Bali Property Prices

Bali is a beautiful island in Indonesia that is well known for its stunning beaches, lush jungles, and friendly people. It is no wonder that Bali has become a popular destination for travellers from all over the world. If you are considering purchasing a property in Bali, you should keep a few things in mind. This article will discuss the best areas in Bali to buy a villa.

Location, Location, Location

Regarding property prices in Bali, the old real estate adage of ‘location, location, location has never been more true.

Bali is an island with a very diverse landscape, from the bustling metropolis of Seminyak and the chic beachside town of Canggu to the more relaxed and laid-back atmosphere of Ubud. And each location has its unique character and charm, which is reflected in the property prices.

For example, a luxury villa in Seminyak will cost more than a modest bungalow in Ubud. Still, there are other factors to consider, such as the size and condition of the property, as well as the amenities and facilities included.

Of course, your budget will always be an essential factor in any property purchase, so it’s important to do your research and have a clear idea of what you can afford before you start looking.

With that said, let’s look at some of the most popular locations in Bali and see how they compare in terms of property prices.

The Size Of The Villa

The size of the villa is an important consideration when buying a property in Bali. Most people want an estate that is big enough to accommodate their family and guests comfortably but not so large that it is difficult to maintain. There are a variety of sizes available, from one-bedroom villas to massive six-bedroom estates. It is also possible to find more than one-level villas, which can be a good option if you want a separate space for guests or renters.

The Age Of The Villa

The average age of a Bali villa is around ten years old. That’s relatively young compared to other resorts where the average age of a villa would be closer to 20 or 30 years old. Because of this relatively young age, there is an abundance of modern amenities and features that you’ll find in Bali villas that you wouldn’t find in other resort destinations. Another big advantage to the young age of Bali villas is that they are much easier to maintain than older properties.

Bali Property Types

Bali is an exotic island that has become increasingly popular for villa buyers from all over the world. The main reasons for this are the diversity of landscapes, the friendly Balinese culture, year-round warm weather, and stunning beaches. Bali has something to offer for everyone, and that includes those who are looking to buy a villa.

Freehold Villas

Freehold Villas are the most popular type of property for sale in Bali. You own the land and property outright when you purchase a freehold villa. This gives you much freedom regarding design, building, and additions or modifications to your estate. You can also sell or rent your property without any restrictions.

Leasehold Villas

Leasehold villas are trendy in Bali as they offer an affordable way to purchase property with the added security of a long-term lease. Generally, a leasehold villa will have a lease of 25-30 years with the option to extend for a further 10-20 years. Leasehold villas can be found in all areas of Bali but are most popular in the south, where there are many international standard gated communities.

Villa With Land

Villa with the land gives you more privacy as you will have your land to enjoy. With this option, you also have the potential to expand the property in the future if needed. When looking at villas with land, remember that the land size may differ from what you’re used to backing home. In Bali, the land is often sold in area or per m2 – and not in acres like in many other countries. So make sure to ask about the size of the lot when considering this option!

Bali Building Regulations

Bali villas are a dime a dozen, but finding a villa built to legal and safety standards can be pretty challenging. Building regulations in Bali are essential to consider when purchasing a villa. This article will discuss the best areas in Bali to buy a villa that meets building regulations.

Building Permits

Before you start construction on a new build or an extension to an existing one, you will need to apply for a building permit at the local office of the Ministry of Public Works. The application must include building plans drawn up by a registered architect or engineer, and once approved, construction can commence. You should allow at least two months for the permitting process.

If you are buying a property that is already built, check that the previous owner obtained all the necessary permits. It is not uncommon for buildings to be constructed without proper approval. If this is the case, you may have difficulties obtaining permission to make any modifications in the future.

Building Materials

Deciding what materials to build your dream home in Bali with can be daunting. There are so many choices and opinions out there. We’ve put together this guide to the most common building materials used on the island to help you make an informed decision.

The most common building materials used in Bali are:

-Brick: A traditional building material, bricks are made from fired clay. They are solid and durable but can be expensive.

-Concrete: Concrete is a mix of cement, sand, water and aggregate (usual gravel). It is a versatile and widely used building material.

