Guam Real Estate and Community News

May 12, 2025

Understanding Guam Zoning Laws Before You Buy Land

Understanding Guam Zoning Laws Before You Buy Land

Before buying land in Guam, it's critical to understand the island's zoning laws. Zoning regulations determine what type of structures you can build, how the land can be used, and what restrictions may apply to your property.

In this guide, we’ll break down Guam’s most common zoning types, how to check a property's zoning designation, and what it means for buyers, investors, and builders.

📍 What Is Zoning?

Zoning is a system used by the government to regulate land use. It helps separate residential, agricultural, commercial, and industrial areas, ensuring that development is safe and compatible with surrounding areas.

🏷️ Common Zoning Codes in Guam

  • R1 – Single-Family Residential: The most common residential zone. Typically allows one dwelling per lot. Great for homes and subdivisions.
  • R2 – Multi-Family Residential: Allows duplexes, apartments, and other multi-unit buildings.
  • A – Agricultural: Large parcels of land used for farming, ranching, or off-grid living. Limited construction allowed unless approved.
  • C – Commercial: Intended for businesses, retail shops, offices, and mixed-use developments.
  • M1 / M2 – Industrial: For manufacturing, warehouses, and heavy industrial use.

🔍 How to Check a Property’s Zoning

You can check a property's zoning designation by:

  1. Requesting a zoning verification from the Guam Department of Land Management (DLM).
  2. Looking up the parcel map and zoning overlay (available in person at DLM or through your realtor).
  3. Reviewing any zoning variances or special permits that may already apply to the property.

⚠️ Why Zoning Matters for Buyers

  • Building Restrictions: R1 land may not allow duplexes or rental units. Agricultural zones may not permit residential use without a permit.
  • Investment Strategy: Multi-family or commercial zones are more flexible for income-generating projects.
  • Loan Eligibility: Lenders may not finance properties that aren’t zoned for residential or business use.

💡 Tips Before Buying Land in Guam

  • Always check zoning before making an offer — don’t rely on assumptions.
  • If you want to build something outside the zoning rules, ask about applying for a variance or special use permit.
  • Work with a local realtor who understands Guam’s zoning and permitting process.

📞 Need Help Navigating Guam Zoning Laws?

Whether you're looking to build a home, start a farm, or invest in rentals, zoning can make or break your plans. Don’t go in blind.

Contact Jae at Brilliant Realty or browse zoning-friendly properties at GuamDreamHomes.com.

Posted in Buying a Home
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Feb. 16, 2025

Negotiating Rent on OHA-Approved Property

Can You Negotiate Rent on OHA-Approved Property? Here’s What to Know

Renting a home in Guam under the Overseas Housing Allowance (OHA) can be a great benefit for military personnel, but many service members wonder: Can you negotiate rent on an OHA-approved property? The short answer is yes—but there are specific strategies and factors to consider. Here’s everything you need to know about negotiating rent on an OHA-approved home in Guam. You can check your OHA Rate Here

Understanding How OHA Works

OHA is designed to help military members pay for private housing while stationed overseas, covering rent and utilities up to a specific limit based on rank, dependency status, and location. Unlike Basic Allowance for Housing (BAH), which is a flat-rate payment, OHA only reimburses actual housing expenses up to the set limit. This means if you negotiate a lower rent, your OHA will only cover that amount, but you won’t pocket the difference.

Can You Negotiate Lower Rent on an OHA-Approved Property?

Yes! Landlords in Guam are often open to negotiation, especially if:

  • The property has been vacant for a while.

  • You’re willing to sign a longer lease.

  • You’re renting during the off-season when demand is lower.

Strategies to Negotiate a Lower Rent While Using OHA

1. Research Comparable Listings

Before negotiating, check rental listings for similar OHA-approved homes in the area. Your realtor can assist you in finding comparable properties at lower prices and making a case for a rent reduction, making the process easier for you. Check out Military Approved Rental Listings Here

2. Offer a Longer Lease Term

Many landlords prefer stability. Offering a two or three years lease instead of the standard one-year term might make them more willing to lower the rent.

3. Highlight Your Reliability as a Tenant

Since OHA ensures timely rent payments, you are a low-risk tenant. Remind landlords that they won’t have to worry about missed or late payments, making a rent reduction more appealing.

4. Ask for Additional Inclusions

If the landlord won’t budge on rent, negotiate for added benefits, such as:

  • Utilities included (electricity, water, internet)

  • Free landscaping or pool maintenance

  • Flexible move-in dates to match your PCS schedule

5. Time Your Rental Search Wisely

Rental demand in Guam fluctuates. Peak PCS seasons see higher demand, making negotiations tougher. If you’re moving during the off-season, landlords may be more willing to negotiate.

What If the Landlord Refuses to Lower Rent?

