The home buying process in Brunei: The home buying process can be complicated because there are heaps of documents to sign, unexpected costs, and even laws you are not aware of. While some obstacles are unavoidable, there are ways to make the whole process of purchasing your new home a lot easier.
Whether you are from Brunei or an adopted citizen, there are some things to keep in mind before signing on the dotted line.
Can buy foreign assets
In both Brunei and Malaysia, most people would assume that you cannot buy a property unless you are a citizen.
But, non-citizens are now permitted to purchase property in both countries.
From 2017, foreigners can own Strat Title property in Brunei for 99 years. This is particularly ideal for those looking for a long-term stay of more than 20 years.
Do your research before choosing a bank loan
It is important to know everything about a bank loan before purchasing your new home.
Some people may make a cash payment first, so a loan is necessary for a large purchase such as a home.
Some banks have higher interest rates than others. We are seeing an average of four percent, but small can mean thousands of dollars in interest.
On top of that, loan eligibility will vary as it is determined by how much upfront you can pay and/or your monthly wages.
At the end of the day, the less interest you pay, the more cash you have to give to decorate your space!
Do not ignore property lawyers
Buying a property involves a lot of money and scammers are waiting for a chance to take advantage of aspiring homeowners.
These fraudsters can come in any shape or form, from bankers to contractors – there is no easy way to identify them.
Property lawyers will work hard for you – they will help you get the house you want, as well as ensure that you are not a victim of fraud.
Good property lawyers are usually expensive, but it is worth spending the money.
Attach a real estate agent
Some people may tend to avoid real estate agents for one reason: They do not want to pay agents’ commissions when the deal is done, with the hope of saving extra cash.
But you are paying for their insight into the neighborhood, understanding of legal terms, reliable marketing skills, as well as a database of potential buyers and sellers.
If you are not equipped with these skills and knowledge, then you can afford to lose money.
Trust us, we’ve been there and we know what it’s like to swim with a shark. Real estate agents are helpful. Do not wait until you need them before coming in contact with someone.
Do not skip location research
This is one of the most important factors when purchasing real estate. The location of the house matters because it will have a big impact on the value of your home.
Once you have chosen the area you want to live in, it makes sense to start researching specific places in those neighborhoods.
Knowing what the area will look like in the next five years can determine the value of your property – and it will rise or fall.
For example, a new mall opening nearby could see an increase in value or a death in the building could mean massive depreciation.
Come up with an interior design plan
Buying a property is the easy part, things get tough when you are looking for ideas to beautify your space.
Pinterest is a well-known platform for integrating your ideas. You will enjoy doing this, but it becomes difficult when you are looking for someone to do the renovation.
Spend some time preparing proposals for your contractors with as much detail as possible. Then send the proposal before starting a further discussion.
With the deck you have built, they will be able to tell you if they can achieve your desired renovation.
Consider buying more than one property
Investing in your future is good advice, and one way to heed that advice is to buy additional property. So before buying home in Brunei, it is very important to know about the home buying process in Brunei.
There are two ways to go about this: buying a house and selling it at a higher price when its price increases.
The second way is to rent your additional property for additional monthly income. You can use this income to rent a good place elsewhere.
If you are not looking for a house for a long time, then renting can save you a lot of money because you do not have to spend on furnishings, repairs, etc.
Comparing prices is something that potential buyers usually do without hesitation, but let’s take a look at why this is so important.
When purchasing a property, your real estate agent will offer you the “best” price.
If you think the property is overpriced, have a look at other comparable properties that are still in the market.
A large number of nearby vacant properties may be indicative of whether the neighborhood is undesirable or in short demand. If so, you might want to look elsewhere.
Consider renting your house
Buying your own home can be exciting, and the moment you see something you like, it is normal to jump at that opportunity.
But if you are buying a property as an investment, donot forget to do research on the home buying process in Brunei as it is beneficial to know about existing rentals in the neighborhood to estimate the potential return on your purchase.
If you decide to rent your new home, remember that the decoration, the size of the unit, and the surrounding facilities will greatly affect how much you can be charged.
Protection of property rights
In Brunei the securities are recognized and demanded; However, only Brunei residents can own property in Brunei. Foreign and permanent residents can hold property only under long-term leases.
Most banks are reluctant to offer housing loans to foreigners and permanent residents. Brunei’s Department of Economic Planning and Development does not issue FDI data for real estate. This method can be long and opaque.
Amendments to the Land Code are being considered to ban previous practices of sale of proxy land to foreigners and permanent residents using the Power of Attorney and Trust Deeds. Amendments to the Land Code have not recognized the Power of Attorney and Trust Deeds as a mechanism in land transactions involving non-citizens.
The government may allow applicants for temporary occupation of state land for a license to occupy the land for agricultural, commercial, housing, or industrial purposes. These licenses are granted for renewable annual terms.
Intellectual Property Rights
The country was removed from the US Trade Representative’s Special 301 Report in 2013 and has remained closed in recognition of efforts to improve IPR security, increase enforcement, and educate the public about the importance of IPR.
The amendment expanded enforcement requirements for copyright infraction by increasing penalties for IP offenses; Joining new crimes; Strengthen the prescription powers of the Royal Brunei Police Force and the Ministry of Finance and the Customs and Excise Department of the Economy; And granted permission for private prosecution.
The amendments are designed to prevent copyright infringement, including fines of up to BND 10,000 (the US $ 7,400) per BND 10,000 (the US $ 14,800) per infringer, imprisonment of up to five years, or both. The new fine is four times more severe than the already existing fine. Enforcement agencies are authorized to enter the premises and make arrests without warrants; Stopping, searching, and riding vehicles; And access computerized and digitized data. The amendments further allow the admissibility of secretly obtained evidence and protect the identity of informants. Statistics of seizure of counterfeit goods are not available.
Brunei established the Brunei Intellectual Property Office (BruIPO) in 2013 under the Chambers of Attorney General. The establishment of BruIPO expanded the ability of the country’s Patent Registry Office (PRO) to accept applications for trademark registration in addition to patents and industrial design.
Know everything and knowledge about The home buying process in Brunei at https://www.gov.bn/SitePages/Home.aspx