Wouldn’t it be lovely to own a home in an island destination such as Papua New Guinea (PNG)? With the territory’s lush beaches, marine life and even historical destinations, who wouldn’t fall in love with the place?
It’s probably every travellers’ dream — or it may have crossed their minds — to own a vacation home. But just how good of an idea is buying real estate?
Do your homework: research!
Before you get all excited with the idea of having a vacation home, look at the market conditions. Gauge if you’re fit to own a property or if you’re just into renting.
According to Radio New Zealand, land ownership in PNG is only available for residents. Despite this, PNG properties can be a bit pricey. That’s why it’s important to research thoroughly before making a purchase.
For those who find researching on their own insufficient, there are online platforms where you can easily check land and property leases or sales in PNG. Niugini Land and Properties believe online advertising gives businesses some attention so customers can find them.
Check your cash
Since you’re planning to buy, consider the amount you’re willing to spend. Having your own vacation home can be as costly as buying a regular home. Remember that you will still spend on your vacation home — even if you’re not there. Also pay attention to laws on stamp duty in the territory.
Ask for help
Since you’re buying a property, you’ll sign a contract. Make sure you understand the terms. An estate agent can help you, from finding the property to securing your loan and drafting the contract.
Buying a property is always done at your own risk. Just do your homework and research thoroughly. And make sure you really want to buy. After all, the investment is up to you.