Primary or Secondary property: which is worth buying?
Both have advantages and disadvantages, but here are some facts which should be taken into account.
- Secondary property has a lower price whereas new homes cost much more.
Obviously, a new property is in better condition and has a modern design, and for this reason you will have to pay more. However, the fact that resale properties are usually sold fully furnished and with appliances makes it easier to move in.
- Secondary homes are usually located in more developed areas with established infrastructure and lush landscaping. New buildings are often placed in a new or developing area which needs modern infrastructure. There is a possibility of living for a long time in the construction noise.
- When buying a new property in the Dominican Republic, you can avoid paying a transfer fee and be exempt from property tax for 15 years. When buying a secondary property, the law will require you to pay 3% of the value – a transfer tax, as well as pay annually 1% of the assessed value of the property, excluding the tax-free amount of $ 135,000.
- On the other hand, if you buy a new build off-plan, you’ll have to rely on show homes and imagination to understand exactly how your house will look when completed.
We will offer you all different options and help you to choose the best property according to your needs and wishes.