Have you been thinking about purchasing a luxury vacation property? Look no further than the Island of Caye Caulker in Belize. With a population of approximately 1,300 and located just a mile off the Belize Barrier Reef, Caye Caulker is the perfect spot to get away from it all. Once you’ve decided that owning a Caye Caulker property is in your future, there are few things to keep in mind. Here is your cheat sheet for finding and buying houses for sale in Caye Caulker.
Domestic vs Foreign Lenders
Most prospective buyers won’t have the cash on hand to buy houses for sale in Caye Caulker outright. This means one thing. Financing.
Financing a domestic property can be tricky enough, but is there a special process for financing a property in Belize? Domestic financing is in many ways allot easier. You have a credit history, and may already have a lender that you have experience working with. These two things alone make domestic loans simpler. On the other hand, a foreign loan agent based in Belize will have more information about the property, and will have access to it for inspections, something a domestic borrower doesn’t have. The problem is finding a bank institution that will loan a foreigner U.S Dollars. It is possible, however the process is quite lengthy and the interests rates are very high.
What many buyers seeking financing options do take advantage of is vendor financing. This is a great way to get your foot into the Belize Real Estate market with in most cases very favorable terms.
In all cases mentioned above, before you commit to a lender, make sure that you do solid research on loan criteria, processes, and lender rates.
Hire a Reputable Real Estate Agent and a Lawyer
There is a good reason why you need both. There is no regulation on the real estate industry in Belize, and this includes the properties on Caye Caulker. What does this mean for you as a buyer?
For one thing agents are not required to disclose important information about a property that might influence your decision to purchase. Secondly, the lack of regulations means that scams are bound to happen. A reputable agent that resides in the country and a lawyer can protect you in both cases.
Beachfront or Mainland?
All of Caye Caulker is beautiful, but there can be a big difference in the price of beachfront and mainland properties. The real estate market on the Island has been booming in recent years, and Caye Caulker has become a hot spot for water loving expats.
Beachfront properties on Caye Caulker often fall into the luxury property price range and are typically more expensive than properties on mainland Belize. Plus, the combination of a surging real estate market and a small island mean that premier properties get snatched up quickly.
Is Caye Caulker worth it? We think it is. A licensed real estate agent can help find the perfect property for you, at the best market price.
Why Caye Caulker?
Still on the fence about purchasing a Caye Caulker property? You shouldn’t be. There are few places on earth as beautiful as Belize, and the relaxing atmosphere of the island make it a vacationer’s dream. Whether you are looking for vacation home to sneak away to, or the place to retire and live an expat’s dream, a luxury island home on Caye Caulker is an investment in your future.
We want to help you learn more about discover and purchasing a Caye Caulker property. Contact REMAX Island Real Estate today and find out more.