You probably have a dream of relaxing in a vacation property near the beach, sipping margaritas by the pool or sitting on the porch staring at the fairway.
A vacation property in Punta Cana is a dream, but make sure that dream doesn’t turn into a nightmare.
Whether you’re purchasing a single-family home, a townhouse or a condominium, there are some important things you need to think about. Before you sign on the dotted line, make sure you’ve considered everything.
You’re Taking On Additional Financial Responsibilities
Whether you use your vacation home for you and your family, or choose instead to rent it out, there are costs you might not have budgeted for before you buy. You might need to furnish the property, or install an alarm or other safety features. Perhaps you will need to install an owner’s closet.
It’s Not Just the Mortgage You Need to Pay
Many vacation properties in Punta Cana come with associated fees – insurance; utilities; condominium owners’ association fees; cleaning fees; and gardening fees. Will you be able to meet monthly payments? There may be additional unforeseen expenses such as repair or renovation costs that you aren’t expecting.
House Values Can Go Down As Well As Up
The Punta Cana property market is like any other and fluctuates in response to the economy and other factors. Every community and property is different, and you need to think carefully about the long-term before you buy.
It’s the Little Things …
… And sometimes, they’re not so little. Think about closing costs and other expenses, such as a fresh coat of paint or new fixtures and fittings.