Rocky, not at all! I want the unfettered truth I have become unused to noise having left NYC 17 years ago, so I'm really glad you mentioned that. You mentioned Coson...any other areas outside of downtown but not too far at the same time?

Thank you for sharing your experience.

Lisa

Hi Lisa, we moved from Manhattan and Dutchess County.  I don’t believe you will be able to finance from the US - I bought by taking a home equity loan against my Manhattan apartment.

We’re on the east side of las Terrenas which is a lot less developed.  ballenas is the most central beach but also by far the noisiest (and most expensive). Bonita 2nd most expensive and a bit quieter. Feel free to contact with more questions.

Hi Lisa! Welcome to the forum!

My husband (RockyM) gave you most of the advice that I would have included, but I also want to add that where in Las Terrenas you want to be really depends on what you want and your budget!

We have a number of beaches in LT with condos and homes just steps from the sand. These are typically sold at a premium, and likely to be surrounded by properties that are vacation rentals. Then there are some really nice (and some not so nice) homes in the "lomas" or hills. These are great for ocean views, nice breezes and escape from the noise! There are, however, some that seem to be a way from town because of the circuitous route you have to take to get there, but they are just above one of the main drags through town and you hear every moto that zooms past!

Over many trips to LT and seeing many properties, we determined we needed to build a home to meet our needs. Even in some rather large homes, the kitchens just weren't big enough for the two of us to both be in there cooking! We ended up buying land in Coson Lomas and then working with an architect to design a home that met our requirements and fit nicely on the land.

Even for long term rental, you'll want to have a list of requirements to provide to rental agents (I can send you some names via PM) so that you don't waste time looking at properties that won't work for you. We are in a long term rental while we build our house, and if I knew then what I know now, I might have kept looking rather than renting this place! The noise isn't too bad, but we have a Caribbean style home with wooden jalousie windows and screens, but no glass. The humidity is killing our stuff! I am single handedly keeping the WiseDry company in business! We have to put dessicant packs everywhere to try to keep a handle on it. We at about 76 feet above sea level here, and we're told that that where our home will be, at close to 400 feet above sea level, the humidity will be much lower. We'll also have good quality glass doors and windows and AC units in most of the rooms!

So - areas to look at that are just outside of town - Playa Bonita and Coson are to the west of LT, El Portillo and El Barbacoa are to the east. These are all still considered Las Terrenas, but are a bit removed from the traffic and noise. It's still just a short drive into town.

Thank you all for  weighing in!  You all rock!   And I so need to get up there and visit you all!

Hi DD,

Thank you! Please send me your recommendations

Lisa

Hello DD, can you please also send me a PM with your recommendations that you offered below

Even for long term rental, you'll want to have a list of requirements to provide to rental agents (I can send you some names via PM) so that you don't waste time looking at properties that won't work for you.

Regards

planner wrote:

Thank you all for  weighing in!  You all rock!   And I so need to get up there and visit you all!

Yes, you do! And we have a place for you to stay as well!

@Kashen and @goinforit - check your inbox