No matter where you are, buying a home is a major investment. One of the reasons that people are so interested in Belize properties is because of the incredible values that can be found here. Belize is one of those places on earth where luxury is affordable.
That doesn’t mean that you shouldn’t look to save money when buying a house or condo in Belize. In fact, you can easily save thousands of dollars when purchasing a home just by taking a few extra steps to make sure you get the best deal.
When you’ve been looking at homes for sale and are considering your dream property, remember these five ways of saving money on the home buying process.
Don’t Skip the Home Inspection
When you spot the home of your dreams, it can be tempting to skip the home inspection, especially if it’s a newer property. But know that even minor details picked up in an inspection can give you negotiating power, saving you potentially thousands of dollars.
Understanding Fees and Special Assessments
If you’re considering buying a condo in Belize, it’s important to know that you’ll be responsible for paying a set fee to the condo association. This fee is often used to pay for routine repairs and maintenance.
Keep in mind that cheaper isn’t always better when comparing fees. Some associations put the fees toward maintaining a certain quality of life to the community. Don’t hesitate to ask how fees are used before deciding on a property.
Transfer Tax and Closing Costs
In Belize everyone that purchases a home must pay a transfer tax which is based on property value. Plus, it’s customary that the person buying a home pay all the associated closing costs which include mandated fees.
While there really isn’t a way to reduce the number of mandatory fees, you can protect yourself from paying more in a couple of ways.
First, negotiating the best deal on your property will reduce the cost of your transfer tax obligation. Secondly, hiring a reputable attorney is an expense that will offer you protection against fraud and sellers that choose to default.
Purchasing a Condo
If you’ve been looking at a single-family home, you might want to consider buying a condo instead. Many times, condos are less expensive than stand-alone properties and can save the owner money later down the road.
For example, condo buildings are usually maintained by the condo association. The common areas are perfect for mingling with others while enjoying the comfort of being close to home. Rather than spending additional money to go out and mingle with the locals.
When you’re looking for the best the value on properties in Belize, our real estate agency can help. For premier properties in Ambergris Caye and Caye Caulker, contact REMAX Island Real Estate today.