Being the center of tourism, Bali offers a comprehensive vacation. As a result, investors are looking at the business potential in the Bali area for property. Not only local businessmen are interested in investing their money, but foreign investors are also willing to go for a Bali property. But before that, several legalities must be prepared. Here is the information!

About the Potential Property in Bali You Need to Know

In recent years, Bali’s economy has been driven by the tourism sector. That is why the property sector has also grown rapidly, exceeding 80%. As stated by Bali Province Tourism Development Statistics, the number of visitors who arrived at Bali’s Ngurah Rai International Airport at the end of last year reached 6.3 million people and about 10 million local visitors.

As you can see, tourist growth means that it has an impact on increasing demand for hotels, villas, resorts, and other types of properties in Bali. If you are one of those who are thinking of investing in Bali property to make a profit in this sector, you need to do a few things. One of the safest and easiest ways is through due diligence.

Reasons to Do Due Diligence Before Buying Property in Bali

There are several unseen risks when you are buying property. If you are not careful, you will be faced with a fairly complex Indonesian legal system. Usually, by the time you realize it, it’s too late and a loss. So, you should find a trusted partner to do your due diligence before you finalize the agreement.

Most foreigners might think about passing due diligence to save money or looking for a cheap due diligence service provider. However, you should avoid this step because you can easily fall victim to money scams or even more serious penalties. For these reasons, you need to consider taking a grant with the legal Bali property first.

Always hire a professional who can conduct due diligence on the property. It can help the property buying process run smoothly without negative consequences. This step will make it easier for you to determine which legality is the most appropriate to have when running a property business.

Legality on Holding Property

First, we’ll find Lease Rights and Zoning Regulations. It is used to find out the details of the land used in building the property. The government also regulates land and land use in Bali under strict regulations. So, you have to verify whether the land where the property was built is legal and can be used to build the building or not.

In addition, there is also legality in the form of Property Ownership History to ensure the documents have been ordered according to the law. Alternatively, this document provides Bali property history to prevent gaps. Also, you will find an in-depth understanding of the surrounding environment. Environmental checks help determine crime statistics and potential risks efficiently.

All in all, by conducting seller reviews when buying property, you can help protect your rights as a buyer. It helps to make the right decision before you buy a property in Bali. In addition, this step also ensures that you get the best legality for investing in the property sector. Then, you will get the best investment in Bali as you wish.