If you can’t get a rent reduction, consider other ways to maximize your OHA benefits:

  • Look at different properties that better fit your budget.

  • Negotiate lease terms, such as early move-out clauses or included maintenance.

  • Ensure the rental meets all OHA requirements to avoid issues with reimbursement.

Final Thoughts

Negotiating rent on an OHA-approved property is possible, but success depends on timing, market conditions, and landlord flexibility. Even if rent can’t be reduced, negotiating for added perks can still help you get the best deal possible.

For more insights on OHA and renting in Guam, check out:

Posted in Military
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Jan. 19, 2025

The Ultimate Guide to Renting a Home in Guam

The Ultimate Guide to Renting a Home in Guam

Renting a home in Guam is an exciting opportunity, whether you’re relocating for work, military service, or a lifestyle change. With its tropical climate, unique culture, and welcoming communities, Guam offers a variety of rental options. However, the process of finding and securing a rental home can feel daunting if you’re unfamiliar with the local market. This guide will walk you through everything you need to know about renting a home in Guam, from understanding the rental landscape to tips for a smooth renting experience.

1. Understanding the Guam Rental Market

Guam’s real estate market is influenced by its economy, population, and military presence. The island attracts diverse tenants, including military personnel, expatriates, and locals. Key factors shaping the market include:

  • Military Housing Demand: With several U.S. military bases, service members often look for off-base housing, driving demand in certain neighborhoods. Those stationed at Andersen Air Force Base often seek homes in Yigo, Dededo, Tamuning, and Tumon, while Naval Base Guam personnel commonly look in Agat, Agana, Maite, Tamuning, and Tumon.

  • Tourism and Seasonal Variations: While not as pronounced as in vacation hotspots, tourism impacts rental availability in areas popular with short-term visitors.

  • Cost of Living: Guam’s cost of living is generally higher than the U.S. mainland due to its location and reliance on imports, which affects rental prices.

Rental Price Ranges:

  • Apartments: Studio apartments start around $600 for budget-friendly options. Average apartments range from $1,200–$1,800, with high-end options costing $2,200–$2,500 per month.

  • Single-family homes: Prices typically range from $1,600 to $4,500 per month, depending on size, location, and amenities.

2. Popular Areas to Rent in Guam

Choosing the right neighborhood is crucial to your rental experience. Here are some of the top areas to consider:

  • Tumon: Known for its proximity to beaches, shopping, and nightlife, Tumon is ideal for those who want an active, urban lifestyle. Rental properties here are often pricier due to high demand.

  • Tamuning: A central location with access to amenities like schools, shopping centers, and medical facilities. Tamuning offers a mix of apartments and single-family homes.

  • Dededo: One of Guam’s largest villages, Dededo offers affordable housing options and is popular among families.

  • Yigo: Close to Andersen Air Force Base, Yigo is a convenient option for military families and those looking for more spacious properties.

  • Mangilao: Home to the University of Guam, Mangilao is perfect for students and those seeking a quieter environment.

  • Barrigada: This residential area combines convenience and tranquility, with easy access to major roads and shopping.

  • Agat and Agana: These areas are popular among Naval Base Guam personnel and offer a mix of residential and community-oriented amenities.

3. Steps to Renting a Home in Guam

Step 1: Determine Your Budget

Before you start searching, establish a clear budget. Consider not only the monthly rent but also additional expenses like utilities, internet, and security deposits. Typically, landlords require:

  • First month’s rent.

  • Security deposit (usually one month’s rent).

Step 2: Start Your Search

Use multiple channels to find rental properties:

  • Real Estate Websites: Platforms like GuamDreamHomes.com offer comprehensive listings with photos and details.

  • Local Realtors: Partnering with a Guam-based real estate agent can simplify the process. Realtors often have access to off-market listings and can negotiate on your behalf.

  • Drive Around: Some properties may only have “For Rent” signs posted on-site, especially in residential neighborhoods.

Step 3: Visit Properties

Schedule in-person viewings to assess the condition of the property and the surrounding neighborhood. Pay attention to:

  • Appliances and fixtures.

  • Signs of pests or water damage.

  • Parking availability.

Step 4: Understand the Lease Agreement

Carefully review the lease to ensure clarity on:

  • Lease Duration: Most leases in Guam are 12 months, but shorter terms may be negotiable.

  • Maintenance Responsibilities: Understand who covers repairs and upkeep.

  • Utilities: Check whether utilities (e.g., water, electricity, trash collection) are included in the rent.

  • Restrictions: Verify policies on pets, subleasing, and modifications to the property.

4. Tips for a Smooth Renting Experience

Work with a Local Real Estate Agent

Guam’s real estate market has its quirks, and working with a local expert can save time and effort. Agents are familiar with neighborhoods, pricing trends, and landlord preferences.

Prepare Your Documentation

Landlords often request:

  • A copy of your ID or passport.

