If you’re looking to buy your first home in the Caribbean, it’s time to consider the Dominican Republic. Located on the island’s north shore, Casa Linda between Cabarete and Sosúa is a haven for retirees looking for a vibrant but relaxed community in the tropics. With an annual December temperature of 86°F (30°C), Cabarete offers stunning warm climates at a budget-friendly cost.
Before you start drinking Piña Colada’s on the beach, here are several tips to consider when buying your first island paradise home in the Dominican Republic!
Know Your Amenities
As with buying a property anywhere, knowing what personal and community amenities you want is essential. One advantage of purchasing properties in the Dominican Republic is the access to premium amenities at affordable costs.
Buying a home in the Dominican Republic with Casa Linda gives you access to many luxury amenities. Homeowners can expect our standard service amenities, as well as additional optional housekeeping and garden services. Our standard ‘Lock up and Leave’ policy ensures that if you temporarily leave the Dominican Republic, you can rest assured your property will be monitored by our 24/7 security personnel.
Have Your Documents for Financing
Financing your home in the Dominican Republic is a straightforward process for retiree expats. Once you decide on a property, you must meet with the bank to sign several documents and apply for your loan (if required). Retire expats from the United States can also liquidate their RRSPs and 401k’s to purchase property.
If you’re financing, ensure you have the following information and documents ready to give the bank.
- Proof of debt-to-income ratio (35%)
- Proof of Credit Score (680+)
- Bank Statements (At least two years)
- Tax Returns (At least two years)
In the Dominican Republic, a down payment of ~35% of the purchase price is the standard for expats. It’s best to work with a lawyer during this process to ensure your documents are in order, as approval may take several months. For more information on applying for a loan and financing, check out our video!
Island Paradise with Casa Linda
If you’re curious about buying a home in the Dominican Republic, our team is here to help! We’re excited to help answer your questions and inquiries about our retiree expat community in Cabarete. Contact us today to learn more about living la vida Casa Linda!
