Investing in Dominican Real Estate for Resale
If you are wanting to buy Dominican Republic Real Estate for Resale follow these tips to find property with good resale value.
A good rule to follow is the location. Location is usually the most desirable factor but the property may not retain the same status forever.
1.¬† What areas are in demand and how long have they been in demand?
2.¬† Are other areas in that town increasing the status of hot areas?
3.¬† Does the town growth seem to moving towards a certain area? Are there ample services such as shopping, supermarkets and other essential supply stores?
4.¬† Are their noticable residential areas being zoned as commercial properties?¬† That could possibly be favorable for eventual value but a negative if you plan on living there.
Who are the buyers of the area?
1. ¬† What is the main group of buyers in that area? If the majority are senior citizens you may need to focus on a one level house or apartment/condo with an elevator.¬† Rule of thumb here is more the age, less amount of steps.
2.¬† Are the buyers young families with children?¬† Think about looking for a home with a large fenced in yard that is not close to a busy street and has several bedrooms and baths to accommodate their needs.
Out with the old in with the new.
1.¬† It is sometimes wise to avoid property that is outdated such as a one bath home for they generally sell much less than property with 2 baths and usually take longer to sell.
2.¬† Shower and Bathtubs in old outdated shades may eliminate potential buyers and are hard to change out without a complete reconstruction makeover.
3.¬† Is the plumbing installed for hot water in all bathrooms and wash areas.¬† Many Dominican homes don’t have hot water and for foreign buyers hot water is a must.
3.¬† The flooring, if in tile can kill a sale by screaming antiquated.¬† The paterns of the 70’s just does not go well with todays modern furnishings and many times shun a potential sale.
4.¬† If the features are outdated and your able to negotiate an under market price, there may be hope to make updates and still make profit.¬† Figure out the costs to know how much more of and investment will be needed for improvemets.
What most buyers search for in a Dominican home.
1.¬† A favourable desire with most buyers is a home with lots of natural light and bright atmosphere.
2.¬† Storage areas such as large closet space such as a walk-in and many other storage places.
3.¬† Homes with split bedrooms where the rooms are located on each end of the home are more and more increasingly popular.
4.¬† An incredible view, whether its an ocean view, beach front or mountain view will difinately help with the sale.
Always punch the numbers and consider the resale value before you finalize on a property.¬† Remember, making funds on a well planed resale will help you in moving up the dollar / peso scale for your next Dominican Republic real estate investment for resale.