Interested in a Dominican Republic property but have no idea where to start or how to pay for it? Learn how it works and how to get the best value on your overseas money transfer.
If you’re looking to buy property in the Dominican Republic, the Dominican Republic might pique your interest as the second largest and most geographically diverse West Indies country.
According to one study¹, the Dominican Republic is the most popular Caribbean nation, with its stunning tourist attractions, friendly people and colorful environment.
Hearing all the good things about the DR might prompt you to choose this country over others for your property purchase. This article explains the buying process for Canadians and how to get better value from your hard-earned money when paying for your property.
The Dominican Republic occupies the greater portion of the Caribbean island of Hispaniola, which it shares with Haiti. There are many incentives for Canadians to buy property in this country, including:
There are plenty of other reasons to tap into the real estate market. You can enjoy the inclusive culture, the tropical climate and one of the fastest-growing economies³, whether you’re a small-time investor or interested in a multi-million dollar project.
The ultimate goal is to make an informed decision because the stakes are high when purchasing property overseas. Do your homework meticulously and investigate the Dominican Republic with a fine tooth comb so you can confidently pay for your property when the time comes.
Take your research skills up a notch with a field trip to the DR and familiarize yourself extensively with the place before buying. Explore other locations and options until you bag a big-ticket investment.
The simplest way to purchase Dominican Republic property would be to pay cash for it, but if your savings don’t add up, you can explore options like:
The best way to buy real estate in DR is by working with a trusted and experienced broker. They can discover the best opportunities and have the best updated portfolios and insights, depending on your taste and budget.
It’s also a good idea to use a lawyer who has your best interests at heart. Your lawyer will conduct the process of due diligence, such as obtaining important documents from the seller (a contract of sale or purchase agreement).
Buying a property is a long-term commitment and once the property is in your name, you have to work out other issues, such as rental management. You also have the option to set up an existing home or build a new one.
The official currency of the Dominican Republic is the peso. However, the US dollar is the most convenient currency to use when purchasing property. Whatever amount you send is worth more if you can find a competitive exchange rate.
Otherwise, a lower exchange rate means losing a significant chunk of your money and paying more for your property than you have to. An inferior exchange rate also leads to continuous losses should you need to transfer smaller, regular payments to cover maintenance costs, utilities and other long-term costs.
Finding the most cost-effective way to send money from Canada to the Dominican Republic is crucial, which is why the USD/CAD exchange rate matters. Use the MTFX live rate calculator now to check how this exchange rate is trending before transferring money.
Banks and other traditional financial institutions can facilitate overseas transfers, but they’re not the best option because they offer less-than-competitive exchange rates and high transfer fees. They’re also not a good option if you want to send money to the DR in a hurry since turnaround times can be longer than five days.
The most optimal method is to use a currency specialist like MTFX that offers competitive exchange rates (3%-5% lower than banks) and low transfer fees. Dominican real estate prices⁴ typically range from US$400,000 to US$600,000, meaning you can save as much as US$20,000 to US$30,000 when you send money via a specialist.
Another benefit of using a currency specialist for overseas property payments is the convenience of transacting online. When you open your MTFX account, you can skip the bank and initiate a transfer from anywhere, 24/7. MTFX’s secure online platform has automated technologies that allow you to set up regular payments without stepping into a bank branch or waiting for banking hours.
With a specialist foreign exchange service, you can access competitive exchange rates, low transfer fees, and convenient online payment solutions. You can also customize your international payments experience using a wide range of FX tools and personalized guidance from experts.
Register your account with MTFX today to make the most of your property purchase.
Take a look at places like Punta Cana, Cabarete, Santiago, Santo Domingo, Puerto Plata, and La Romana.
A list of costs to consider when buying a property include the real estate agent’s fee, notary fee, annual property taxes, and transportation costs.
Factors to consider include healthcare, security, resale market and the community or neighborhood.
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