PT Bali Nirmana Property in Bali, Indonesia has released information that warns investors against unguided holiday property purchases. The property experts state that there are a number of things that must be considered prior to making a purchase in Bali, and that those who are new to investments in the area should seriously consider working with a property firm when making these investments.
Patrick Clancy, a representative for the property firm states, “Of course it is a good idea to do your research before any property investment, but this is particularly true for properties in Bali. There are many legalities that must be considered before these investments can be made.”
Clancy states that foreign investors need to know what to expect and what restrictions they may face when choosing their investment property. Even holiday properties in Bali can have certain restrictions. For instance, only citizens of Indonesia have the right to own land, so investors need to work with a property firm that can help to guide them through all of the legalities of their purchase. Foreigners still have the option to purchase a property that is marketed as “right to own,” but when they take the title into their own name the certificate is defined as “right to use.”
“In general,” Clancy says, “Foreigners to Bali do not actually own the land. Instead, they purchase a land agreement that gives them the right to use the land, and this agreement is valid for a term of 80 years, after which it can be renewed for another 80 years. Hak Pakai is the agreement between the purchaser and the federal government and while it appears to be a sort of lease, it allows for use for up to 80 years at a time, and this timeframe can be extended indefinitely.”
Clancy states that property investors who are looking for more affordable vacation or holiday property in Bali will want to work with a property firm that can help to find them properties that are offered under leasehold agreements. While the foreigner has been given the legal option to purchase a leasehold property or a freehold property under the Hak Pakai title, he states that buying blind is never a good idea and that anyone purchasing holiday properties should always take their time and do their research. More on this is available, and Patrick can be contact at this office: https://goo.gl/maps/Eo8ogKquMyQ2.
Clancy says that most often, investors will find a leasehold property that suits them, but he says that it can be difficult to locate these properties individually, which is why the company recommends working with an experienced property firm. He states that there are currently a number of properties offered under the leasehold agreement, and many of these are in tourist zones, which is where most investors want to buy. Properties often allow for flexible use, so they can be lived in if the investor is searching for a vacation home.
Before purchasing any property in any foreign country, Clancy says, it is important that the investor do their research and learn more about the property laws and regulations in that country. He says that in the case of Bali properties, there are many legislations that are much different from those in say, the United States.
Clancy says that part of that research should also include research into the properties in question. He says that looking at villa pictures and finding more information about each property is a must for anyone who is planning to purchase a holiday property in Bali. He states that his firm has helped to guide investors on their purchases in the country and states that the firm recommends always working with someone who has experience in Bali properties. Buying blind could result in a property that has too many restrictions for the buyer to even use or in the buyer purchasing property that is not suitable for inhabitation.
Those who are interested in purchasing property in Bali can contact Bali Nirmana Property who can guide their purchase and ensure that the investor is getting a good return on that investment. Clancy states that those who are interested can visit the company online to learn more about what they do or contact them directly by phone or email for a property consultation. He says that there are a number of properties that are available in good areas in Bali, but reiterates the importance of working with an experienced real estate firm to make these investments.
SOURCE: Press Advantage [Link]
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