Buying Bali Property: How to Get Your Offer Accepted
The Bali property market is booming once again. Gorgeous villas are everywhere and they come in all sorts of shapes, sizes and prices. Once you’ve familiarised yourself with the Bali real estate market and you’ve found some villas you really like, it is time to put in an offer. It is an exciting thing to do, although it can be a bit nerve-wracking. It gets even more exciting when your offer gets accepted (especially when you know you got a good deal!). A new adventure is about to kick-off! How to get your offer accepted and become the proud owner of a Bali property? Here are 4 tips that may come in handy:
1) Don’t get too attached!
Rule #1: Don’t get too attached! It’s the hardest part but it is absolutely essential if you want to get your offer accepted or even create room for negotiation. You must always keep in mind, there are other gorgeous properties out there on the real estate market in Bali. If you get too attached to a particular villa, you are in no good position to negotiate. When too attached, you are more likely to accept terms you don’t feel comfortable with and you’ll end up paying more than you should. Don’t let emotions get in the way of you and this deal you’re trying to make – focus on the numbers and keep in mind that there are many more gems to be found. If not this one, there’ll be another one!
2) Let the seller give their price first
Just in case you’ve found a property off-market (which is also very possible!), let the seller come up with a price first and take it from there. You never know – the price you are willing to pay for that fantastic Bali villa may be (a lot) higher than the asking price. In fact, you could be thinking in completely different numbers. You are in Bali and the prices of properties are very different than the prices you’d be paying in your home country. Do get a price in your head (what is the villa in Bali worth to you?) but don’t say it out loud. If the seller doesn’t want to give you a price, you can always make a change of plans but your initial goal should be to get a price from the seller first.
3) Offer to pay the closing costs of the real estate transaction
First of all, it is important to note that you should always offer less than the initial asking price for the villa – even if you think the price is fair. Secondly, a smart thing to do is offering to pay 50% or 100% of the closing costs for the real estate agent. This way, you can always tell the seller ‘sure, I’ll pay the full asking price/your counteroffer price if you pay the closing costs and fees’. It’s a win-win! It’s either you get a great deal of your Bali villa purchase or you save yourself the costs associated with the real estate transaction.