– Timber: Timber is a popular choice for frames and trusses as it is light and easy to work with. It is also a sustainable resource.

-Stone: Stone is a natural material that is durable and has good thermal properties. It can be expensive, however.

Bali has a tropical climate, so choosing building materials that will withstand the elements is essential. Materials such as brick, concrete and stone are all excellent choices for this climate. Timber can also be a good choice, but it needs to be appropriately treated to prevent rot and termite damage.

Building Inspections

It is crucial to ensure that the inspections are done by a qualified professional such as an engineer, architect or someone with a degree in building science. The building code in Bali has been revised several times and is now relatively modern. Many specific regulations apply to villas, so it is crucial to make sure that your estate complies with all the relevant regulations.

Bali Land Taxes

When it comes to tax, Bali is lovely for property ownership. Land and buildings are subject to a separate tax regime with different rules depending on whether the property is for commercial or non-commercial purposes. Commercial properties are subject to a yearly tax of 2.5%, whilst owner-occupied residences are only subject to a 1% annual tax.

Property Taxes

If you are purchasing a property in Bali, it is vital to be aware of the land and property taxes you will be liable for. Although Bali is generally a very affordable place to live, the taxes can add up, so it is best to be prepared.

The Indonesian government imposes many different taxes on property investors, including a 5% tax on the purchase price of the property and an annual tax of between 0.5% and 2% of the property’s value. There is also a land, and building tax levied at a rate of 1% of the value of the land and 0.5% of the value of the buildings on the ground.

In addition to these taxes, buyers of properties in Bali will also have to pay a transfer fee, which the government charges when the property is transferred from one owner to another. The transfer fee is currently set at 3% of the property’s purchase price.

Land Taxes

The Bali Land and Building Tax (PBB) is a tax levied on all properties in Bali, both land and buildings. The regional government decides the tax, currently set at 2% of the property’s value. The tax must be paid annually, and the amount payable is based on the most recent property valuation carried out every five years.

Bali Insurance

You must know before buying property in Bali that you MUST HAVE BALI INSURANCE. This is non-negotiable. Without Bali insurance, you will not be able to register your property title, and the process will be very complicated.

Homeowners Insurance

Villas in Bali range from luxurious four-bedroom properties perched atop cliffs with ocean views to more modest cheap Bali houses for sale in central areas of the island. No matter what type of villa you are looking for, it is important to purchase adequate homeowners insurance to protect your investment.

There are a few factors to consider when determining how much coverage you need, including the value of your home, the rebuilding costs in case of damage, and the contents of your home. It is also essential to consider whether you need liability coverage in case someone is injured on your property.

Some insurance policies will cover damage caused by earthquakes and tsunamis, but these events are not every day in Bali. However, flooding is a real risk in many parts of the island, so purchasing a policy covering flood damage is crucial.

Once you have determined how much coverage you need, you can compare rates from different insurers to find the best deal. It is also a good idea to consult with a local agent who can help you understand the particulars of insuring a villa in Bali.

Title Insurance

When you purchase a property, particularly a villa in Bali, you will be asked to take out Title Insurance. This is to protect the lender in the case that the ownership of the property is disputed. It is a one-off payment at the time of purchase and is generally around 0.5% of the purchase price.

Bali Closing Costs

When buying a villa in Bali, it is vital to know the various fees and taxes associated with the purchase. These closing costs can add up and be a significant expense, so it is essential to be prepared for them. Here is a breakdown of the typical closing costs in Bali.

Notary Fees

When you buy a property in Bali, the notary will charge a fee of around 1% of the total sale price. For example, if you buy a property for IDR 1,000,000,000 (One Billion Rupiah), the notary fee would be IDR 10,000,000. The buyer usually pays the notary’s fee.

Transfer Taxes

The standard purchase price for a villa in Bali is 5% of the property value but can be as low as 2% if the buyer meets certain conditions. The Indonesian government imposes a good luxury tax of 10% on all properties valued at over IDR 1 billion (US$70,000). This 10% tax is imposed on top of the standard purchase price.

Agent Fees

The agent’s fee is payable by the purchaser and is usually 2% + VAT of the sale price of the villa. This standard fee is paid to the agent by the buyer on completion of the sale.

 

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