Buying A Condo In Belize
One of the best things about buying real estate in Belize is the variety of properties available. If you want to buy a small condo or a large house, both options are possible. You can keep costs low, or you can splurge. You can be part of a thriving community with lots of amenities and growing infrastructure, or you can get off the beaten path and build your own home.
buying a condo in belize
Whatever you have in mind, it helps to know a bit about the market and what steps are involved with making a real estate purchase. Here are seven of the most common questions people have about buying residential or commercial property in Belize.
Initially, buying property in Belize might seem like a daunting process but purchasing a land or home in Belize is not as hard as it may seem. But before selling or purchasing your property, consult with the experts for all your property management needs.
With all of these benefits on offer, we figured it was worth exploring Belize. (At the very least, we'd have a nice vacation!) So we researched and narrowed down our likely property buying zones to a few key locations in Belize, including Ambergris Caye.
We did have a fun and interesting stay, though, in a remote village just outside Corozal. There was a tiny community in the process of being built called Orchid Bay, and only a few residents had moved in. (We ended up spending most of our time hanging out with the restaurant cook and a private teacher for a child of one of the land developers.) I could see the possibility of buying a little hut there eventually paying off.
When you think of buying investment property in either Costa Rica or Belize, how do you know which one is better? After all, both countries have warm, tropical climates and both offer affordable real estate.
While Jason pointed out that he had yet to find a property in Belize that met all his criteria for investment, Mike responded that there are two different kinds of real estate investors. The first, like Jason, want any property they buy to cash flow positive from day one. Alternatively, some investors are looking for appreciation, which requires buying at the lowest price possible and hoping the value goes up.
There are a few situations where buying a property in Belize might make sense. If you want to relocate to the area and need a place to live, of course buying makes sense. You also might consider the purchase option if you plan to spend time in the country frequently and can rent it out during vacant stretches to offset mortgage costs.
Often derided as a blight on humanity in the United States, you might have to wrap your mind around the idea that, in Central America, the condo association could be your best friend. Think of it as a private government that exerts at least some interest in protecting the value of your property.
Belize is emerging as a significant player in the overseas real estate market. The country has an economy growing at approximately 20% annually and new tax incentives to boot. When compared to the U.S., Belize offers more benefits for home and property buying.
Belize is also famous for its friendly attitude toward foreigners who want to invest in the country. As a matter of fact, the majority of all transactions occur when one or both parties are off the island. However, each purchase has its advantages and its downsides, so you have to be conversant with the risks of buying a property in Belize.
You should perform due diligence when buying a property in Belize as there have been highly publicized cases of land title fraud. Forged signatures in transfer deeds, false witnesses, and identity theft are common types of land title fraud.
You may also find some agents representing new developments, or condominiums, as they are commonly known here who will employ high-pressure sales tactics, coercing you to sign a contract and reserve your block of land, apartment, etc.
We would strongly counsel against this, as this approach could lead to you missing crucial detail related to your purchase decision. Ensure that you are comfortable with the finer points of the contract, the area in which you are buying and that you are totally confident with all aspects of the transaction. Having your legal representation by your side with each step of the transaction can and will pay dividends, and allocating sufficient time to complete the due diligence steps mentioned previously will protect you from anything that may go awry during the course of the transaction.
1. Why did you choose Belize?I had heard how beautiful Belize was from many people and finally made my first trip there and fell in love with it! After looking around and checking out market prices I believed it was a great time to invest in property there! Beautiful weather all year around/great beaches/good snorkeling/diving/fishing and reef! People are lovely in Belize! Mode of transportation on the Island of San Pedro is a golf cart and I love that!! Quaint Place!!! 2. What property did you purchase and why? We purchased a Penthouse and Ambergris Caye just across the lagoon from town of San Pedro Last year and then this year I bought 110 lots 3.5 Kilometers from the town of San Pedro. I believe Belize Real Estate is going to increase drastically in the next few years!! When people finally visit Belize they will know that they have found paradise! 3. How do you plan to use your property?Spend time there in the winter months and also make it a rental income property in my absence. 110 lots I will sit on until price goes up and then make a profit ! I am even considering building a few rental income properties to rent out. They do not make any more land like this in Paradise so now is the time to buy before it all gets bought up !! 4. How was your buying experience with John Turley and Dennis Kay? I have known and been dealing with John and Dennis now for 2 years !!! I have nothing but praise to say about them! John handled most of my transactions and worked harder for me after the sale than trying to just grab the commission and run!!! He followed through and assisted me 150 % !! His recommendation was excellent and John and Dennis are tied to good honest developers!! They do what the say and say what they mean!! 100 % honest! 5. Would you recommend Belize to your family and friends?Absolutely and do that every day !! I even tell everyone that do not know about it !! It is Heaven on earth!! 6. Would you recommend working through John Turley and/or Dennis Kay to your family and friends?
Subsequently we learned that the people are very friendly and the food really tasty. Also that crime is not a concern as most, if any, are of a petty nature. Initially we purchased lots at Belizean Estates. The lots were really well priced as the project were in the early stages of development. The purchases were both for personal and investment reasons. We also purchased a 3 bedroom ocean front condo overlooking Hol Chan Marine Reserve.
Belize real estate is generally cheaper than some Caribbean destinations. However, real estate prices can vary depending on the type of property and location. You can see from some of our new listings that the price can range from $200k for Belize condos with two bedrooms to $2.5m for luxury villas with a swimming pool.
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Can you recommend any communities that are good to raise a family? I am American and thinking about buying a vacation rental in Panama but not sure where to start. I would even consider moving there permanently.
4. Samaná Peninsula, Dominican Republic (Price: $63,000 and up): If you have your sights set on a Caribbean getaway, the Dominican Republic is an economical choice (although we still dream of buying our very own island). DR has a large population of expats, retirees, and foreign vacay homeowners who forgo the plethora of all-inclusive resorts on the island for their very own slice of paradise. (Data via DR Properties) 041b061a72