  • Proof of income (e.g., pay stubs, bank statements).

  • References from previous landlords.

Inspect the Property Before Moving In

Conduct a thorough walkthrough with the landlord or agent. Document the property’s condition with photos or videos to avoid disputes later.

Communicate Clearly

Maintain open communication with your landlord. If issues arise, report them promptly and document any correspondence for your records.

5. Navigating Common Challenges

High Demand in Certain Areas

Popular neighborhoods like Tumon and Tamuning may have limited availability. Be prepared to act quickly when you find a property that meets your needs.

Understanding Utility Costs

Utility costs in Guam can be higher than what you’re used to, especially for electricity. Ask landlords or agent about average monthly utility bills for the property.

Adapting to Guam’s Climate

The tropical climate means properties are susceptible to mold and pests. Regular cleaning and maintenance can mitigate these issues.

6. Renting as a Military Member

Military personnel stationed in Guam may qualify for housing allowances. Many landlords and property managers are familiar with the needs of military tenants and offer:

  • Military clauses and terms to accommodate Active Duty members under OHA

  • Furnished rental options.

  • Proximity to military bases like Andersen Air Force Base and Naval Base Guam.

Learn more about OHA process on Guam

7. FAQs About Renting in Guam

Q: Are utilities included in most rental agreements?
A: It depends. Some landlords include utilities like water or trash collection, but electricity is often separate due to its high cost.

Q: Can I negotiate the rent?
A: Yes, especially for long-term leases or if the property has been on the market for a while.

Q: Are there pet-friendly rentals in Guam?
A: Many landlords allow pets, but you may need to pay a pet deposit or additional fees.

Renting a home in Guam can be a seamless and rewarding experience with proper planning and guidance. Whether you’re moving for work, family, or a fresh start, understanding the rental process will help you find a property that feels like home. With this guide, you’re well-equipped to navigate the market and enjoy all that Guam has to offer.

Posted in Military, Rental
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Jan. 9, 2025

How to Maximize Property Value Before Selling in Guam - Tips & Insights

How to Maximize Your Property Value in Guam

Strategic upgrades to attract premium offers in a selective market.

Selling a property in Guam’s competitive 2026 market requires more than just a "For Sale" sign. With the right strategies, you can significantly increase your property's value and secure a better price. Use the tabs below to explore our actionable value-boosting tips.

Curb Appeal & Exterior Maintenance

The exterior of your home is the first thing potential buyers see. In 2026, buyers associate a well-kept yard with a well-maintained home.

  • Landscaping: Keep the lawn mowed, trim jungle overgrowth, and add vibrant local flowers to create an inviting atmosphere.
  • Power Washing: Clean the driveway, walkways, and siding to remove tropical mold and mildew.
  • Exterior Paint: A fresh coat of paint or even just touching up the trim can make an older home look decades newer.

Interior Modernization

Focus your budget where it counts: the kitchen and bathrooms. These rooms have the highest Return on Investment (ROI).

  • Kitchen Upgrades: Replace dated hardware, update to energy-efficient appliances, and ensure countertops are spotless.
  • Bathroom Refresh: New fixtures, fresh grout, and bright mirrors can make a bathroom feel like a spa.
  • Neutral Tones: Paint walls in neutral shades (whites, greys, or beiges) to make the space feel larger and help buyers visualize their own furniture.

Guam-Specific Value Additions

Buyers in Guam look for two things: protection from the elements and low utility bills.

  • Passive Efficiency: Invest in high-SEER split AC units and thermal roof coatings. 
  • Storm Readiness: Ensure typhoon shutters are functional and easy to operate. Mentioning a "full backup generator" is a major selling point in 2026.
  • Smart Home Tech: Smart thermostats and security cameras provide the modern convenience that today’s military and local buyers expect.

The Strategic Pre-Listing Prep

Removing friction before you list leads to faster closings and fewer price negotiations.

  • Declutter & Depersonalize: Remove family photos and excess furniture to showcase the home's true square footage.
  • Pre-Listing Inspection: Identifying termite or plumbing issues now prevents "deal-killer" surprises during the buyer's inspection.
  • Professional Presentation: We use high-end photography, drone aerials, and 3D tours to make your home stand out online before the first showing.

Ready to Maximize Your Sale?

Get a custom Secure Guam strategy and find out exactly what your home is worth today.

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Posted in Buying a Home, Military, Selling Your Home
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Jan. 5, 2025

Top 5 Mistakes First-Time Homebuyers Make in Guam (And How to Avoid Them)

Top 5 Mistakes First-Time Homebuyers Make in Guam (And How to Avoid Them)

Buying your first home is an exciting milestone, especially in a tropical paradise like Guam. But it’s also a big financial and emotional investment, which makes avoiding common mistakes crucial. As a first-time homebuyer in Guam, you’ll want to steer clear of these pitfalls to make your dream of homeownership a reality.

