How to Buy Real Estate Property in Belize

In the past several years following the global financial crunch, the real estate market of Belize has seen a gradual positive trend. The current property rates are stable and this is likely to continue in future, which is why it’s a great opportunity for foreign investors to invest in real estate.

This is one of the few countries where foreigners and nationals have similar rights, especially when it comes to buying property. Ownership rights are easy to obtain in Belize, even if you’re a foreigner. Out of the many benefits, no capital gains tax is a great benefit for foreigners who want to invest in real estate in this Caribbean country. If you’re planning to buy property here, the following useful tips can come in handy:

Be Wary of Real Estate Scams

Like any other place, there are many local scam businesses who are not licensed to practice. Beware of any agent that may force you to buy a property. In case you feel pressurized, feel free to walk away without second thought. To avoid scams, make sure you go past any middlemen or brokers, and get in touch with licensed real estate companies.

Locate the Owner of the Property

It is optional that you find the owner of the property and directly deal with him or her. This will put you in a better position to negotiate and get a better price for the property. Also, if you have a reputable real estate agent helping you with the entire deal, you know he or she will handle the legalities professionally by keeping you and the owner on board throughout the process.

Housing Loans are Available

Many reputable real estate companies from America are also based in Belize. They sometimes provide financial assistance for foreigners to buy property. Financing can go up to 60-80% of the value of the property. Also, there is an option for owner financing, where the owner finances a certain amount over a predetermined time period. Talk to your agent for any financing options available.

Find Property in A Strategic Location

There are lot of housing schemes that have recently popped up in Belize that offer property for sale. If you’re considering buying a home, consider opting for places like Corozal Town that have retirement colonies and other residential lots that are located strategically to give you the best of both worlds; close to the ocean and near commercial areas with restaurants, shops, malls, bars, etc. Also, Corozal is at a reasonable distance from the Guatemala border which is why it is becoming a great real estate attraction for expatriates.

If you’re looking for ocean front property for sale in Belize is one of the best options apart from San Pedro Town. San Pedro, however is located in Ambergris Caye, which has slightly higher property prices as it attracts a lot of tourists year round.