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How Much It Will Cost You To Buy A Vacation Home in Guam?

Posted On Wednesday, 15 December 2021 20:20

Guam is located in the Pacific Ocean, east of the Philippines and north of the Solomon Islands. It's an island territory of the United States and is considered an overseas gem. Guam is known for its white sandy beaches that are pristine and safe for swimming. No wonder it's a vacationer's dream. 

The island offers a laid-back lifestyle and great weather year-round. The island has a tropical climate that features warm weather with high temperatures around 90 degrees Fahrenheit (32 degrees Celsius). Average humidity ranges between 80-90 percent annually, with some rain showers during the wet season from May through November during monsoon season when winds blow in from Asia.

If you're considering buying a vacation home in Guam, it all comes down to the numbers.

This article will cover some factors that affect how much you'll need for your purchase. Whether you're looking for a beachfront condo or a more affordable property that offers space for guests, there are plenty of options available on Guam's real estate market. Doing thorough research, knowing what you want, and where on the island you prefer to spend your downtime, you're all set to owning that long-awaited vacation in your Guam home. 

Fees Associated With the Purchase of a Vacation Home

Buying a vacation home in Guam doesn't only include the cost of the house. Your budget should accommodate other fees, not hidden but not so obvious. These include realtor fees, lawyer fees, registration fees, taxes, and home inspection fees.  

Also, keep in mind that there will be costs associated with maintaining your vacation home. Things to consider are utilities, property taxes and insurance, repairs, renovations, and the cost of hiring a management company to handle things like lawn care and pool maintenance while you're not in the area.

Prices of Homes in Guam

The cost of a vacation home depends on many factors:

  • The size of the home
  • The location and neighborhood
  • Proximity to schools
  • Proximity to work
  • Easy access to amenities

 

During the past couple of years and living with the pandemic, home prices in Guam have gone up while demand exceeds supply. 

Matt Strickland, realtor at Modern Realty Guam said “The median price ten years ago for a home was in the $200K range. Last year the median home price was in the lower $300K range. Up 12%, this year's median home price is in the upper $300K.” 

Single-family detached homes can start in the $600K range. The average home is 2800 square feet. $800K homes feature 3-4 bedrooms and 3-4 bathrooms with around 4000 square feet of space. Two and three-story homes come in around the $1M and $2M range with high-end finishings, massive garages, and ample outdoor living space. 

Here is a list of the villages in Guam and their median home listing price:

  • Agana Heights - upper $400K
  • Agat - lower $300K
  • Asan - lots are sold anywhere below $100K and over $1M
  • Barrigada - lower $600K
  • Dededo - older homes between $300K and $400K and newer homes from $600K to $3M
  • Inarajan - lower $500K
  • Mangilao - upper $300K
  • Piti - upper $800K
  • Santa Rita - lower $300K
  • Tumon - $600K to $1.8M
  • Yigo - lower $300K

 

With scarce inventory, high prices, the cost of building a home gone up, and low home loan interest rates, it's a seller's market.

What Is The Average Cost Of A Condo In Guam?

Buying a vacation condo instead of a single-family detached home has its perks. Condo prices in Guam are more affordable and can range anywhere from $100k to $300K, and even as high as $1.4M. 

Most condos are two to three bedrooms and have amenities within the complex. Oceanfront condos have bigger floor plans and come at hefty price tags. Keep in mind that when buying a vacation condo, area fees apply for maintenance and upkeep of the amenities. 

As you can see from this article, the price of a vacation home can vary greatly depending on different factors. Guam is 30 miles in length and divided into 19 villages. Each village has its unique character. Tamuning and Tumon villages have homes with higher prices. If your budget allows for beachfront and ocean view homes, they are worth the investment. Guam is an island, after all, and even if your wallet can't stretch that far, the ocean is always within reach. 

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