Puerto Bahia – 1 Bedroom Rent-to-Own
RENT: $1,000 /mo – OWN: – $149,500
This 1-Bedroom, 1-Bath “RENT-TO-OWN” Condominium is located in The Hotel Bannister in the resort community of Puerto Bahia Samana. It has a panoramic view of the Boat Marina and Bay of Samana. The condominium is fully furnished and in close walking distance to multiple restaurants, infinity swimming pools, mini-market, tennis courts, gymnasium & spa. For relaxing and building relationships is a hotel bar that overlooks the marina and shopping promenade. There is also a restaurant-bar and swimming pool at the entrance of the marina where all the boats arrive and depart. This area is great for daytime activities and romantic sunsets and fine-dining in the evening.
The rent-to-own process is simple. For example, in a typical long-term rental agreement, the monthly rental rate is established and a security deposit is required to secure the rental agreement. The rent-to-own process is similar. The monthly rent is established and an agreement is made to confirm how much of each monthly rental payment is applied to the purchase price. It is sometimes necessary to pay a fee to receive an option to buy the property at a specified price. If this fee (not always required) is not collected up front, a monthly amount may be added to the rental payment as “option money”. This is all designed to prohibit the property owner from selling the property to somebody else at a higher price. The option fee payment is also protection against the property owner selling to a potential buyer with an all-cash offer to purchase.
For reference: a “Rent-to-Own” process is used when there is no down payment to purchase the property nor any option fee payment to lock in the purchase price. If this is the case, a portion of each monthly rental payment is applied to accumulate sufficient funds for an earnest money deposit or down payment. When sufficient funds for a down payment are accumulated through monthly rental payments, a formal “Offer to Purchase” agreement can be executed with reference to the earnest money deposit already received.
On a different note: when there is a down payment made at the beginning of occupancy — or an option fee is paid to lock in a purchase price — a “Seller Financing” process may be used as an alternative to the rent-to-own process. In other words, the rent-to-own process is by-passed and the renter-buyer becomes a “buyer” and goes straight to an offer to purchase. There are some cases where the rent-to-own process is used simply to accumulate the required down payment and the balance is then financed through an outside lender.
The Puerto Bahia Samaná resort community is strategically located on the northeast coast of the Dominican Republic. With all of its amenities and mixture of townhouses, condominiums and mountain villas, it has a great sense of community and a basis for long-lasting relationships. Although most everything is included within the community, places like Las Terrenas and the capital city of Santo Domingo are just a short distance away. To the east of Puerto Bahia are some of the most beautiful beaches in the world. Puerto Bahia is often referred to as the next-best retirement community and it’s a great place for those who love the water. Puerto Bahia has a full-service marina on the Bay of Samaná and is widely known as a top cruising, fishing, and sailing area of the Dominican Republic.
Request More Information
The Request More Information form below summarizes preferred elements of a rent-to-own agreement to see if a match can be made with owner objectives. If a middle-ground cannot be reached, the information may be presented to other owners to see if the renter-buyer objectives can be reached on a similar property.