Bali is one of those magical places that doesn’t only offer amazing natural sightseeing spots and opportunities to try new things – including food, beverages, and hobbies – but, it also promotes health and an improved lifestyle. Because of this, relocating to Bali or purchasing a summer house there might seem like a reasonable thing for you.
If you’re thinking about purchasing a house in Bali as a foreigner, you should know that the entire process will be different for you, which is something that can lead to a lot of stress. To remove the possibility of you getting stressed throughout the process, here are the steps you should follow when purchasing a house in Bali:
Step 01: First Things First – Understand Their Laws And Regulations
For starters, you should know that tax and real estate laws and regulations are different from one nation to the next, and since you’ll be investing a lot of money into a property in Bali, it’s extremely important that you understand their laws and regulations. Because of this, you must ensure that you work with an agency that is licensed, experienced, and that’ll ensure that you legally purchase a house as a foreigner. Once you opt for an agency, you can start looking for a property, which leads us to our next point…
Step 02: Determine What Type of Property is Suitable For You
Do you want the house to be located on the beach or are you looking for something a little bit more remote? Do you want it to have 4 bedrooms and 2 bathrooms or will something smaller be enough for you? Determining what type of property is suitable for you will definitely make the entire process less stressful, thus, it’s important that you think about it early on. Keep in mind, that, if you have a family or if you’re planning on having one, you’ll definitely need to invest in a larger property.
Step 03: Inspecting The Property is Crucial
You’ll be purchasing an estate abroad, which is why inspecting the property before signing a contract is crucial. After all, the property might not be in the same state as the pictures you saw, thus, you shouldn’t neglect this particular step. Also, if you’re planning on renting the property when you aren’t there, it’s essential that you think about the location and condition of the house, mostly because this is detrimental when tourists pick a property that they’ll rent for the summer.
Hence, you might want to read different articles, blog posts, and forums, so that you can learn what you’ll have to focus on if you’re planning on renting the property you purchase. Doing so will allow you to make the most out of your investment and more importantly, you can ensure that you see a return on investment in several years. If you want to see more info on what you should consider, check out the post Bali Real Estate made on the topic – https://www.penidaland.com/pages/investing-in-bali-real-estate/
Step 04: Review The Contract And Other Documents
Once you opt for a property that you like and want to purchase, you’ll be bombarded with a lot of paperwork and a contract. This can, of course, lead to a lot of stress, and even though you could choose to review it by yourself, the Bali real estate agent could do it instead of you. If you want to be extra sure, you could also hire a lawyer that’ll help you go through all the documents, which is something that can guarantee that everything is okay.
Step 05: Finalizing The Sales Process And Signing The Contract
When you’re done reviewing the documentation and when you ensure that everything is okay with it, you can move on to purchase the house! Keep in mind, that you’ll get two copies of the original contract that have to be notarized by a notary agency in Bali, however, you’ll also receive a contact in English. Now, the one that’s translated cannot replace the original one, which means that it’s only meant as a way for you to check if everything is okay.
Again, before you sign the contract, it’s crucial that your real estate agent or lawyer reviews the contract and documentation one more time so that you can rest assured that there aren’t any problems. By doing so, you can ensure that you don’t get stressed, and more importantly, you can ensure that you don’t get scammed or tricked into signing a contract that’ll ruin you financially in the future.
Step 06: Start Making The House Your Home
By this particular step, you’ll legally own a house in Bali as a foreigner. If so, you could choose to start making it your own! You should remember that, if you’re planning on renting the house to tourists when you aren’t there, you should make sure that the interior is modern and clean, and that it has all the amenities needed, and by doing so, you could make sure that people are interested in renting out the property.
It’s worth mentioning that if you’re planning on building on the property you’ve purchased, you might require specific building permissions. Thus, before you hire a construction company that’ll, for example, build a pool in your backyard, ensure that you know which permits you might require. To make the process less stressful, hiring a licensed and experienced construction company might help since they’ll know what permits you’ll require before you start building.
It’s true, that purchasing a house in Bali can be extremely daunting and stressful, especially since you’ll be doing so as a foreigner. However, if you opt for following all of the steps we’ve mentioned in our article above, you’ll make the whole process easier, and more importantly, less stressful for everyone involved.
Since you now know how you can make the whole process of buying real estate in Bali less daunting, you shouldn’t lose any more of your time. Instead, you might want to start with the first step we’ve mentioned – which is learning more about the laws and regulations revolving around purchasing a house in Bali as a foreigner.