Mistake #1: Not Getting Pre-Approved for a Loan

One of the biggest mistakes first-time buyers make is starting their home search without securing loan pre-approval. In Guam’s competitive real estate market, having pre-approval signals to sellers that you’re serious and financially ready to buy.

How to Avoid It:
Before you begin house hunting, meet with a lender to assess your finances and get pre-approved. This will also help you understand how much home you can afford. If you’re eligible for a VA loan, take advantage of it—it’s a game changer for military buyers in Guam.

Mistake #2: Focusing Only on the Price Tag

While it’s essential to stick to your budget, focusing solely on the listing price can be a mistake. Many first-time buyers overlook additional costs like property taxes, homeowners insurance, HOA fees, and maintenance.

How to Avoid It:
Consider the full cost of owning a home in Guam, including closing costs and potential repairs. Use online calculators or consult with your real estate agent to estimate your total monthly expenses.

Mistake #3: Overlooking Location

The location of your home in Guam can significantly impact your quality of life and property value. First-time buyers often fall for a beautiful home without considering commute times, school districts, or proximity to essentials like grocery stores and medical facilities.

How to Avoid It:
Research neighborhoods thoroughly before making an offer. For example, Dededo is popular for families due to its schools, while Tumon is ideal for those seeking a vibrant nightlife. Dive deeper into Guam’s top areas with our guide: 

Mistake #4: Skipping the Home Inspection

In their excitement, some buyers skip the home inspection, only to discover costly issues after moving in. Homes in Guam, especially older ones, may have unique maintenance challenges due to the tropical climate.

How to Avoid It:
Always hire a qualified inspector to evaluate the property. They’ll check for issues like mold, roof damage, or plumbing concerns that can arise in humid environments. A thorough inspection can save you thousands in unexpected repairs.

Mistake #5: Trying to Do It Alone

Real estate transactions can be complex, especially for first-time buyers. Without professional guidance, you may miss important details, overpay, or fail to negotiate terms in your favor.

How to Avoid It:
Work with a licensed real estate agent familiar with Guam’s market. An experienced agent can guide you through the process, help you find the best deals, and navigate the unique aspects of buying property on the island. Meet Jae

Bonus Tips for First-Time Homebuyers in Guam

  • Understand Guam-Specific Financing Options: Many military buyers in Guam qualify for VA loans with zero down payment.
  • Be Ready to Act Fast: With limited inventory, homes in Guam can sell quickly, so being prepared is essential.
  • Think Long-Term: Consider the home’s potential resale value and how it aligns with your future goals.

Buying your first home in Guam can feel overwhelming, but avoiding these common mistakes will set you up for success. Ready to start your journey? Contact us at Guam Dream Homes to find the perfect property or get personalized advice.

For more helpful tips, explore our blog: The Ultimate Guide to Buying a Home in Guam

Posted in Buying a Home, Community News, Military, Real Estate News, Selling Your Home
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Dec. 28, 2024

2024 Guam Real Estate Market Summary

2024 Guam Real Estate Market Summary: Insights and Trends

As 2024 draws to a close, the Guam real estate market has presented a fascinating blend of resilience and transformation. Let’s delve into the key trends and insights that shaped the year.

1. Inventory Fluctuations and Listing Activity

Throughout 2024, active listings remained steady, averaging 225-233 properties monthly. This consistency highlights a balanced market, where supply generally met demand. However, monthly fluctuations were evident. New listings surged in January with 83 new properties hitting the market. This increase is often attributed to the post-holiday season, when sellers actively list homes to attract fresh buyers. Conversely, December recorded a significant dip with only 40 new listings, reflecting the typical slowdown during the holiday period when fewer homeowners list their properties and buyers take a pause.

For new buyers, this means understanding that the availability of homes can vary greatly depending on the time of year. Planning your home search in months with higher activity may provide more options.

2. Pricing Dynamics: List vs. Sale Prices

Price trends throughout 2024 offered valuable insights into market behavior:

  • Active Average List Price: Peaked at $630,510 in December 2023, reflecting sellers' confidence in the market. Throughout 2024, prices stabilized around $623,000, showing sustained market strength.

  • Sold Average Sale Price: Ranged between $456,865 and $502,243, demonstrating steady buyer interest and affordability.

  • Median Prices: Sale prices ranged from $432,500 to $520,000, with the highs and lows reflecting differences in property types, sizes, and locations.

For buyers, the median and average sale prices serve as a benchmark for setting realistic expectations. While the list prices may set an initial impression, sale prices better reflect what buyers are actually willing to pay in the current market.

3. Seller Credits: An Emerging Trend

2024 also saw an increase in the use of seller credits as a tool to attract buyers. Homeowners, particularly those with properties that had been on the market longer, offered credits to cover closing costs or assist buyers in securing favorable financing terms. While this trend is not directly reflected in the pricing data, it played a significant role in making homeownership more accessible for many buyers.

