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 $200,000. 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 Ambergris Caye 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, you 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?
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 and title company not only serves as your advocate but walks you through things like escrow accounts, property taxes, the stamp tax and the title search. They work closely with your agent to make sure that your Belize Real Estate experience is swift, professional and hassle free.
As Belize real estate experts, we know that there are plenty more questions to ask before purchasing a property. We’re here to help. When you’re looking to invest in a Belize property or even just have questions about the process, contact REMAX Island Real Estate – your one stop resource for Belize Real Estate.