How to Buy Property in Belize
Belize landscape and favorable economic development are contributing to continued growth in the country’s real estate market. The attractive investment climate due to the foresight of its leadership is attracting investors from the US and Canada, Belize offers numerous incentives, a favorable tax system, and freehold ownership for foreign property owners. However, before you decide to buy property in Belize, you need to know what to do before purchasing a property.
For a starter, let’s consider some tips.
- Decide where you want to live: This is often overlooked assignment for many Belize real estate buyers. Your first task is choosing the best location you will like to live. Is it on the beach, waterside, close to jungle or right in the city centers? If you miss this point, you may end up where you won’t like. One of the most popular destinations in Belize is the island of Ambergris Caye and San Pedro Town. Ambergris Caye real estate and San Pedro Town real estate offers a variety of options when it comes to properties.
- Beware of scams: For a steadily growing economy like Belize, it is common to find scams; you need to be careful who you deal with to guide against falling prey to fraud. Make sure to locate registered real estate agent and make deals, legally, knowing the country already protects you.
- Talk to the property owner: You can be sure the licensed agent will lead you to the owner, but you can do the finding yourself. However, if you are new in Belize, dealing with a professional realtor is your guarantee against any scam.
- Due diligence: Property purchase is an emotional decision for some people, and you need to be different. Make sure to carry out due diligence and know more about the property you are considering to buy.
- Find a rental property: If you have your dream house, you may find a rent instead of buying. The type of property you consider may be more than you can afford, but a rental apartment will offer some advantages.
Additional guide to buying property in Belize
After you have exercised necessary precautions, you need to know that you interest whether a foreigner or citizen is covered and backed by government legislation. Therefore your desire to buy property is protected by law and do not be afraid to go with the following buying guide.
- Financing: You need funds to buy your property, and if you do not have a load of it already, you need to consider available funding options. It is better to engage an experienced local attorney to help you with loan documents instead of depending on your banks in-house attorney for mortgage processing; of course, you should know where their loyalty lies.
- Get local land facilitator: Most land facilitators in Belize are retired government employees who know how the land system works. You will greatly benefit from their wealth of experience when you have one of them worked with you. However, do not close your deal without an attorney.
- Take advantage of the property tax: Yes, Belize property is low-cost compared to neighboring countries and especially the US, but these days, most Ambergris Caye is becoming pricey due to tourist attraction because of the reef in the area. Getting tax incentives will considerably bring down the cost.
The best advice for anyone considering buying property in Belize is to be on the side of the law; consider licensed realtor, work with an attorney and local land facilitators. Once you do all these, you are on your way to becoming a proud owner of genuine property in Belize. If you need help, contact the writer for additional information and guidance.