So, you’re moving to Curaçao; we assume you will choose not to be homeless. Renting is an option, for sure, but most people considering this big step seem to be interested in buying a home in Curaçao. Thankfully, there are houses at almost any price point that should meet whatever specific needs you may have. This article will not be an exhaustive examination of the entire process, but it will hit on most key points, and hopefully guide you to the right places to find everything you need to find your Caribbean palace!!

The Most Important Part… Choosing a Real Estate Agent

There are different theories on who one should choose as an agent when buying in Curaçao, but because there is no MLS (or similar listing sites) in Curaçao, this choice becomes even more important. Some people think that you need to have a local agent because they will have more contacts, and know all the ins and outs of the game. Others, like us, feel that choosing an agent with experience in Canada is the best idea. I can tell you from experience, having an agent that was able to help us through the differences in the system and the process was absolutely priceless. We have bought and sold many homes in Canada, and let me tell you, comparing what we are used to and what happens in Curaçao is like comparing apples and octopi.
We decided to go with Shelly Michie from Century 21 Curaçao, and are we ever glad we did. She was able to guide us easily and calmly through every step of the process. Not only is she well-connected in the real estate biz on the island, but because she knew what we were accustomed to, she could anticipate when we would have questions and be prepared with expert guidance. Plus, her bright smile and great attitude made everything seem perfect every step of the way. I can’t recommend Shelly enough. She was the key to me not having an aneurysm.

Determine your budget:

It’s extremely important to go in with an idea of how much you’d like to spend, not just the total price of the home, but your monthly payment. Depending on your financial situation, there may be a variety of finance options available to you. Do you have a line of credit in Canada that you’d like to use for some or all of the purchase price? Will you get a “vacation home” mortgage? Will you buy it outright? Some people, even if they can pay the house in one shot, choose to take out a small mortgage in Curaçao to help get a bank account more easily and quickly. Regardless of all of this, having a budget in mind will help.

Choosing a neighborhood:

There are many, many desirable neighborhoods in Curaçao. It is best if you can visit many neighborhoods you are considering several times to make sure you truly understand what they are like. Is the neighborhood noisy at night or quiet, are there “smells,” does it flood when it rains, how is the commute to work/school, etc. Only you can determine what will be the best fit for you.  Fully investigating will help you determine the pros and cons of each area. Here are some things you should consider:

• If you will be away often (back in Canada or travelling) would a gated or community or “development” be better for you (watch out for association fees in some of these places)
• Do you want to be closer to the Western beaches, or closer to town. Maybe the East end is more to your liking. Visit each area multiple times to get an idea of the “vibe.”
• In some of the older areas, houses need water filtration systems due to old infrastructure. Is that important to you?
• Does the neighborhood have good internet access (some don’t)

Choosing a House:

Choosing a house can be daunting. There are a ton of great real estate agents on the island; We highly recommend you use one. They will know the ins and outs of the processes and help guide you through it all. In addition, they will be valuable in the negotiation process. Visit lots and lots of houses. This will help you gain perspective. When choosing a home, keep the following things in mind:

• How big of a house do you need? You may think 20 people will visit you every month, but is this really the case? Buy the house for you, not for who may visit someday.
• Do you want to rent it out while you are not there? If so, do you want multiple units? Pool? Covered parking? Security/gated? Make sure you consider the risks of renting, too.
• Age of the house; get an inspection. Make sure they check the electrical, plumbing, water quality, and for things like termites
• Electrical: houses can have 110V, 220V, or both. Is any of this important to you?
• Verify what is included in the sale; contents, sheds, tools, garages, fixtures (including light fixtures), etc, and make sure everything is listed in the documents

We could go on and on, but you get the picture; be patient, be thorough, have a plan, have a budget, and don’t rush.

Buying an Actual House:

So, you picked a neighborhood, found the perfect place, now you want to buy it. Step one, make an offer. Much like in Canada, it is normal to offer less than the asking price to open up negotiations. Your agent will have a good idea of value in the area and hopefully to guide you through that process.

Once an offer has been accepted, it’s normal to be asked to have a deposit (usually 10% of purchase price) on file with the Notary (in Curaçao, Notaries handle real estate transactions).

Mortgages:

There are financial advisor groups on the island that can help facilitate financing and all the paperwork involved. We opted to use Kos Ta Bon for this. They arranged our mortgage, life insurance, and house insurance. We will use them for our vehicle insurance once my truck gets here too!! Honestly, they were incredible. I highly recommend them. That said, you have options. You can finance through your bank at home, choose a bank on the island, or do a combo. You could also pay cash, show off (yes, I’m jealous).

There are some differences in how mortgages are handled in Curaçao. It can take weeks for a mortgage to be approved and then more weeks to actually take possession. Also, the amortization period is “until you reach age 65.” We hear it is possible to hold a mortgage past 65, but you have to have some type of special insurance, etc. In general, 65 is it. Clearly, we will be buying under my wife’s name; I’m too freaking old. The term of the mortgage is a bit cloudy. Technically, the term is also “until age 65,” but depending on the small print, there may be options for the bank to adjust your interest rate, and there may be other options for renegotiation on your end or quicker paydowns. It is super important to have a professional assist you on this, so you don’t miss anything. READ THE SMALL PRINT!!

Summary:

The info here has been compiled from feedback we have received from several members of our Curaçao 4 Canadians community, as well as our own experiences in purchasing our home. Thanks to all of you for pitching in!!  

That said…

Buying a house is buying a house; it’s always a combo of fun, exciting, painful, and stressful. We highly recommend using local professionals at every opportunity; a good real estate agent (Shelly Michie!!), notary, inspector, financial advisor (Kos Ta Bon), etc. This will hopefully cut down on your stress.

If you have any questions or need other referrals, please use the Contact form and we’ll get back to you ASAP.