Understand the DR
If you already own your home or a commercial space, you know that it takes a lot of physical and financial effort to keep it in good condition. Know that it may be even more true in the Dominican Republic !I have already mentioned some of those issues in other articles but it is worthy getting deeper in severals factors that must be considered before buying a house or a business premises :
I am regularly asked on social medias or by email what are the most encountered difficulties and challenges during an expatriation. Here is my point of view on the subject.
LEARN SPANISH !! As we know, good communication is the nerve of the war for a harmonious life ! You will depend on fewer people and you will avoid a lot of frustrations ! My parents learned spanish at the age of 45 by listening to audio CDs every day while going to work and then, as soon as they arrived in the dominican, they had the « must have » French-Spanish dictionary in their pocket. Then they put their shyness in the closet : there is no age to learn; if they did, you can do it too!
For many people the choice to expatriate ourselves for good is not yet obvious. Fear of missing the family, a new country that doesn't always offer the appropriate structures, an immigration policy and some heavy administrative procedures, are all reasons that can hold us back. Yet we love this island, its many assets, the kindness and nonchalance of the local people, the feeling of freedom and joy in everyday life. Staying there a few weeks per year seems then like an ideal alternative but we know it’s difficult to find a rental each year at a good price, for the desired months and in our favorite area of the island.
THE SOLUTION : Invest in a pied à terre and rent it out for the rest of the year so it can payout its own maintenance. As far as we know, seasonal rental has been on the rise since a few years now !
Here are my 5 tips for successful rental investment: