If you are to buy property abroad there is a need to follow a methodical and systematic process, carried out with careful analysis, planning and execution. But, most homeowners are often overpowered by their emotions rather than their rational considerations, which in turn allow them to make impulsive purchasing decisions. Unfortunately, the ramifications of these actions could be serious. The inability to take appropriate real estate purchasing methods often lead to the procurement of a property without habitation license, refusal of utilities, unable to put the property for resale, poor house construction that may lead to accidents and worst having the house demolished.
The mistakes that one make when he or she buy property abroad could result to legal troubles, stress and uncertainty that could stretch in the future results that any prospective homeowner would not like to experience. Purchase a property overseas in haste, and you are more likely to bewail your decision in the future. To avoid these mistakes from firing back at you, getting things done properly could mean doing things one step at a time and doing a lot of property-related researches. Once you are able to do things accordingly you would definitely enjoy the fruits of your patience without getting caught up in any legal problem.
It certainly is tempting to look for property investments while you're in a holiday, and it certainly makes sense to buy a property in a place you know and fond of as opposed to purchasing a property in an unknown territory. However, you should consider that holidays are not the right time to do your property scouting as you're not virtually on you rational mind during these periods, meaning you have to set the right time to truly indulge in property-hunting visit. You should also consider looking at a range of locations and real estate investments in order to make comparisons. A noteworthy location and property investments that you might want to try are the homes for sale in Guam.
The amount of homes for sale in Guam are low to moderate compared to property investments in other countries, although the biggest costs could be procured from real estate agents that ranges from 4% to 10% of the property value that would be shouldered by the seller, while the buyer is responsible for all the other fees including fees for title insurance, recording and escrow. Generally, there are no restrictions when it comes to foreign property ownership; however Guam laws only permit foreigners to buy one owner-occupied property under their names if they are not US citizens or have no intent of becoming permanent residents of the island.
Suppose that you have found your dream house in the homes for sale in Guam, now it is time to check that there are no associated problems with the property you intend to purchase. One of the first things that you have to do is to have a survey undertaken in order to ensure that the physical condition of the house is safe to live in and there are no structural problems such as subsidence or no roof replacements are needed which could posit extra costs on your part later on. If you're assured that there are no associated problems with the property there would be some sort of a title, written documents regarding who owns what, and series of contracts that you have to address, which falls in two general categories: first, the preliminary contract that stipulate the owners willingness to sell the property and the buyer's willingness to purchase such property accompanied with some form of deposit, and second, the signing of the closing contract that would finalize the deal. From here, it is apparent that there is a need for you to employ the services of a personal legal representative and not the one suggested by the selling agent in order to ensure that your interest would be represented fairly, the property bounds are clearly outline and you won't be suffering from ownership disputes in the future.
If you would purchase a property, let's say in Tamuning, with investment primarily in mind, it is essential that you focus on the financial elements of your future purchase. If your objective is to use such property to earn through rentals, you should check on the local rental market for you to be able to establish your expected returns. It is also suggested to do a consumer research to properly measure the rate of rental occupancy in the location of your prospective property and compare it with nearby locations including costs such as utility bills, taxes, and housekeeping to know whether you would really earn in the future if you make such purchase. Generally, there are many pitfalls that one could encounter when purchasing a property abroad especially if you are a nai¿1/2ve prospective home buyer, but this should not be a reason to put you off since owning a property of your own is far more rewarding than any other experiences that you might have.
If you have the intent to buy property abroad, you might want to check the homes for sale in Guam. The total cost of property investments in Guam, may it be in Tamuning or Tumon, are very competitive compared in other countries. Once you've decided to make a purchase, be sure to follow a methodical and systematic process in order to avoid legal troubles in the long run.
-Alison Ward
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