One of the beautiful things about the internet is that you can connect with anyone at anytime from anywhere in the world.
There is an infinite amount of information on the internet concerning any subject and most of it is FREE to consume! With proper research and time investment the learning curve concerning an upcoming task can be greatly reduced and time can be saved.
Saving time and money is a great feeling isn’t it? Well today we have some more tips for you concerning the purchasing process or even the building/renovation process in order to cut down on the learning curve.
The “Do’s and Dont’s” is something that you can apply to any area you are unfamiliar with. So today we are going to apply the “Dont’s” and take a look at a few things that you should avoid when it comes to investing in the Dominican Republic.
It doesn’t matter if you are looking at buying a home for you and your family, an investment property to rent out or relocating for retirement, these tips can save you some serious headache in the future.
Are you ready? Let’s jump in!
Lawyers who want your money just to answer your questions. You don’t pay a car mechanic to answer your questions do you? Why pay a lawyer?
There are people who will help you for free, use them! You shouldn’t have to pay money because you aren’t familiar with the process. Be sure to join our Facebook group ‘Relocate to the Dominican Republic’ which is full of like-minded people who are making the DR their new home and are there to HELP you in answering your questions concerning life in the DR. Plenty of recommendations of good, English speaking lawyers await you in the group.
Not learning the process before you sign any paperwork and make a payment. Why? Why would you not want to be educated about something you are going to make a serious investment in? It’s always good to know how a process unfolds before you make a sizable investment in something like a retirement/vacation property for you and your family. Get up to speed on the process by asking us, we are here to help you and guide you through the process of purchasing property.
This one ties into the last one of learning the process. You are going to want to know ALL fees upfront before you make a commitment. You don’t want to be blindsided by fees that seem to “pop up” along the way and you didn’t have any idea about them. Be sure to ask your lawyer about all fees related to your investment property. Government fees, lawyers fees, notary fees, apostille fees, translation fee, Power of Attorney fee, etc…
One more tip: If you are planning on purchasing by wire transfers be sure to speak to a bank representative at your bank branch concerning transfer fees and transfer time of funds from one account to another.
If you are planning on building a home we think the builders/architecture firms should send you scans of their licenses, why? You want to make sure they are legit and are not terminated by the municipal government. You don’t want to be working with a company that has been suspended for building faulty structures in the past.
Be sure to ask around to other expats and see what builders they recommend, be sure to also ask your lawyer for advice concerning builders. Make sure you speak with a lawyer who can conduct research on a builder/architecture firm to make sure they don’t have anything negative pending (ie…complaints of producing faulty structures) with the government.
There are countless stories of ‘gringos’ (people from Canada, US, UK) who have been taken advantage of by builder/architecture firms when it came to renovation or building a property so be sure to heed our tips and consult with other expats and your lawyer. Feel free to reach out to us if you have any questions about this.
We want to protect you from the unknowns out there, and one way we can help you is to be prepared. Let me ask you a question. Do you know about the “7 P’s”?
Proper Prior Planning Prevents Piss Poor Performance.
Let’s add another ‘P’ which is so important…Pain. The pain of wasted time and money stings so great. So how do properly plan? Get connected and acquire information. Two resources that are available to you are our Facebook group which I mentioned above and you can always email us with your questions as well.
So the new version is Proper Prior Planning Prevents Piss Poor Performance and Pain.
Avoid piss poor lawyers, builders/architecture firms, shady real estate agents/firms by contacting us first. It’s free. Prevent Pitiful Planning and Piss Poor Performance and Pain by contacting us.
In the United States Marine Corps they drill the “7 P’s” into our head and it is a great way to tackle a new task that lies ahead. Always research and be prepared. We want you to be prepared and knowledgeable about what is you are getting into BEFORE you even start your investment. Knowledge is power, we want you to empower you with knowledge. We are here for you, so let’s work together and take this dream of yours and make it a reality! You can trust us to do the job for you.