For new buyers, this means exploring opportunities where seller credits are offered. These incentives can significantly reduce your upfront costs, making it easier to enter the market.

4. Sale Ratios and Negotiation Trends

  • Sale to Original List Price Ratio: This metric, which dipped slightly to 91.1% in late 2023, recovered to 94.4% mid-year. It shows that while sellers might initially list properties higher, there is room for negotiation.

  • Sale to List Price Ratio: Consistently strong at 95-97%, indicating that homes are selling close to their final asking price.

For first-time buyers, this means negotiating is still an option but expect to pay close to the listed price, especially for competitively priced homes.

5. Volume Insights

  • Active List Volume: Fluctuated between $132M to $145M, showcasing consistent seller activity throughout the year.

  • Sold Sale Volume: Peaked at $13.5M in November 2023, reflecting robust closing activity during that period. It tapered slightly in subsequent months, aligning with seasonal patterns.

These volume trends highlight the health of Guam’s real estate market. For buyers, this means consistent opportunities to find and close on properties regardless of the time of year.

6. Key Takeaways for New Buyers

  • Timing is Key: Be aware of market seasonality. If you want more options, consider searching in periods of higher inventory, such as the first quarter of the year.

  • Set Realistic Budgets: Use the median and average sale prices as a guide to determine your price range. Remember that list prices are often higher than final sale prices.

  • Explore Seller Credits: Look for listings where seller credits are offered. These can reduce your financial burden during the home-buying process.

  • Stay Competitive: The high sale-to-list price ratio indicates strong competition among buyers. Be prepared to act quickly on properties you’re interested in and have your financing ready.

  • Consider Expert Guidance: Navigating the real estate market as a first-time buyer can be overwhelming. Working with a knowledgeable agent who understands the Guam market can make all the difference.

7. What to Expect in 2025

The 2025 real estate market in Guam is poised to bring new opportunities and challenges for both buyers and sellers:

For Sellers:

  • Increased Competition: With steady inventory levels, pricing your property competitively will be essential. Homes offering added incentives like seller credits or upgrades are likely to attract more buyers.

  • Buyer-Centric Trends: As more buyers look for properties with energy-efficient features or smart home technology, investing in upgrades could provide a competitive edge.

  • Stable Demand: The ongoing demand driven by military presence and steady population growth will continue to support property values.

For Buyers:

  • Opportunities for Negotiation: While sale-to-list price ratios remain strong, the increasing use of seller credits offers room for negotiation on closing costs or other financial incentives.

  • Diverse Inventory: Expect a variety of properties across price ranges and styles, providing ample choice.

Explore More Insights

For a deeper understanding of the Guam real estate market and to stay updated with the latest trends, consider exploring the following resources:

Visit our blog for in-depth analysis and updates on the Guam real estate market, or contact us for personalized advice on buying, selling, or investing in Guam.

Information is deemed to be reliable, but is not guaranteed. © 2024 MLS and FBS. Prepared by Jae Lee on Saturday, December 28, 2024 5:05 PM.

Posted in Buying a Home, Market Updates, Military, Real Estate News, Rental, Selling Your Home
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Dec. 5, 2024

VA Assumable Loan Guideline

VA Assumable Loan: Comprehensive Guide for Buyers and Sellers

A VA assumable loan can benefit both buyers and sellers, offering flexibility and financial advantages. Understanding how it works from both perspectives is essential to making informed decisions.

For Buyers: Why a VA Assumable Loan is a Great Opportunity

Key Benefits for Buyers

  1. Inheriting Lower Interest Rates

    • VA assumable loans allow buyers to take over the seller’s existing interest rate. This can be especially advantageous if the original loan has a significantly lower rate than what’s currently available in the market.

  2. Cost Savings

    • With no need for a new mortgage, buyers often save on origination fees and other closing costs. Additionally, VA loans don’t require private mortgage insurance (PMI), reducing monthly payments.

  3. Simpler Loan Process

    • The assumption process focuses on your creditworthiness and ability to repay the loan, which can streamline approval compared to starting a new loan.

  4. No Military Requirement for Buyers

    • Non-military buyers can also assume a VA loan, making it a flexible option for a wider audience. However, eligibility and terms may vary depending on the lender.

Considerations for Buyers

  1. Cash for Equity

    • If the seller’s property value exceeds the remaining loan balance, the buyer must pay the difference in cash or secure secondary financing. This upfront cost can be a significant consideration.

  2. VA Funding Fee

    • Buyers must pay a one-time funding fee of 0.5% of the loan amount, unless exempt due to military-related disability status.

  3. Loan Balance and Terms

    • Buyers should carefully review the remaining loan balance, monthly payments, and loan term to ensure it aligns with their financial goals.

