The Punta Cana Real Estate for Sale
The real estate sector in some countries of the Caribbean Islands has been booming for some time now. One of the countries that are hogging the limelight is the Dominican Republic. Located in the heart of the Caribbean, this country has seen an annual appreciation rate of about 15%. Punta Cana real estate for sale deserves special mention, as it the most popular destination for foreign investment these days. The small resort town is making big waves in the industry for its awesome locations, bargain prices, and trustworthy real estate agencies. Many out of the country investors choose to buy property here and put it on the rental market to earn a handsome second income. After all, the country receives over millions of visitors each year.
If you too are considering buying a property in Punta Cana or other parts of the Dominican Republic to be used as a vacation home for your family on annual holidays and rent out to other tourists visiting the country throughout the year, read on for some more information on renting out your vacant property.
The high season in the country is from October to May. While long term rentals are steady the year round, short term rentals are better during high season. Yearly occupancy rates of 70% to 80% and annual rental yields of 6% to 8% can be expected for up to date properties that have a decent location. Factors such as location of the property, its area in square feet, and the condition it is being kept in are most important in earning better income from rent. This is precisely the reason most property owners rent out well-furnished villas and condos, with multiple rooms that can accommodate a family, which are located near one of the beautiful beaches or golf courses.
The on-site rental management companies appointed by most residential developments cater to absentee property owners. If the property you procure does not provide this service, then there are many reputed property and rental management companies or real estate agencies that do in the area. Other things you will need to look after are paying for utilities like electricity, telephone bills, Internet, etc. Those who buy condos will have to pay a condo association fee that varies according to property. You will also be required to pay rental management commission. This may be around a month’s rent for a year’s lease, with separate rate slabs for daily or weekly rentals.
If you are looking to buy Punta Cana real estate for sale, find a real estate agency and get going. You can even look for a local agency online, as they are the ones most likely to have the best deals and property listings for the town.