How to Buy Real Estate in Aruba

Aruba is an exotic location teeming with beautiful landscapes. Filled with tourists all year round, Aruba is one of the world's most coveted islands and a prime location for real estate ventures. Interested investors can follow these steps to find and buy real estate in Aruba. You too can own a special piece of property on this luscious island.

Instructions

Difficulty: Moderate

1. Determine what type of real estate property you want to buy. Ascertain whether you require a residential property, or if you are planning a business property. Questions, like whether you will be renting it out or subletting, should also come into play when considering options.
2. Obtain a valid passport or other visa to ensure that you can inhabit your new property once it is secured. Apply for the proper overseas identification before beginning your search for property.
3. Begin searching for a real estate agent. Make a list of questions to ask the agent regarding topics like fees and if the brokerage firm pays closing costs. Test your agent's familiarity with the country to ensure competency.
4. Set a budget for your purchase. Plan on spending anywhere from $200,000 to $3,000,000 depending on the type of property you want to secure.
5. Know that owners of real estate in Aruba are required to pay annual rates of approximately 0.4% of the value of the property. Note that the value of the property is determined by prescribed valuation method.
6. Make arrangements to visit Aruba to look at potential properties with your agent. Be prepared to make a list of escrow or other demands before closing a deal.