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March 21, 2024
Tips and tricks when searching to buy a property
Purchasing a home, especially in a foreign land, can seem daunting. In fact, relocating home is one of the top 8 stressful life events. Leaving behind familiar surroundings, dealing with moving logistics, adjusting to a new environment include a few of the emotional stresses that accompany moving.
Luckily, there is a wealth of information available to help make the process as smooth as possible. The Century21 Curacao team are dedicated to making the buying process painless and stress-free with their knowledge, expertise and top-notch service!
Like anywhere on planet Earth, house prices vary because the property market is ever-changing. It all depends on what you want, what you can afford and how you intend to use the property.
Making a wish list is a good place to start. Do you want a balcony? Garden? Sea view? All three, perhaps? How many bedrooms and bathrooms? Do you want a separate apartment on the property for additional income? Do you want your own pool? Or a shared pool? Which neighborhoods are you interested in? What amenities do you want to be close to? Do you want to be in a gated community? These are just a few of the questions to ask yourself when making your property search wish list.
Think about if the property is future-proof for 5-10 years. The house has to suit your plans and if not, perhaps your search needs to continue. Generally speaking, 2 years of living in a place is not enough to recoup the buyer’s fees so you want to make sur your decision is going to last financially.
Always visit more than one house. This way you have a better way to compare different houses in different types of price ranges. When you see the properties in real life, you’ll get a better feel for them. Also, if you like a house, visit it more than once and at different times of day. On a second viewing of the same house, you will notice different things and look at details more. Also, bring someone with you. Different people have different interests and different things will catch their eyes - four eyes see more than two. Think about doing a drive by the house without an appointment as well, that way you can see what it is like “off appointment” and be sure to also take a drive through the surrounding neighborhood streets to ensure there is nothing out of the ordinary going on.
Investigate extension possibilities. Going back to the point about if a house is future proof or not … you always buy a house with an eye on the future. Did the current owner already try something that didn’t work? Do you need to apply for permits to make changes? Look at neighboring properties to see if the elements you want to introduce (extensions, dormer windows, solar panels, pools, as an example) are already in place because usually this means it is possible for you, too.
Trust your gut instinct. If you walk into a home and it feels right, it probably is a good choice. If not, keep looking.
Found your dream home? Call Century21 Curacao immediately! Stay a step ahead of the competition by getting in touch with an agent if you see a suitable property - even if it’s already been sold. This way, the agent knows what you are looking for and when something else suitable hits the market, you can be notified more quickly.
Need-to-knows for purchasing promptly in Curaçao
In Curacao, residents, non-residents and retirees are all eligible to purchase properties with or without a mortgage. If you’re looking to apply for a mortgage, expect that one third of the property will be self-funded – usually no more than 70-80% of the market value will be funded by the bank. Banks may request higher deposits for non-residents.
If you found a property that ticks most of the wish list boxes and you’ve visited it more than two times with a family member of friend, you’ll start by making an offer. Usually, there will be a counter-offer. Once there is an agreement on price and terms, a preliminary contract will be drawn up.
A 10% deposit fee must be paid to the escrow account of the notary. The deposit will be refunded if the sale is terminated or if subsequent conditions arise during the reflection period (which is 3 full working days).
A background check is done on the buyers and on the house before a loan is made by the bank if a mortgage is required. Valuation and ownership history is looked into with the Land Registry (Kadaster) office. Once all is in order, the transfer is completed at the notary by signing the final deed. Champagne cork pops.
Buyer’s costs in addition to the agreed purchase price:
- Transfer tax 4%
- Notary fees
- Land registry (approx 800NAF)
- Seal costs (depends on the amount of the principal)
- Signing of mortgage
Turnkey, un-furnished or design your own home?
You have a few options when purchasing a home on the island of Curacao. For example, you can purchase an existing home/apartment which may be furnished, or not. Some homes are located in a gated/resort community. It’s also possible to purchase a lot where you can design and build your own dream home.
Resort properties:
- Housing Association fees differ by community and are usually charged monthly.
- Most resorts/communities have rules and regulations about pets, advertising, storage of certain items outside your home, pool rules, services etc. to name some common items.
- There may be some rules about renting and managing a property long or short-term contracts.
- Building rules and regulations might apply.
Home furnishings:
Depending on your situation, you might want a turnkey property where you can start enjoying the island life or start renting it out immediately.
- Most things are available on the island, but import taxes can make them more expensive than you’d like or you may have to wait for items to ship from overseas depots.
- If you’re planning to be a resident of the island, there is a duty-free option for importing household goods using a local agent.
Building on a lot:
Before any construction can begin, an application needs to be submitted to Urban Planning or ROP (Ruimtelijke Ordening en Planning).
- Approvals can take 6-8 weeks on average. Once the permit is issued, construction can begin immediately. When construction is completed, the permit expires.
- The license fees are approximately .7-.8% of the construction value. For example, a building cost of 150,000 ANG will cost 1,130 ANG. A building cost of 500,000 ANG will cost 3,930 ANG.
- A house number is supplied once the construction is in the completion phase. Then the address can be registered with civil Registry and the supply of utilities can be requested.
Of course, it is recommended to get advice from the leading full-service real estate agency when searching for a home. Do not hesitate to connect with one of the enthusiastic and dedicated agents at Century 21 Curacao for first-rate advice to help support you while making one of the biggest decisions of your life. You won’t regret it!
