Buying Tips
Location
Location is an important factor about Bali property and real estate, therefore choosing a location is a starter way you need to do before purchasing any property. A tip for choosing a property location is to try to put yourself in someone’s shoes, which means that you have to choose the one that you like, and your future renters likes as well. Popular districts like Seminyak or Canggu could be a great option.
Ownership Structures in Bali
One of the ways that you can familiarize yourself with property ownership in Bali is to talk to the expert, in this case a notary who is familiar with property laws. You can ask for an overview of legal options for the property you want.
Budget
Planning a budget for your Bali property needs the right counts about construction, finishing, and furniture, as well as service fee if you happen to have any plan on renting out your property. Other things to remember before renting your property, add some budget for a villa manager, staff, and even a photographer.
Find the right Property Agent
Finding a good property agent can be done by meeting agents with legitimate companies that have an office and are recognised by the market. This is important as agents will guide you through the whole process of buying Bali property. Some of the work of agents is securing access to your land, obtaining building permits, recommending trusted notaries and contracting with the owner of the property.
Inspect
Several things that you need to take note while inspecting the property are the physical condition of the building, access to fresh water, landscape of the building, geological structure, electrical systems, drainage, security issues, and existing management contracts. As for land, road access and potential site work are also important to consider.
Negotiate
Negotiating is one of the ways for you to get the best price of Bali property. You need to talk about the amount of deposit you will pay, to show them you are serious about buying the property. In this case, your agents will act as an intermediary in negotiations between buyers and sellers, and make sure for a smooth transaction.
Secure a Notary
A good notary will make the whole process easier. As for the cost, notaries are usually charged between 1% and 2.5% of the sale price, typically depending on the complexity of the acquisition and the scope of services requested. Notary will ensure that the property is accessible, free of any outstanding mortgage and that the property has a land certificate, building license and proof of paid taxes.
Solid Due Diligence
Due diligence is needed before purchasing a property. One of the ways to do your due diligence is checking the history and current status of the land certificate, ensuring there are no encumbrances on the land, checking environmental restrictions, checking the construction permit, ensuring unrestricted and legal access to the property, and checking the property’s tax records.