Common Mistakes by Foreigners Buying Villa in Bali
The new regulation in Indonesia encourages foreigners to invest in property such as Villa. That is why many foreigners are choosing Bali as the best place to invest. However, several aspects need to be considered before selecting a villa for sale in Bali. For waiting any longer, check out this essential information!
Regulation in Indonesia
With the enactment of the Omnibus Law, the government amended several regulations, such as building law, housing law, and apartment law. In this case, the government tries to make the best law to improve the ease of doing business in the property sector. Also, the regulation is useful regarding property ownership.
Previously, investors were obligated to get a longitudinal application permit issued by the local government. It is an essential step before the investors commencing their business. The process is not only lengthy and complicated but also differs from one region to another in Indonesia. For these reasons, it can be difficult to have a villa for sale in Bali.
In contrast, the newest regulation has replaced it with a document called Space Utilizations Conformity (Kesesuaian Kegiatan Pemanfaatan Ruang) that simplifies the process. The process needs each local government to upload a detailed spatial plan to Indonesia’s Online Single Submission (OSS) system to process business-related permits.
By these regulations and the system, you can conduct a self-assessment on proposed business activities. Also, you are allowed to choose the desired area that conforms with the prescribed utilization of the land. With this in mind, businesses can move ahead with the licensing process, directly in the OSS.
Things to Avoid When Buying Villa in Bali
The new regulation is good news for foreigners who are considering leasing or buying a villa for sale in Bali. Unfortunately, there are several common mistakes buyers need to be aware of before investing in the villa. In Indonesia, land certificates dictate legal property rights. Checking all the document help investor to avoid any sort of discrepancy arises post investing.
Sometimes, several properties have no road access, and become an expensive affair to build the entree to a neighbor’s land. Having an agreement with the neighbor before taking de contract to avoid unnecessary expenses in the future. Also, you need to know two key terms, such as Zoning and Land Aspect.
Zoning terms is referred to a large area on how your land can be used as per the government rulings. In contrast, the Land aspect put on to a single plot of land. Another aspect that you need to know before choosing a villa for sale in Bali is the tax regulation for a property that you will buy. It is because failure to understand the tax aspect can pose legal threats and denial of transfer of rights to the buyer.
All in all, the government laws are useful for an investor to buy a villa in Bali. Even so, you need to know clear information about the regulation to help you set up your property and land investment in a secure way. It is essential to avoid the problem later on about the ownership, document legality, sidestep unnecessary expenses, etc.