Updated over 5 years ago on . Most recent reply
Should I purchase in Guam?
Need advice..to hold and purchase or back out. I'm in the process of purchasing a new construction, single-family house in Guam. Considering Guam is a U.S. Territory, many of the same rules of purchasing in the states apply here.
The house is worth $385,00 with mortgage/escrow estimated at $1,900 monthly. General market is military, with most given a housing stipend maxed at $,2450 - $2,600 monthly. Rules are what's not used cannot be pocketed (if rent is only $2,200 per, service member can't pocket the remaining $250-400 monthly), which encourages renters to max their housing stipend in return for better quality housing.
The house is situated in a desirable location and the military is set to increase by 5,000 Service Members (and families) by end of 2021.
My concern is property management and maintenance of the house. Property managers are scarce and the environment on Guam deteriorates houses at a much faster rate than in the states.
I'm set to close in May. Should I continue with this purchase? Your perspective would be greatly appreciated.
Most Popular Reply
There isn't any set in stone resource for your answers that I have seen. For Comps that is kind of on your own looking at the flxmls site you can google for the island. Best thing in my opinion would be to reach out to a realtor and talk/ask questions most should be able to point you in the right direction since they will want your business.
Owen