Buying a Property in Bali? 3 Things You Should Do When Conducting Due Diligence
After weeks and possibly months, your house-hunting in Bali would have finally come to an end. But before you decide it’s the home for you and complete the purchase there’s still more digging that you must do. For all you know, what you’ve marked down as the ‘PERFECT’ home for you, could be an investment that you’ll end up regretting soon thereafter. That’s why, before you take the plunge and pay up for a property, it’s wise to conduct due diligence and know if the property you think is worthy, is actually worth it.
Why is Conducting due Diligence Necessary?
Any property purchase, be it through a merger or direct land acquisition, is fraught with unforeseen risks – and buying one in Bali is no different either. If you aren’t extremely careful with your investment, you could be landing yourself in the legal soup without even realizing it. So, before you close the deal, it’s highly recommended that you carry out due diligence to inspect possible neighborhood downfalls, restrictions on land use or any other legal encumbrances.
Here Are Three Things You Must Do During The Process:
1) Check The Ownership History Of The Property
Trace the hierarchy of the land documents to identify if they’ve been properly issued or to root out discrepancies. Unravel the complete history of the property in question by pulling up information from public records, neighborhood details, statistics and any other crucial information that can help you read into the property’s past.
2) Zoning Laws, Regulations, And Lease Rights
You need to know if the land under consideration can be used and built upon, as you intend to. In Bali, land use is regulated under the City Planning Act, and construction also has to accord with several rules and regulations. Make sure you check for any building, zoning and environmental restrictions imposed on the land. You also need to verify if the land is leased to any other person for more than three years which can affect your right to use it.
3) Research The Neighborhood
Whether you’re local to Bali or a complete outsider, you’re likely to have zero information on the neighborhood you’re planning to purchase the property in. Invest time in looking into the specifics by enquiring with the local police department to check up on crime statistics or other parameters such as potential environmental hazards that you may tend to overlook.
Get Due Diligence Done, The Right Way:
Skipping out on due diligence or not doing it properly can easily make you a victim of fraud. If you don’t want to be conned or risk losing what is probably your life savings on a worthless piece of paper, then it’s always better to employ someone to carry out the process for you. What you want is someone who tells you the things you don’t want to hear, and not someone who sugarcoats the bitter truth to make you believe. What you want is Exotiq Property – a reputed real estate agent in Indonesia that enlists handpicked, cross-verified and genuine property deals online and helps you complete your buying journey in a completely seamless manner.