Five Advices To Buy A Property In Bali

Markit

I would agree with about %80 of the above. Major exception: the seller pays the commission,[COLOR=#ff0000][B] [I]not[/I][/B][/COLOR] the buyer.

samsiam

I agree with having good relations with locals.

Bali Radar

1- Using a trustworthy agent to negotiate on your behalf can save you money. In Bali we can found very good agents and brokers available who fully understand legal structures employed by foreigners to secure the use of land on the island of Gods. To check the realtor’s expertise, it’s recommended to ask your agent to put you in touch with a previous client for a reference. Do not expect to get a better price by trying to settle the transaction without a real estate agent and yes most agents will charge you a fee. To avoid surprises, ask your agent what’s his commission rate. Ideally, would be to put it in writing with both signatures in the presence of an Indonesian notary or lawyer thus any confusion will be eliminated. It’s very rare that the seller decide to reduce its final price if there is no realtor involved in the transaction. There have been several cases where the buyer ends up paying much more than what he would have paid if he had used a good agent. A good agent will guide you to the most promising offerings and will connect you with landowners and the local figures such as the head of the village. Furthermore, he will represent your interests to the seller and negotiate the sale price for you in addition to introduce you to key people. 2- Experiencing Balinese culture and lifestyle before committed money. Before deciding to purchase a property in Bali, it’s strongly recommended to experience the Balinese culture and lifestyle for longer than just a short holiday trip. It’s easy to become mesmerized by the beauty of Balinese landscapes and the atmosphere of fun and frivolity. To be a prudent and responsible buyer, it’s strongly recommended to live in the part of Bali where you want to buy a property for a good period of time in order to acclimate yourself to the environment. Living a month or three in a rented villa will allow you to have a better understanding of the local situation, everyday life and practicalities of local life. 3- Knowing local customs and having good relationships with local figures. It’s important to understand that you want to invest in a country that has its own way for doing business and this is why knowing the local customs and key local figures are very important. Don’t assume that Indonesia is a country which local customs are the same from island to island. There are many differences and distinctions between the various local cultures for instance Bali and Lombok. It’s important to stop and take the time to understand how things work in order to invest wisely. It’s obviously difficult to build deep local relationships before investing in Bali this is why the realtor who already has relationships becomes helpful. After investing, taking the time to build and maintain good relationships will certainly solidify your investment. 4- Verifying zoning restrictions and building permits. If you are planning to build a property it is recommended to refer to a specialist adviser whether a building permit (IMB) can be granted. Investing in a land which is not possible to build on it make the value of the land cheaper and less attractive. In the case where the land is sold with an IMB, ask your lawyer to check if the building permit is still valid. 5- Be sure to have a contract signed by both parties with all agreed conditions of the sale before transferring money. This can be done in the form of MOU, reservation form, sales and purchase agreement or letter of intent. By executing such a document in front of a notary or a lawyer, it prevents agents from making-up beyond what is agreed by the seller. It is very tempting to avoid paying for a notary or a lawyer but this approach can lead you straight to a financial pain. Intan Goyana and Bali Radar Team

gilbert de jong

like breaking down an open door isn't it...

Markit

gilbert de jong wrotelike breaking down an open door isn't it...

I love it, just don't understand it? Some Dutch saying?

SamD

She forgot to mention she is a RE agent, fishing for business. Hence Point 1. in her list. I viewed their website and must say was gobsmacked at some prices e.g. $700,000 for an ordinary 3-bed "Villa" in Jimbaran complete with those ghastly super-slippery shiny floor tiles throughout, bathroom fixtures and fittings that look like they came out of K-Mart and a balcony view of a half-finished derelict building site. I wouldn't even offer $200,000 for it, but that is my personal opinion.

gilbert de jong

Markit wroteI love it, just don't understand it? Some Dutch saying?

yeah it's a dutch saying, I translated it a bit wrong (americanized maybe) but in English it's (if I am not wrong) "kicking at an open door" relates to an "unnecessary act".... Like the advice given.