  4. Property Condition

    • Always conduct a thorough property inspection to avoid unexpected repair costs. Additionally, confirm that the property meets VA minimum property requirements (MPRs).

Steps for Buyers to Assume a VA Loan

  1. Identify Sellers with VA Assumable Loans

    • Look for listings or work with a real estate agent to find properties with assumable loans.

  2. Contact the Seller’s Lender

    • Notify the lender of your intent to assume the loan and gather details about the process.

  3. Submit Documentation

    • Provide income verification, credit reports, and other required financial documents to qualify.

  4. Complete the Transfer Process

    • Once approved, the lender will transfer the loan into your name. Be prepared to cover any required fees, such as the funding fee.

For Sellers: How VA Assumable Loans Can Attract Buyers

Key Benefits for Sellers

  1. Increased Marketability

    • Offering a VA assumable loan can attract more buyers, particularly in a high-interest-rate environment. Buyers are often eager to inherit lower rates and favorable terms.

  2. Faster Sales Process

    • Sellers with an assumable loan may experience quicker transactions, as buyers avoid the complexities of securing a new mortgage.

  3. Preserving Home Value

    • If interest rates are higher than the seller’s loan rate, the assumable loan can justify a higher asking price, as buyers recognize the value of long-term savings.

Considerations for Sellers

  1. Entitlement Transfer Risks

    • Sellers must ensure that their VA loan entitlement is restored when the loan is assumed. If the buyer is not VA-eligible, the seller’s entitlement may remain tied to the loan, limiting future VA loan options.

  2. Lender Approval Process

    • Sellers must work closely with their lender to ensure the assumption process is smooth and that the buyer meets all qualifications.

  3. Potential Delays

    • Although the process is often faster for buyers, sellers may encounter delays if buyers need to secure additional financing to cover the equity gap.

Steps for Sellers

  1. Notify Your Lender

    • Confirm that your VA loan is assumable and understand the specific requirements for the assumption process.

  2. Market the Assumable Loan

    • Highlight the benefits of the assumable loan in your listing and work with your real estate agent to attract qualified buyers.

  3. Ensure Buyer Qualification

    • Work with the lender to verify the buyer’s creditworthiness and financial stability.

  4. Request Entitlement Release

    • If the buyer is VA-eligible, ensure the lender completes the entitlement transfer to free up your VA benefits for future use.

VA assumable loans provide unique advantages for both buyers and sellers. Buyers can save significantly on interest rates and closing costs, while sellers gain a competitive edge in attracting offers. Whether you’re purchasing or selling a property with a VA loan, understanding the process and collaborating with an experienced real estate agent or lender can ensure a smooth and beneficial transaction for all parties involved.

Posted in Buying a Home, Military, Real Estate News, Selling Your Home
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Nov. 9, 2024

Guam Real Estate:Q&A Guide

Guam Real Estate: Q&A Guide

What is the real estate market like in Guam?

Guam's real estate market is diverse, driven by its military presence and strong tourism industry. Popular areas for investment include Tumon, Tamuning, and Dededo. While local residents contribute to the demand, the U.S. military's personnel also influence both the rental and home-buying markets. As such, the market can be stable, though cyclical, depending on military deployments and tourism fluctuations.

What types of properties are available in Guam?

The property market in Guam includes residential homes, condos, apartments, commercial real estate, and vacation properties. Condominiums and townhouses are popular in touristy areas like Tumon, while single-family homes are more common in residential areas. Military personnel often seek rental housing, and there is also demand for vacation properties due to Guam's tourism sector.

How much does it cost to buy a home in Guam?

The price of a home in Guam depends on factors like location, size, and type. Typically, homes range from $300,000 to over $1 million. In areas such as Dededo or Yigo, single-family homes are more affordable, generally priced between $300,000 and $600,000. Condominiums offer more affordable options, ranging from $100,000 to $300,000, while those closer to the beach or in upscale areas can be priced between $600,000 and $1 million or more

Are there financing options available for buying property in Guam?

Yes, financing is available for property purchases in Guam. Buyers can obtain loans through banks and also through federal programs like FHA or VA loans. Interest rates may vary, and it’s essential to shop around for the best terms. Non-U.S. citizens or foreign investors can also access financing, although the process may be more complex, often requiring higher down payments and additional documentation.

Is it possible for foreigners to buy property in Guam?

Yes, foreigners are allowed to purchase property in Guam, but there are specific limitations. According to Guam’s laws, non-U.S. citizens or residents can buy property, but the primary restriction is that foreign buyers can only purchase one residential property on the island.

What is the property tax rate in Guam?

In Guam, real property taxes are levied annually on land and improvements (such as buildings) based on their assessed value. The tax rates are as follows:

  • Land: 0.0972% of the assessed value.
  • Improvements: 0.3889% of the assessed value.

