By Maika Maldonado
How much do you know about the Property Tax?
It is an annual tax with a rate of 1% that is applied to the total sum of real estate assets registered by individuals.
This is compusto by:
All properties intended for housing belonging to individuals whose total value, including the land where they are built, is greater than RD$8,138,353.26.
Undeveloped urban lots and properties not intended for housing, including those intended for commercial, industrial and professional activities, belonging to individuals, whose total value exceeds RD$8,138,353.26
Who is exempt from Property Tax?
1- People over 65 years of age, provided that the home constitutes the only real estate asset of its owner.
2-Pensioners and rentiers from foreign sources at 50%.
3-Rural lands.
4- Properties for agricultural use located on rural land.
5- All properties that, even though they may be subject to the tax, have a combined value equal to or less than RD$ 8,138,353.26.
Elizabeth Martinez
In my private real estate statistics, new buyers are looking for a perfect 10/10 for their dream home.
Here's a summary of what they're looking for:
* A comfortable budget and fixed mortgage rates for a loan with an average term of 15 years.
* A large, three-bedroom apartment with a kitchen and breakfast nook.
* Two independent, covered parking spaces.
* A service area and a room for a nanny.
* Preferably a second-floor apartment.
* Low building maintenance fees that include gas.
* A new property or one that doesn't need renovations.
* Proximity to the city center and/or their workplace.
* A balcony, terrace, or patio. A studio apartment is highly valued.
* A gated community with security.
We also have other, less important but noteworthy requirements:
* No mosquito or cockroach breeding grounds near the property.
* Distance from grocery stores, schools, and gas bottling plants, with power lines on the opposite sidewalk.
* A street free of flooding, among others.
As we sat down before leaving, we did an exercise asking them to list the three most important factors they wouldn't compromise on when buying a home.
Here are the most frequent ones:
* Buying within a comfortable budget and with fixed mortgage rates for a 15-year loan.
* A gated community with security.
* Low maintenance fees.
As we talked and sat down to organize our thoughts, the other things they considered VERY important took a backseat to comfortable payments, security, and maintenance that ensures a pleasant living environment. Everyone agreed that having their finances organized and their family safe is paramount.
In these statistics, we also see a stable rate of over 68% who are paying their mortgage on time. An additional 20% paid off the property in full and are renting it out as an investment. A success!
Buying a property is arguably the biggest financial investment we humans make. Don't take any rash steps or become another statistic by not consulting a trusted real estate professional.
Reyna Echenique
Do you know the benefits of working with a real estate agent?
As I've already said, real estate agents are responsible for helping their client achieve their most important dream or goal, whether it's selling/buying or renting their home.
To do this, you must have human qualities, in addition to experience and theoretical knowledge of the profession.
But what do you get from working with a real estate agent?
We'll provide you with legal and financial advice every step of the way.
You'll get better deals.
You'll avoid security risks.
You'll save a lot of time. We have
extensive experience in the real estate sector.
We guarantee a secure purchase.
Therefore, this figure is fundamental in your process of searching, selling/buying or renting the property.
