studio apartment for sale
Las Canas Beach Resort Apartments, Puerto Plata, DOMINICAN REPUBLIC
like this property?Call 01283 792392
This property is available with the following number of bedrooms:
Studios from $US 213,664
1 Bedrooms from $US 284,886
2 Bedrooms from $US 324,453
- Distance to Airport: 25 minutes from the airport of Puerto Plata
- Distance to Beach: Front line
- Completion Date: Late 2011
- 100% FUNDING IS AVAILABLE (including the deposit)
- Only 30% deposit, balance on completion
- 70% LTV guaranteed non-status mortgage available
- 2 YEAR 10% RENTAL GUARANTEE (including 30 days personal usage) followed by AN ONGOING 50% ROOM RATE SHARE
- No Capital Gains Tax
- Fully Furnished with Flat Screen TV
- Beach restaurant and bar
- Private swimming pool and spa, etc.
It is important to mention that the Puerto Plata area does not get hurricanes as Puerto Plata is protected by a mountain range. Hurricanes in the Dominican Republic are only in the south and on the east.
Sosua boasts one of the best beaches on the North Coast and offers a wide variety of shops, restaurants and bars. It is also situated close to the windsurfing town of Cabarete, with its many beach restaurants and shops selling traditional Dominican handicraft.
The north coast, whilst retaining it´s colonial charm, is currently undergoing major improvements including a multi - million project to extend and modernise the airport, new roads, golf courses and commercial centres. Unlike the south coast, there are wonderful year round sea breezes making this area the perfect location. No wonder, when Christopher Columbus arrived there in 1492 he declared it the ´jewel of the Caribbean´Puerto Plata
The Amber Coast, along the northern coast of the island, is named for the rich deposits of amber, found in the hills near the 75 milestretch of beautiful beaches east of Puerto Plata. The white-sandy beaches, impressive mountain ranges, spectacular rivers, waterfalls and exotic wildlife are just the beginning of the Dominican Republic’s exotic beauty.
Puerto Plata is the largest city of the Northern region and a tourism Mecca of the Dominican Republic; 80% European and 20% North American. It’s a popular destination for tourists who are seeking a relaxing, affordable holiday with the option of a lot of places to visit in the vicinity.
3 miles west of Puerto Plata a new full service marina is under construction with berthing up to 250 ft (LOA), WIFI, 24 hour security, customs & immigration on-site and a fuel dock. Ocean World Marina is adjacent to the famous Ocean World Adventure Park, the newest and largest marine park attraction in the Caribbean. The Marinas Grand Opening will be December 2006. By March 2006, about 20 slips will be open with electricity, water, and pumped fuel.
Puerto Plata is known for its glimmering beaches and entertaining resorts. However, straying away from the water for a day can yield a breathtaking experience. Blanketed in tropical flora, the 2,600 foot high Mount Isabel de Torres offers a splendorous adventure. To reach the peak you can drive, hike or take the scenic Teleferico (cable car). At the top of the mountain are lush botanical gardens, a souvenir shop, café and a 52 foot statue of an open armed Cristo Redentor overlooking Puerto Plata and surrounding area. Along with some of the most splendid views of the Puerto Plata bay. The mountain is one of four protected scientific reserves in the country and home to the highest altitude botanical gardens in the Caribbean.
PAYMENT EXAMPLE - 100% FINANCE AVAILABLE
Based on a Purchase Price of £200,000
- To reserve a specific property you will need to pay a £1,000 non-refundable Reservation Fee
- Within 45 days of reserving your property you will need to pay a 30% Deposit (Less the £1,000 Reservation Fee) which is £59,000 (£60,000 - £1,000)
- Should you choose to borrow the 30% deposit (by way of either a secured or un-secured loan), the developer will pay the loan repayments, including interest, for the 30% deposit until completion of the specific unit you have reserved. These payments will then be added to the purchase price upon completion.
- Example: Property price £200,000. £1000 reservation fee paid. The deposit = £200,000 x 30% = £60,000 - £1000 (reservation fee) = £59,000. Interest on £59,000 @ 6% p.a. = £295 per month, paid for 24 months by the developer = £7,080 added to the purchase price upon completion.
- Due to the significantly discounted off-plan contract price and the capital appreciation during the construction phase, it is anticipated that the £200,000 purchase price will have grown to a property value at completion of about £325,000
- At this point a 70% "Loan to Value" guaranteed mortgage is available and you will therefore be able to borrow up to £227,500. This is clearly ample to pay for the £199,000 (purchase price less £1000 reservation fee) that you owe as well as to repay the payments that the developer has paid (£7,080 in the example above) towards your 30% deposit loan
- Assuming you borrowed the maximum loan to value mortgage, available from the example above, you would borrow £227,500 on which the annual interest payment would be £18,200 based on a rate of 8%. The Rental Guarantee of 10% of your purchase price of £200,000 will generate you an income of £20,000 each year, should cover your mortgage payments. If you wish you could retain the £59,000 loan you took out for the deposit, pay the interest yourself each month, from completion onwards, and use the money to invest in a further investment property purchase
- After 2 years the 10% Rental Guarantee will end. At this time you will be able to take advantage of the 50% Room Rate share which is estimated to be worth at least £40,000 per year cash flow
Stage payments are required during the completion phase which can be made as follows
- The developers have an arrangement by which they will be making the payments on your behalf which is being supported by their bankers in the Caribbean.
- The developers will be appointing an independant quantity surveyor who will be inspecting the works undertaken at each stage and on this report the bank will forward the developer the funds related to the work undertaken. The customer will be charged the interest only that relates to the amount of money that the bank releases. The interest rate will be the rate charged at the time by the bank.
- This process gives you the peace of mind that the work is progressing well and that the bank is watching and looking after your investment.
- Once the property is ready the 70% is due, which you can pay in full or within the six months prior to completion, can arrange a mortgage with the bank in the Caribbean.
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- Posh Property International Ltd does not claim to be a Financial or Legal Advisor
- Any investment examples are for illustrative purposes only and cannot be guaranteed