For example, if a property has an assessed value of $100,000, the annual property tax would be:

  • Land: $100,000 × 0.0972% = $97.20
  • Improvements: $100,000 × 0.3889% = $388.90
  • Total Annual Property Tax: $97.20 + $388.90 = $486.10

It's important to note that these rates are subject to change, and additional fees or exemptions may apply based on specific circumstances. For the most current information, it's advisable to consult the Guam Department of Revenue and Taxation.

What is the process for selling a home in Guam?

Selling a property in Guam involves listing the home with a licensed real estate agent, setting a competitive price, and marketing the property. Once an offer is received, the seller will review it, negotiate terms, and proceed with closing after inspections and paperwork. Sellers may need to pay for transfer taxes and any agent commissions.

What costs are involved when selling a property in Guam?

Costs include agent commissions (usually 4% to 6%), property transfer taxes, and possibly repairs or upgrades to make the home more marketable. Sellers may also need to pay for closing costs such as title fees, escrow fees, and taxes on capital gains if applicable.

How can I increase the value of my home before selling?

Simple upgrades such as painting, landscaping, modernizing kitchens or bathrooms, and addressing maintenance issues (e.g., roof repairs, plumbing) can increase the home's appeal. A clean, well-maintained property often attracts higher offers.

How long does it take to sell property in Guam?

The timeline to sell can vary depending on market conditions, pricing, and property type. Generally, it can take anywhere from a few weeks to several months to sell a home, especially in less-popular locations.

Can I sell my property if I owe money on it?

Yes, as long as you can settle the remaining mortgage or pay off the loan at the time of sale, you can sell your property. If you owe more than the property is worth (negative equity), you might need to work with your lender for a short sale.

What should I disclose when selling property in Guam?

Sellers are required to disclose any known defects or issues with the property, including structural problems, water damage, or pest infestations. This helps avoid potential legal issues after the sale.

Can I sell a property if I’m not physically in Guam?

Yes, you can sell property remotely through a real estate agent, who will manage the listing, showings, and closing process on your behalf. You may need to sign documents through a power of attorney if you cannot be physically present.

What is the rental market like in Guam?

The rental market in Guam is relatively strong, driven by military personnel, local residents, and an influx of tourists. Apartments, condos, and houses for rent in areas like Tumon and Tamuning are highly sought after.

How much rent should I expect to pay in Guam?

Rent can vary widely depending on location, property size, and amenities. A one-bedroom apartment might cost between $800 and $1,200 per month, while single family homes or properties near military bases can range from $1,800 to $3,500 per month.

What are the most desirable areas to rent in Guam?

Tumon and Tamuning are the most desirable rental areas. Tumon is favored by tourists and those seeking proximity to beaches and entertainment.

Can I rent a home long-term in Guam?

Yes, long-term rentals are available and common in Guam. Rental leases typically range from one year to three years, with the majority of tenants being military personnel, retirees, and families.

Are there any restrictions for renting out property in Guam?

Yes, rental properties in Guam are subject to landlord-tenant laws, including requirements for leases, security deposits, and eviction procedures. Short-term rentals (e.g., Airbnb) may also have specific licensing and tax requirements.

What should I consider when renting property in Guam?

Consider property conditions (tropical weather can affect building maintenance), proximity to essential services (military bases, schools, hospitals), and the local rental market dynamics.

Can I rent out my property if I’m living off-island?

Yes, property owners who live off-island can rent out their properties through a property management service or directly to tenants. Many owners find property management services helpful for long-distance renting.

What is the typical security deposit for rental properties in Guam?

Security deposits for rental properties in Guam are generally equivalent to one month's rent. This refundable deposit is held by the landlord to cover any potential damages during the lease term.

Posted in Buying a Home, Market Updates, Real Estate News, Rental, Selling Your Home
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Nov. 1, 2024

Guam’s Culture & Recreation Guide

The Cultural and Recreational Highlights of Guam

Living in Guam offers a unique blend of vibrant cultural experiences and outdoor recreation. From historical sites that tell the story of Guam’s past to events and festivals that celebrate the island’s heritage, here’s everything new residents need to know to enjoy the best of Guam’s culture and recreational offerings.

1. Guam’s Cultural and Historic Sites

Guam’s rich history is evident in its many cultural and historic landmarks, each offering a glimpse into the island’s heritage and its importance in the Pacific region.

  • Plaza de España (Hagåtña) – Located in the capital, this historic plaza was once the seat of the Spanish colonial government. Visitors can explore the remains of historic structures and enjoy the surrounding gardens.
  • Latte Stone Park (Hagåtña) – Home to ancient Chamorro latte stones, this park offers insight into traditional Chamorro culture and the architecture of ancient villages.
  • War in the Pacific National Historical Park – This expansive park preserves the history of WWII in the Pacific and offers scenic views, hiking trails, and visitor exhibits about Guam’s role in the war.
  • Fort Nuestra Señora de la Soledad (Umatac) – Overlooking Umatac Bay, this Spanish fort was built in the early 1800s and provides stunning views of the surrounding landscape.

