Buying a house in Belize might mean a smart investment, a dream vacation property or the opportunity to start over as an expat. Because foreigners can buy property freely in Belize, more and more Americans have been tempted to investigate and maybe make the leap into owning property in Belize.
Buying A House In Belize
Among the many attractions of Belize, none is more important to prospective retirees and expatriates than the relatively low cost of property and housing. For sure you can spend a lot of money on North American-style luxury developments. But you can also buy raw land at prices not seen in the U.S. since the 1960s and in some areas find a simple but pleasant rental house near the sea for under US$200. a month.
Foreigners can obtain financing in U.S. dollars from local offshore banks. The maximum you can borrow is between 60 and 80% of the value of the property. Rates are about 8.5% to 12% interest. Most foreigners purchasing real estate pay cash from their own money, or borrow funds in their home countries where interest rates are lower. One advantage of financing your real estate purchase through a local bank is that the bank will have in-house attorneys to protect its loan portfolio.
Another option to purchase real estate is through owner financing where the seller provides part financing for the buyer, Conditions are flexible but an owner financed transaction usually sees the buyer putting down 30% cash and the owner finances the balance at rates of between 6 to 8 per cent over a five or ten year period. If you are buying property as an investment or future retirement home, you can hire a property management company to rent out your property when you are out of the country and pretty much have tenants pay for most of the cost of the purchase.
Property taxes in Belize are very affordable. A house or condo worth U.S. $250,000 on Ambergris Caye for example attracts an annual property tax of under U.S. $375.00. Some wise investors choose to invest in real estate located in rural areas where taxes are ridiculously low.
If you have any questions about Belize Real Estate, buying property for investment message us. If you want more information on investing abroad or banking in Belize, contact Luigi Wewege.
One aspect of buying real estate in Belize that makes it especially attractive to foreigners is that non-nationals enjoy the same legal rights as nationals. This is in contrast to many other countries, such as Mexico, where foreigners can still buy real estate but must jump through a few extra hoops to do so. (You can read more here about buying real estate in Mexico as a foreigner). As a foreigner, buying real estate in Belize is as simple as buying real estate in your home country. There are still several things that one must know, however, when buying Belize real estate. Read on to find out all you need to know when buying real estate in Belize.
Foreigners will find that an array of financing options are available to them when buying real estate in Belize. International banks in Belize offer financing for real estate, as do local banks. With either, you will typically be able to borrow 50% of the value of the real estate, with a minimum of 10% being put down.
For those interested in buying an apartment, townhouse, condominium, etc., Belize uses strata principles to govern these types of ownership, much as the majority of the first world jurisdictions do. Again, the real estate laws in Belize are very similar to first world jurisdictions, making Belize an especially easy market for foreigners to buy into.
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.
Many signs point toward Belizian property as a good investment. Some professionals say property prices rose 30-to-40 per cent between 2015 and 2017, but it can be a difficult number to nail down as there are no official house price figures. The region was hit hard by the global economic crisis, with values falling by as much as 30 percent, but 2012 saw a rebound that continues today.
Lyons suggests that people be open-minded about where they live. Many people are fixated on buying on an island, but there are many other options and climates, including islands, beaches, mountains, and jungle.
Showcasing property from across this alluring Central American country, 7th Heaven Properties is the ultimate place to discover real estate in Belize. Browse our website to explore the finest property for sale in Belize, including both residential and commercial investment opportunities. For buyers searching for houses and villas, explore homes for sale in Belize situated in sought-after locations in and around San Pedro in Ambergris Caye and the tranquil Placencia Peninsula. For buyers looking for apartments, take a look at the selection of condos for sale in Belize featured on our website. You can find luxurious apartments, condominium residences and resort suites boasting prime beachfront and lagoon-front settings. Prefer to build your own property? Discover land for sale in Belize ideal for creating the home of your dreams or embarking on a commercial development project. Whether you are searching for real estate suitable for vacations, retirement, relocation or investment, 7th Heaven Properties is dedicated to helping you find your perfect property in Belize.
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.
Generally, it's good to put eyeballs on the property before buying. To be thorough, we recommend visiting Belize and touring areas like Ambergris Caye, San Ignacio, San Pedro, Corozal, Placencia and to get a feel of the whole country. It's best to use an accredited broker since the real estate industry in Belize is unregulated.
A reputable lawyer is an important factor in helping your purchase go smoothly. They'll help you understand the basics of ownership, such as the tax implications and obligations that come with purchasing international property. They'll also handle the legal aspect of the buying process and ensure a satisfactory contract overall.
The cost of buying property overseas typically includes mortgage fees, money transfer fees, legal fees, insurance costs, service fees and utility costs. Factor in all relevant costs to prepare a workable budget.
If you're transferring a large amount of money into a foreign bank account, unfavorable exchange rates will increase costs. Since buying property is a substantial investment, you need competitive exchange rates that can spin you more money.
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.
Exquisite Penthouse Condo with spectacular views of the Belize Barrier Reef. Just minutes from San Pedro Town, enjoy your privacy yet all the conveniences of living on the most beautiful island in all of Belize.Click on the picture to learn more about this 3 bedroom 3 bathroom condo for sale in Belize.
Due diligence is one of the most important steps to ensure that the business, house or land you purchase is legally binding. Not getting a trained professional to undertake this due diligence on your behalf could prove costly.
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.
On a monthly call with my mentors, we talk about real-life issues when it comes to investing. This last call made me think about some of the issues we may face when buying properties in Belize. We also talk about the importance of setting expectations with clients.
The Bridgehouse is an 18 unit apartment complex with commercial space and active restaurant and bar. Located in Boca Del Rio, each apartment is about 220 sqft, with a private bath, hardwood floors and... More details Â
Like many Hollywood stars, DiCaprio found himself looking for a vacation home just outside the city, and he settled on a $5.2 million complex in Palm Springs previously built for actress and singer Dinah Shore in 1964. The midcentury-modern gem was designed by renowned architect Donald Wexler, and spans 7,100 square feet, with six bedrooms and seven and a half bathrooms. The 1.3 acres also boast a guest house, a tennis court, a pool, and a detached gym. The actor still owns the home, but put it on the rental market in 2016.
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