I watched the first Dementia before seeing this, because I thought they would be connected. They are not and that is not necessarily a bad thing. The first one was finished, this is sort of a spin off or like another episode with a different set of actors and a different setting to the same theme more or less.
The main character/actor is likeable, even when he does things that may not be appropriate. But the movie itself is not appropriate. And some may argue and not be satisfied with the performances (the director taking on the lead and so forth), but you would derive yourself of the fun you could have. Although "fun" might be a stretch here since this gets pretty gross at times (many times to be exact). So depending on your views on that and your threshold, this may feel like torture. On the other hand, if you go with the flow, it is a decent little independet movie/horror