buying real estate abroad

[jericap Super Moderator Find all posts View Profile Close jericap]

i´m here in punta cana and went to look at real estate...condo on the beach. it is in the process of construction and will not be ready until 1st qtr. 2008. it is an up and coming area and i have seen alot of development in the last 3 years. hard rock cafe is being built here, along with a few other stores that i can´t remember the names of right now. has anyone ever bought property abroad? what do i need to be careful of. the banks down here charge an arm and a leg for interest on a 15 yr mortgage. 8 or 9% up to 14%..
i think we can turn it around for a nice profit in a few years..any thoughts?




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[penguinpower Member Find all posts View Profile Close penguinpower]

I don't have any specialized knowledge of buying real estate outside the USA--have bought quite a bit here, though. But I did see an episode on House Hunters on HGTV where a gal from NYC bought in the Dominican Republic and moved herself and business down there into a nice condo.

I'd search for a knowledgeable agent who specializes in sales to "furriners" and get lots of information and advice.

Good luck--sounds like fun.