You’d think I’d be used to coming back to Canada from the Dominican Republic. We are very lucky to have two sets of homes, and have certainly flipped our primary residence from Edmonton to the DR.
I don’t enjoy Canada in the winter, I won’t lie. I hate the cold, and that’s why I made this change in the first place. But coming back to Edmonton in May for a trade show, it’s really very nice. The weather is more than cooperating, we’re enjoying catching up with family and friends (a lot of them DR owners strangely enough), and Dollarama and Giant Tiger have my undying devotion. My husband says I am the queen of junk collecting – I like to think of it more as “whimsy”. Anyway, some things you just can’t buy in the Caribbean!
Do you keep your original property indefinitely?
We have been asking the question, “should we keep such a large property in Edmonton when we are not here enough to really use it properly?”
It’s a big expense to operate each month. We have flipped back and forth on it, but have finally decided to keep our townhouse condo in Edmonton. Like so many of our clients, we downsized a house in Canada to a condo – unfortunately we didn’t buy a small enough condo. However, we consider the investment worth it and understand that real estate is a long term hold. While this may not be the property we would want when we are very old, it will still serve our needs for the next 10-years at least. We have no plans to come back to Canada on a full time basis, but should circumstances necessitate that for whatever reason, we like knowing we still have property here.
Keep your foot in your home country
For some people, it’s really important to continue to own real estate in their home country. What if they get sick and want to return home? What if the real estate market back home changes drastically and owning becomes too expensive? There are many variables, and it is really just a personal decision. We find more and more of our clients are selling in their home countries and only owning in the DR. To them, this makes the most sense.
To rent or not to rent?
This is our new dilemma. It costs a lot to run this townhouse condo. Maybe we should rent it. The market is very good here for rental. The issue now is do we want to have someone in our home, and what do we do with all our stuff? In the end, it’s about personal choice and finances.
Ask your accountant…
Long term financial scenarios need to be taken into account. Everyone should consult their own tax accountant and long term investment people to determine the best way to handle their own situation. Many of our buyers are on fixed incomes in retirement and have a lot of variables to consider.
And never miss a thing…
We are standing by...
Our experienced team has more than 20-years of DR real estate experience. We are here to help you find out if the DR is the place for you.
Join us in as we take you through living in the DR…for real!