It is a unique place on the planet with exotic nature and equally exotic architecture. Bali is often called the island of a thousand temples, and such buildings are actually concentrated in large numbers. White sandy beaches, charming coral shallows, amazing flora and fauna can buy many properties in this amazing place.
It is officially allowed to buy apartments, houses and other real estate, which has increased the influx of people interested in investing. There is a real opportunity to organize your business in a country that is a very attractive place for rich tourists. If you’re not sure you can take a step like this as a US citizen, keep reading to come up with many answers.
Life in Bali
The people who started life in this place really claim to be in paradise. In Bali, the cost of living is not so high, and the azure sea, fresh fruits, smiling people, interesting original culture are difficult arguments to leave everything and come here to live. The locals are incredibly kind, always smiling and greeting everyone. They mostly sit outdoors all day, constantly eating something, drinking coffee until the afternoon, laughing and adoring watching soap operas. Indonesia is the largest Muslim country and Hindus live there. They go to the temples every day and are very pious. Indonesians usually go to bed early and wake up early.
It is an ideal 25 degrees in Bali all year round, but darkness falls as early as 7 p.m. The rainy seasons last from December to April, and the warmest months are April and October, when there is not a whiff of wind. Bali is the only place in the world where you can surf all year round and it is often called Asian California because of the so-called. beach lifestyle. The emphasis is not on money, but on time. The more free time you have, the higher your status. Bali is attractive to many social gatherings also because no one imposes itself on it and does not brag about its financial status. Everyone wears the same flip-flops, rides the same motorcycles and class differences are almost invisible.
What are your goals?
The first thing you should do is think about your goals. This means that it is not the same whether you buy a villa for yourself or live here on the island and plan to rent it and earn money from it. We believe that you are not thinking about it at the moment. For example, you may still not be sure whether you will live there or rent a property. However, you have to decide. This place has several different zones. Some zones are agricultural while others are residential. There are also zones that are intended exclusively for tourism and you can find out more about that topic if you click here. In that case, you cannot rent a property in a residential area. First of all, it is important to get a special license if you want to rent your villa. It is probably clearer to you now why you need to think carefully about the goals and location of your property before applying for a purchase. Remember that you can never change the location while you can.
Is it hard to buy real estate in Bali as a US citizen?
Indonesia is known for protecting its country and property. That is why it is not easy for foreign investors to use, rent or build property in Bali, although Bali Real Estate market is vibrant. Many give up too quickly because there are a number of laws and a long process that is not transparent. However, there are several titles to obtain which means that all is not lost yet. You don’t have to give up your tropical dream. All you need to do is refer to Hak Milik, that is, the right to property. It is a free title that only citizens of Indonesia or a company can have. Hak Pakai or the right of use is the highest title that can be obtained. As a buyer you receive a special certificate as the owner of the property. You can also transfer this certificate to another owner if you wish. The condition is a residence permit and possession of only 1 Hak Pakai property. Instead, you can use another option, that is, start a PMA company. This gives you equal freedom in owning property while staying abroad. We have to mention another popular option and that is Hak Sewa.
Is there an easier way to buy real estate in Bali as a US citizen?
There are always ways to circumvent some rules, but it is important to make sure that this is the right investment for you. If you contact a Bali property agent, we are sure you will have much more success in doing so. He will do everything in his power to suggest you an option that is definitely worth it.
Getting started is the most important thing, so choose the people and companies you work with carefully. Don’t think that you can do everything yourself, because in this case it is an almost impossible mission. Fortunately, new laws have been introduced that encourage foreigners to invest in property.
What mistakes should I avoid?
Thanks to the new property regulations, you will not be exposed to stressful situations. While this is good news for you, stay tuned. There are some mistakes that customers need to be aware of before investing. Always thoroughly check land certificates as well as access to roads.
Don’t forget to get acquainted with zoning and the land aspect. Explore different property rights.
What are real estate prices?
Land prices vary in each area. For example, real estate in the center is usually more expensive than on the outskirts. However, some areas that are not in the center have experienced huge tourist growth in recent years. So choose your location wisely. If you are planning to rent it, it is best to find a location that is not too far from the beach.
So, don’t try to do this yourself, because you really need a real estate agent. Contact him for any additional questions you may not find online. He will take you through the market in detail and explain how it works.