Important Questions to Ask When Buying Land in Belize
Are you thinking of buying land in Belize? If so, you are not alone. Belize is a stunning country with plenty to offer, whether you intend on living there yourself or purchasing property to rent or sell to others. The Belize market is ‘booming’ and real estate is affordable compared to other areas in the region, making it a popular destination for real estate investors. It is important, however, to have all of the facts when you are buying land in a foreign country. If you are considering purchasing land in Belize in the future, you will want to take note of these important questions to ask when you intend on buying land in Belize.
Is It a Smart Move to Invest in Property in Belize?
For most people, purchasing an investment property is a serious risk. It is important to consider whether it is a smart move financially on your part to purchase an investment property in Belize before you make your decision. Notably, the real estate market in Belize has grown exponentially over the past few years. This has caused the prices of homes to rise along with it, however, there are many notable properties that are still available to people without high incomes. Land–that is, empty property without an existing home–is even more affordable. For instance, you can find excellent beachfront property land for under $200,000 and there are many Belize lots available for $30,000.
How Hard is It For Foreigners to Buy Land in Belize?
It is surprisingly easy for foreigners to buy land in Belize. Foreigners have all of the same rights to purchase property as citizens of Belize, so you do not need anything other than standard property permits and guidelines when you want to buy land despite being a foreigner.
Do I Need to Be In Belize to Buy Land?
No–you do not need to be in Belize in order to buy the land you intend to purchase. You can participate in real estate transactions in Belize without being in the country itself. Most real estate transactions in Belize occur when one or both parties in the transaction are outside the country.
How Long Does Closing Take?
The time it takes to close a sale on land in Belize will vary. However, for the most part, it will take from 30 to 90 days to close on a sale. Most people find that their sales end closer to the 30-day mark than the 90-day mark, but it can vary depending on the nature of the sale and whether or not the sale is occurring around any holidays.
Do I Need an Attorney?
You do not legally need an attorney to buy land in Belize, but you should definitely work with an attorney if you intend to buy land in Belize or any foreign country. An attorney that specializes in Belize real estate transactions will be able to walk you through processes such as escrow accounts, understanding property taxes, stamp taxes, title searches and other essential components of the real estate transaction process.