"Always look at the total cost it will take to keep and maintain the home," says Smillie, whose company also offers Aruba villa rentals for travelers of all needs. "Factor in the mortgage of the home, but then also taxes, insurance, and the cost for maintenance and utilities. If you aren't going to use the home regularly, you might want to consider hiring a company such as ours to maintain the property while you are away."
Another important tip when buying a vacation home is to be sure you work with an agent who knows and understands the area. The experts at Aruba Villa Vacation Homes and Coldwell Banker Aruba Realty have lived on the island and understand the ins and outs of Aruba living. They can assist with all your questions, and direct you to the best locations for what you're looking to gain out of your vacation home.
Make sure the home you are purchasing can also be rented. This is an important tip to remember in case your plans change, or if the market changes and you are unable to sell. Having a property that also provides a bit of investment income will help.
Aruba Villa Vacation Homes and Coldwell Banker Aruba Realty strive to make your home purchase as easy as possible. A preliminary sale or purchase agreement with the owner of the property will need to be signed. This document will contain the basic terms of the sale, and it means the seller is then committed to sell the property to you after signing it. Following that, a deposit of 10 percent of the sale is required in most cases. This can be deposited with a notary of the buyer's choice. The notary will typically require valid identification for the buyer, a sales form and personal data form, and a copy of the security deposit being made. This notary process may take six to eight weeks. The notary or broker will then contact you for a date to sign the deed and make final payments.
Aruba requires homeowners to pay a land tax, typically based on the selling price of the home. The first $34,000 are tax-free. On the balance, homeowners pay $4 for every $1,000 of value. Closing costs are incurred by the buyer. They are typically 5 to 8 percent of the selling price.
With the experts at Aruba Villa Vacation Homes and Coldwell Banker Aruba Realty, purchasing that vacation home you've always dreamed of doesn't have to be intimidating. Their experts know all the ins and outs of purchasing a home on the island, and can walk you through each step of the process. Stop dreaming and begin island living.
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