2. Annual Festivals and Events

Guam’s calendar is filled with festivals and events celebrating Chamorro culture, music, and cuisine, allowing residents and visitors alike to experience the island’s traditions.

  • Guam Liberation Day (July 21) – One of the island’s most significant holidays, this event commemorates Guam’s liberation from Japanese occupation during WWII with parades, ceremonies, and local festivities.
  • FestPac (Festival of Pacific Arts) – Held every four years, FestPac is a gathering of artists and performers from around the Pacific, featuring traditional dances, music, and crafts.
  • Chamorro Month (March) – Throughout March, Chamorro Month celebrates Chamorro heritage with cultural performances, local crafts, and traditional Chamorro foods.
  • Guam Micronesia Island Fair – This annual fair showcases the diversity of Micronesian culture with performances, art, and cuisine from neighboring islands in the region.

3. Outdoor Recreation and Adventure

With Guam’s beautiful landscapes, there’s no shortage of outdoor activities, from hiking and snorkeling to beach outings and exploration.

  • Ritidian Point – This protected area is perfect for snorkeling, with clear waters, white sandy beaches, and a backdrop of limestone cliffs. It’s a quiet retreat ideal for a family outing.
  • Cetti Bay Overlook – This scenic viewpoint offers one of the best panoramic views on the island, showing off Guam’s rugged coastline and lush terrain.
  • Fish Eye Marine Park (Piti) – This popular underwater observatory and snorkeling site allows visitors to view Guam’s marine life up close, including colorful corals and tropical fish.
  • Tarzan Falls – A moderate hiking trail leads to Tarzan Falls, a scenic spot with cascading waterfalls and natural swimming pools, perfect for an adventure day.

4. Local Cuisine and Dining Experiences

Guam’s food scene is an experience in itself, blending Chamorro, Filipino, Japanese, and other influences to create unique flavors.

  • Fiesta Plates – Sample local Chamorro dishes like red rice, chicken kelaguen, and BBQ ribs at village fiestas or local restaurants.
  • Food Trucks and Night Markets – Local markets like the Chamorro Village Night Market offer a range of street food, with popular dishes like shrimp patties, lumpia, and coconut candy.
  • Top Restaurants in Guam – Guam’s dining scene includes favorites like Table 35 in Tamuning for its fusion dishes and Meskla Chamoru Fusion Bistro in Hagåtña for its modern takes on Chamorro cuisine.

5. Art and Cultural Centers

For those interested in the arts, Guam has cultural centers and galleries that showcase local and Pacific Islander art.

  • Guam Museum (Hagåtña) – This museum offers exhibits on Guam’s history, art, and culture, providing educational experiences for all ages.
  • Gef Pa’go Cultural Village (Inarajan) – Located in southern Guam, this cultural village offers visitors a look into traditional Chamorro crafts, food preparation, and dance.
  • CAHA (Guam Council on the Arts and Humanities) – CAHA promotes local art through exhibitions, workshops, and public art installations, supporting Guam’s creative community.
Posted in Community News
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Oct. 28, 2024

Finding Pet-Friendly Homes in Guam

Pet-Friendly Rentals in Guam: What You Need to Know

 

Finding pet-friendly rentals in Guam can sometimes be a challenge, especially if you’re bringing along large dogs or multiple pets. This guide will help you understand how to navigate Guam’s rental market for pet owners, including tips on finding pet-friendly properties, budgeting for pet fees, and understanding landlord policies.

1. Types of Pet-Friendly Properties Available
Pet-friendly rentals range from single-family homes with yards to condos and apartments. Single-family homes are usually easier to rent with pets than condos, as condos often have stricter policies that may not allow pets or limit pet types and sizes.

2. Understanding Pet Policies and Deposits
Many landlords allow pets but may have specific policies, such as size restrictions or breed limitations. Typical pet deposits range from $200 to $500, though some properties may require a refundable or non-refundable pet fee. Be sure to discuss these policies upfront to avoid surprises.

3. Tips for Finding Pet-Friendly Rentals

  • Work with an Agent: Local real estate agents can help you find rentals that welcome pets, making the search process faster and more efficient.
  • Highlight Your Pet’s Attributes: Mention your pet’s training and behavior in rental applications, especially if they are house-trained or have references from previous landlords.
  • Consider Amenities: Look for rentals near parks, trails, or open spaces where pets can exercise, especially in neighborhoods like Tamuning and Barrigada.

Check out Pet-Friendly Homes for Sale. Pet-Friendly Rentals, OHA Process

Posted in Military, Rental
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