Guam may be a famous vacation spot, but it is also a remarkably good place to live and own a home. However, you might find the idea of buying a property here rather intimidating, especially if you are a new resident of the island. But in most ways, the process is just like it would be in your state or country of origin. For sure it will be challenging, but you’ll have fewer problems if you find the right people to help you. 

Below is a guide for everything you need to know about owning real estate in Guam. This info should come in handy when you’re searching for properties, booking a real estate agent, and closing the deal with a home seller.  

Guam’s Housing Market Is Good for Both Locals and Foreigners

In recent years, Guam’s government has actively campaigned to improve business prospects within the island, both for local and foreign inhabitants. This, of course, includes the real estate sector. New home buyers in Guam should know that there are no restrictions on foreign ownership of property. But some important conditions are in place:

• Foreigners to Guam are only allowed to buy one owner-occupied house or condominium under their personal names. This applies if the home buyer is neither a US citizen nor a green card holder.
• Owning a house in Guam does not supersede your legal stay and visa status. As such, if you plan on staying in Guam longer than what’s stipulated on your visa, you will need to contact an immigration lawyer. 

In short, you need to know all the particulars of owning a home in Guam if you aren’t already based here. But there’s no shortage of resources to help you out. 

You’ll Need to Prepare Your Finances to Own Real Estate in Guam

Costing is one of the most tedious aspects of buying real estate. In addition to the cost of the house, you should also prepare to pay the following fees:

• Lawyers’ fees
• Notaries’ fees
• Registration fees
• Realtor’s fees
• Taxes

It is important to do the math before pursuing any major home-buying decision. However, once you’ve got your finances ironed out, it won’t be hard to proceed. 

You’ll Need a Competent Real Estate Agent

Contact a seasoned agent to walk you through your purchase of real estate in Guam. Look for someone who knows the local market and where the best opportunities are. Once you’ve secured their services, go about asking them the important questions. These include the following: 

• What the going rates are for properties within a particular area
• How long the property you’re looking at has been on the market
• How many offers were made for that property

Your agent should be able to answer these inquiries, as well as others you may have about Guam’s real estate market. Look for an agency online, or ask for recommendations from trusted contacts in Guam.  

Consider Getting Pre-Approved for a Home Loan

It will be a wise decision to apply for a home loan in Guam. This will help you spread out payments for your new home more manageably. It could also become a means to build up good credit history. 

Ask your real estate agent to suggest trustworthy lenders for home loans. Getting pre-approved by them for real estate financing will make the process a lot easier. For one, you will be able to plan how much money you can borrow to finance your property. For another, you can get a quick idea of how much your down payment and interest will be. Once you know these, you can adjust your projections. 

Both Internet Searches and Physical Home Viewings Matter

You can get a lot of details about a Guam property by simply looking it up online. One search could tell you the home’s size, number of bedrooms, number of parking spaces, and what the nearby establishments are. However,it’s also good to schedule home viewings so you can see the property for yourself. A physical viewing will help you envision what your life will be like in that home.  

You Should Know the Condition of the Property You’re Eyeing

When buying a home in Guam, you should be privy to its condition. Take note of any structural issues, like if the home was built on wetland and has a history of problems with drainage. You should also know if parts of the house, like its roofing, will need extensive repairs. Get info as well about the home’s plumbing and electrical systems. They should be up to date and capable of accommodating modern home appliances. 

You Should Prepare for Negotiations with the Seller

When you make your first offer for the house, one of three things will happen. Your seller will either accept your offer, reject it, or present you with a counter-offer of their own. 

The real estate agent should help you evaluate the price and terms of the purchase. They should also assist in keeping negotiations within a particular schedule. Come to negotiations with a goal in mind, but don’t forget to be courteous and show good will to the seller.   

You Must Settle on a Home that’s Best for You

Remember that no two people have the same idea of what makes a “dream home” in Guam. The question you should answer is: what’s your idea of your dream home like? 

Choose according to what’s best for your circumstances. Your dream home is the one that’s best suited for the lifestyle you’ll lead in Guam. Things to consider are the size of your family, proximity to schools and your workplace, and access to your favorite parts of the island. 

It’s good to have a place of your own in Guam if you’re in the country for the long haul. Securing a home to live in will enhance your quality of life on the island. Best of luck in searching for homes, booking an excellent real estate agent, and closing the deal on your dream home!