Buying a home is one of life’s most important decisions. It’s also a major stress point, right up there with divorce and a new job!
Where you buy doesn’t really matter either. It could be in your home country or overseas. The home buying process has all the potential to push all the wrong buttons and turn everything ugly.
Buying a home in Bali is no different. Some might say it’s more difficult than other places, but it doesn’t have to be.
Most of the horror stories occur because rules aren’t followed, corners were cut and laws and regulations misunderstood.
I hope the following tips will help you understand the process of buying a home in Bali better … and make the experience more memorable and maybe even enjoyable!
Have a plan and do your research
We’re very keen on talking to our clients about Investment Road Maps. You can read more about those here …
It’s important you’re clear about what you want to do because that will change how you can do it. Sounds simple, but you’d be surprised at how many people I deal with who don’t really know what they want.
Do you plan to retire? Want to start a business? Fancy a holiday-rental home or a place to escape on your own holiday? Maybe it’s all of those things!
The point is, if you have a plan you’re more likely to be able to deal with hiccups and things like taxes, permits, zoning and so on.
Research is important here, because you really do need to find information that’s going to help you get what you want and we encourage you to find out as much as you can.
When it comes to researching for property in Bali, there are several ways to do this:
local and expatriate newspapers have adverts and classifieds
Google has thousands of websites! Just type in property for sale in Canggu and you’ll see what I mean!
social media, especially Facebook, has hundreds of groups and real estate agents have dozens of listings.
It’s important to note that many of the agencies and agents and groups are marketing the same listings. I touch on that later, and that’s why it’s important you get on with your agent!
Sounds easy but how many of you just dive into Google and don’t write things down?
Be honest now!
So, get into the habit of taking notes. Write things down. Make lists. It will make things clearer in the long run. Compare areas and prices, and if you’re using agencies, compare service. You can even compare their social media posts to get a feeling about what’s important to them. Is it pictures of food and parties and good times … or posts that help people learn? Maybe it’s a mix of both.
This will give you a better feel for what, and importantly, who you’re dealing with.
Here’s a useful link to learn more about what the rules about owning property in Indonesia are all about.
Find an agent you can trust
If you decide to buy property through an agent, it really helps to choose one that’s not only professional in the way they do business, but is also one you like, or at least you feel you can trust.
That’s not such an easy thing to do really. I mean, how do you feel you can trust someone you’ve found online and probably never met? Or someone you’ve met just once?
I think the best way you can get to know the quality of an agent is to meet them directly and ask them questions.
Don’t be shy!
It’s your money on the line and you have every right to ask as many questions as you want.
Here are 7 questions you should have at the top of your list.
You should also take the time to ‘research’ them (the agent and agency) on social media.
What sort of things are they posting?
Do they share your interests?
Could you imagine meeting them and getting along?