Once you have decided to move to the Dominican Republic full-time or even part-time, you will need to consider what to do with your personal residence. This is important and must be thought about beforehand.
Here are some ideas that expats or retirees should consider before embarking on their international adventure:
1. Rent your house long term:
Renting out your property can provide a steady stream of income, which can be especially beneficial for retirees looking to supplement their pension. Set a competitive but profitable rental price and decide whether you will manage the property yourself or hire a property management company. Consider maintenance costs, emergency repairs and periods when the house may be empty.
2. Rent your house short term (Airbnb):
Renting your home short-term is an attractive strategy that offers flexibility and a potential income stream without long-term tenant commitments. Like long-term rentals, this option allows owners to maintain the property while benefiting from rental income, which can supplement retirement funds or cover living expenses abroad. By using platforms like Airbnb or VRBO, owners can manage rental periods based on their schedules or return visits. You will need to invest in a property manager.
3. Sell your house: