Are you planning on buying a home in Curacao? Plain and simple, owning a home can improve your quality of life, provide stability and give you a sense of control you just can't get from renting. You have a place to live when you rent, but buying is something much deeper – and better.
The intangibles are tough to measure, but there are other benefits you can quantify:
Your monthly mortgage payment creates equity for you, not your landlord.
While this isn't a reason in itself to buy a home in Curacao, it's nice to get a break at tax time.
If you opt for a fixed-rate mortgage, the monthly rate of your mortgage won't change for the length of the term.
When it's time to sell your home, you don’t pay taxes on the proceeds of the sale that are above what you paid (with some restrictions).
For most people, finding the right home begins with a house-hunting strategy combining personal preferences, guidance from others (including an agent) and a mix of neighborhood exploring and online search.
For some, the search takes a while; others find what they want right away. In either case, your real estate agent can be a huge resource of insight and guidance, working through issues or complications that arise along the way.
Here’s a general outline of what to expect during a home purchase, from the buyer's perspective.
This is it! You've found the home of your dreams in Curacao, looked over the property disclosure form, reviewed comparable homes, talked it over with your agent and submitted an offer. The sellers may accept your first offer, but more often will return a counteroffer. In fact, additional negotiations are common, and your agent will help you through this generally stressful stage.
It is wise to hire an inspector – your agent can provide several options – to check the home and point out minor and major problems that should be fixed before closing. The inspector can provide you with a list of requested work, and the sellers have the option to complete the tasks, do some of them but not others, or reject the request. The sides will negotiate until reaching an agreement.
Once everyone is happy with the terms, the parties have reached what is known as mutual acceptance and enter into a purchase and sale agreement. Your agent will make a copy of your passport / ID and needs to verify your home address. The purchase and sale agreement will then be provided to you. As a buyer you have the right to annul the purchase within 3 days after signing the agreement without mension of cause. This 'time to reconsider' only applies to private persons.
To solidify your intent to buy, you'll make a deposit on the property. The amount varies, but is generally 10 percent of the purchase price. You'll make this payment to the notary’s office escrow, not the seller. Note: This money counts toward your payment before closing later.
This step is streamlined if you've already been preapproved for a loan (which is a smart thing to do). If not, you'll begin the loan application process now.
Once contingencies are removed and financing is set, all parties sign the deed of transfer at the notary’s office, and the transaction closes. If parties are not on the island for this signing, they can give a power of attorney to the notary office.
When the final signatures are in place, it’s time to put down the pens, shake hands, exchange smiles and start packing for the move!