9 tips for buying property in Bali
Ready to take the plunge and make your dreams a reality?
Here are 9 quick tips for buying property in Bali.
A quick list for your reference:
Research the location in Bali: Consider factors such as proximity to amenities, the local community, and the overall safety of the area. Some parts of Bali are full of expats and tourists. Others are very much still local communities. There is a great deal of diversity in different areas of Bali so when deciding to purchase property make sure you understand what you are looking for and find a location that matches your needs.
Understand the legal process: It's important to work with a reputable lawyer/notary who can guide you through the process of purchasing property in Bali, including obtaining the necessary permits and documentation. You cannot do this alone if you want to make sure you don’t lose your precious investment funds. Spending a few dollars upfront can save you your life savings.
Know the market: Research property values in the area you're interested in to ensure you're getting a fair price. A lot of property for sale in Bali will not be easy to find. You will need to source a potential property to invest in via a number of different sources, including Facebook Groups and Marketplace as well as simply touring areas in Bali that you like and speaking to locals if there is “tanah dijual disini?” (Land for sale here?) or “villa dijual disini? (villa for sale here?).
Budget wisely: Make sure you have a clear idea of your budget and financial limits before you start looking for property. Bali isn’t the cheapest place to buy property these days. The market is experiencing demand from all corners of the globe, so make sure you budget wisely both for the initial investment into the property and for any and all renovations or construction work. This isn’t the 90s and some might be shocked that buying property in Bali isn’t dirt cheap, although there are still great deals to be found and the returns on property investment are some of the best in the world.
Be patient: The process of buying property in Bali can take some time, so it's important to be patient and persistent. This is especially true when dealing with locals. Don’t rush. You are more likely to make mistakes. And the locals certainly don’t rush. They know their Bali real estate is in high demand and there will be another buyer coming along soon.
Consider hiring a local agent: A local agent can help you navigate the property market and find the best deals. It doesn’t hurt to have a little help.
Get a survey: It's a good idea to have a survey carried out on the property to ensure there are no hidden issues. If it’s a villa, get in inspected by an engineer or a builder. If it’s land, make sure you get the borders checked by the BPN (local land office). Speak with the neighbours if you can. Nothing worse than buying land and have a neighbour claim some of it should be his!
Be aware of cultural differences: It's important to be respectful of local customs and traditions when buying property in Bali. The simplest way to deal with this, without any local knowledge, is to go slow. Don’t rush, just have patience. The Balinese are very respectful and patient people and a fast and agressive business style is not their way. Adapt to the local customs of peace and tranquility in all things, especially real estate transactions!
Again, ALWAYS use a Notary (Noratis): It is very important to always make sure you use a Notary when completing a transaction in Bali. They have the knowledge and critical experience of the legal process to help make sure that all the necessary documents are in order.
If you are interested in speaking with the experts, reach out to Nirvana today.
