BELIZE REAL ESTATE FAQ
Purchasing Belize Real Estate comes with a few questions. Check out this informative piece we put together to answer some of many you may have.
AS YOUR BUYER’S REP I WANT TO MAKE SURE THAT YOU HAVE ALL THE INFORMATION TO MAKE AN INFORMATIVE, PATIENT AND EASY DECISION WHEN CONSIDERING BUYING PROPERTY ON THE ISLAND.
Belize is one of the most beautiful, relaxing places on earth. It’s no wonder that more people are becoming interested in purchasing property and owning their own slice of heaven in Belize. The good news is purchasing vacant land or a home in Belize is an incredibly easy process, even for those that live hundreds, if not thousands of miles away from this paradise.
Still, purchasing real estate in another country comes with plenty of questions. You don’t want to go into the process blindly, so if you’re even considering purchasing a vacation property or calling Belize your home, there are things you’ll want to know. Here are five questions to serve as a starting point.
Is an Investment Property in Belize a Smart Financial Move?
The answer to whether owning a property in Belize makes financial sense depends on your individual circumstances, but many people find that they can live a life of luxury here that isn’t possible for them in their home country.
There has been a surge in the real estate market in Belize which has caused home prices to rise, but many luxury properties are still within reach of buyers with more modest means. If you’re looking for vacant land, it’s easy to find beachfront property for well under $350,000. Even high-end properties cost about half of what the same property might cost in the United States.
The answer to this question also depends on location. For example, properties in Caye Caulker are more expensive than in the other regions of Belize.
Is It Difficult for a Foreigner to Purchase Land in Belize?
Not at all! Foreigners have the same right to property ownership as people who call Belize their home country. Whether you’re looking for vacant land for sale or a residential home, the simplicity of the process takes most people by surprise. There’s no reason let foreign status prevent you from investing in a Belize property.
Do I Need to Already Be in Belize to Purchase Land?
No, you don’t need to make a special trip to complete a real estate transaction in Belize. It can be done with either one or both parties out of the country. As a matter of fact, over 95% of all transactions occur when one or both parties are off island... then again, we can always use a closing date as an excuse to come back.
How Long Does It Take to Close on a Sale?
On average the purchase of Belize real estate takes 30 to 90 days to close on the sale. It’s closer to 30 days. We always write in automatic extensions to sales agreements as Belize is known to have over 16 public and bank holidays yearly. Talk about island time right?
What Are Your Costs?
Typically, there are four major components to your real estate purchase cost. The first is the price of the property. The second is the prorated property taxes. This is usually nominal and between $100-$300 USD per year. Sometimes condos are more expensive. The third is the Stamp Tax. This is a one-time tax from the government whenever a land certificate (deed) changes from one name to another. For Belizean citizens this is 5% of the purchase price and for non-Belizean citizens this is 8%. The last element are your closing costs which usually amounts to about 1%. For a financed purchase, the closing costs rise to 1 ½%.
How Do I Pay For My Property?
Everyone who does closings in Belize maintains an Escrow Account with a financial institution in the United States. The vast majority of our buyers and sellers are from either the U.S., Canada or Europe, so this makes the transaction frictionless.
Ambergris Caye or Caye Caulker?
The two major islands of Belize are Ambergris Caye and Caye Caulker. Ambergris Caye is the larger of the two islands measuring approximately 25 miles from end to end and is the number one tourist destination in Belize. Having so many tourists and ex-pats living there means that much of the restaurants, bars and shopping are geared towards the ex-pat population.
Caye Caulker is much smaller although it is the number two tourist destination in Belize. The motto and way of life on Caye Caulker is Go Slow. The streets are still sandy and lined with coconut palms swaying in the eastern breezes. Caye Caulker is actually two islands. There is a north island and south island separated by the world famous Split. The north island is about 3 miles long and the south is about two miles. The majority of the population and shops are on the south island, although development on the north is starting to take off with condos, homes and resorts. Those who want a slower and more relaxed pace of life will often choose Caye Caulker.
Should I Work with an Attorney? What Are the Advantages?
It’s a smart to work with an attorney for any real estate transaction. Depending on where you’re from, an attorney from your homeland may not be able to help. It’s best to work with a reputable real estate attorney or title company in Belize.
An attorney or title company not only serve as your advocate but walks you through things like escrow accounts, property taxes, the stamp tax, title search and works in concert with me to make sure that your Belize Real Estate experience is swift, professional and hassle free.
As your Belize real estate representative, I know that there are plenty more questions to ask before purchasing a property. I’m here to help. When you’re looking to invest in a Belize property or even just have questions about the process, contact me at any time – your one stop resource for Belize real estate.
Landy Tang
ReMax Island Real Estate
Mobile/WhatsApp +011-501-672-1500
Office +011-501-226-0404
Email landy@remaxislandrealestate.com