Saturday, June 14, 2014

This week’s question and answer:

Paul Wallace:

Hi, I will arrive in Aruba Feb 6 and departing May7.
I am departing on day 91. Do I need special papers?
Tx's for writing such great informative articles.

Miriam Engeln:

Hi Paul, that is depending on if you do (or do not) own property/ timeshare on the island.

The Minister in charge of Integration and the Minsiter in charge of Tourism have sent a letter to all airlines to clarify this new government policy to avoid that visitors with a valid airline ticket with a round-trip ticket beyond 30 days, are challenged by the airline.

The visitor can indicate the amount of intended days (maximum 180 consecutive days, not to exceed a total of 180 per calendar year) on the ED card. The visitor must have the documents to prove property ownership, a valid passport, a valid round-trip ticket, proof of sufficient funds for the amount of stay on the island. If the immigration officer gives the amount of days requested, the visitor does not have to go to DIMAS to request an extension of his/her stay.

As an example; if a tourist shows to the Aruba immigration that he has 60 days of time share, he/she can receive a permission to stay 60 days. If the visitor cannot show this at immigration, he/she always has the option to request an extension from DIMAS. Again, the total stay cannot surpass 180 days in a calendar year.

For tourists that do NOT own property in Aruba, other rules apply. Tourists without property can remain a maximum of 90 consecutive days in Aruba and a maximum of 180 days per calendar year.

In general, immigration would give 30 days at the border. For an extension, the tourist can apply at DIMAS (60 additional days).
 

Saturday, June 07, 2014

Real Estate Miriam answers all.

Ask Real Estate expert Miriam Engeln anything about properties in ARUBA, such as how to invest in real estate, how to maximize occupancy in vacation properties, rental income tips, constructing a house, home exchange, house flipping, retire-/ moving to ARUBA and so on.

This week’s question and answer:

Eric Pieters; How can I make money in Real Estate?

Miriam Engeln:

In order to get into real estate you need to determine how much money you are willing to spend and what you want to do. Do you want to flip and sell a house, get rental income or simple hold onto the property? I would recommend buying a property that you can fix up and improve. After putting the work into it, rent it out. Rental rates are up so now is a great time to rent.

Depending on your price range and location, nice houses/ apartments are available.

I would put about 30% down of your own money and get a mortgage on the property. Then if you rent it out, use the rental income money to pay off the mortgage. In conclusion; learning how to make money in real estate is not easy.

A lot of work has to go into buying a home, and I can assist you with this here in Aruba. Let me know when you arrive.

Email your real estate questions to email address; mdengeln@yahoo.com and a selection of your questions will be answered each Saturday in Aruba Daily newspaper and on this blog.

Saturday, May 31, 2014


Real Estate Miriam answers all.

Ask Real Estate expert Miriam Engeln anything about properties in ARUBA, such as how to invest in real estate, how to maximize occupancy in vacation properties, rental income tips, constructing a house, home exchange, house flipping, retire-/ moving to ARUBA and so on.


This week’s question and answer:

Dora Onyulati: Are there any guidelines or suggestions you can give me as a First Time Homebuyer?

Miriam Engeln; absolutely, here you go - Taking the step into homeownership is a big deal. But before you buy, here are some things to do;

1.    Assess your need.  You don’t want to be buying a home just because you turned 30 or because your friends have started doing it.  Determine whether it’s better for you to buy or rent at this time in your life. Factor in your job and if it’s stable, whether you plan to stay long-term or if you are itching to try something new.  Make sure you are buying a home because you want to and you are ready at this time.

2.    Do the math.  Many people focus on the down payment when they think about buying a home. Yes, the down payment is usually a large chunk of money.  But there are other upfront costs you need to think about – taxes, property insurance, and closing costs for example.  Insurance rates and property taxes will vary per island so you’ll want to check on what they would be.  Closing costs encompass many fees including originations, underwriting, appraisal, title insurance, recording, and closing fees.  It can add up to a surprisingly large number, so it’s good to know it ahead of time.

3.    Be ready.  You’ll want to have all your documents ready to make the process go smoothly.  In most cases you will need an ID, paystubs, and bank and asset statements.  Some of these documents would also have helped you to figure out how financially ready you are to buy a home.  For example, you want to make sure your credit is in great shape before you try to get a mortgage.

4.    Check out the inventory.  A house is likely the largest purchase you’ll ever make, so treat it like other large purchases.  That means you want to shop around as you would for a car, TV, or couch.  It may be time consuming but it’s important to look at comparable homes in the area.  Check out a variety of options to not only find the right one for you but to get a feel for pricing in the area.  Working with a knowledgeable real estate agent can make this part of the process much more enjoyable.

Email your real estate questions to email address; mdengeln@yahoo.com and a selection of your questions will be answered each Saturday in the newspaper Aruba Daily.

 

 

 

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