The Dominican Republic (DR) is one of the best places worldwide to invest in real estate, primarily because of growing demand and undervalued real estate prices. Selling property fast in the Dominican Republic can be done fairly easily and at a fair price if you follow these basic steps.
Hire An Experienced Real Estate Agent
Hiring a real estate agent or broker who is familiar with the Dominican Republic real estate market the easiest way to sell your home fast. Just make sure you hire a broker that you enjoy working with and who is honest and transparent throughout the entire process. Your agent or broker will help you set the appropriate listing price, recommend any repairs or improvements, and overall market your home to receive the highest offer for your property, given the current market conditions.
Determine the Property Value
One of the most important steps to take for selling property fast in the Dominican Republic happens before putting your property on the market. You need to determine what your property is actually worth. Remember, your property’s value is not determined by what you would like to get for the property. Instead, it is the value that a ready buyer is willing to pay for it. Our blog about the current cost of homes in the Dominican Republic is a good start.
Determine what your property is actually worth.
You can hire a professional appraiser to help figure out what your property value is. A service like this will cost anywhere from $200-$500 USD but it will give your Buyers peace of mind and make negotiations about sales price much easier. You can also ask your real estate agent or another agent to create a comparative market analysis (CMA) for your property. Using either method, you can get an idea of what your property is actually worth and set the appropriate listing price.
Make Repairs Consider Staging Your Home
Before putting your home on the market, you should go through your home and make all the necessary repairs. Make an honest assessment of your home’s condition and determine what you can quickly repair, update, or clean. The goal is to show your home to potential buyers in the best possible light. This will help you attract more buyers and make an excellent first impression.
Consider Staging Your Home
Additionally, maximize your space and declutter your entire home. If you can afford it, you may want to consider getting your home staged professionally, as this may attract an even larger pool of buyers.
Have all Your Documentation Ready For Closing
Once you find a buyer, receive an offer, and accept it, you should be prepared with all your documentation to avoid closing delays. In general, a sales transactions in the Dominican Republic require the following:
- A Form of ID. Either your Dominican photo ID or “Cedula” or a valid Passport.
- A copy of the “Sales Agreement.”
- The Certificate of Title from the original owner or seller (if a property is registered).
- Certification of “IPI” or “IVSS” regarding Property Taxes . The Internal Revenue Office requires property owners to make an annual tax payment for Property and Empty City Lots e worth more than RD$6,752,200.00. The tax rate is 1% of the excess of the value of the property over RD$6,752,200.00. Homeowners can visit the Internal Revenue office “Dirección General de Impuestos Internos (DGII)” and bring the current Certificate of Title to calculated how much property tax they owe or if the property is tax-exempt.