New Year is here! Let’s get started with a list of do’s and don’ts in Belize Real Estate. I wanted to share some advice on a few of the most common mistakes among condo buyers in Belize.
IS BELIZE RIGHT FOR ME?
I get it. Belize is beautiful. I’m biased because was born here in San Pedro Town, but rushing into a purchase opens the door for all types of potential Real Estate failures. Our job – My job – is to put you in a position to be successful. If you are not thoroughly researching the property and country before making a purchase, it can lead to a lot of regrets down the road.
Ok, so you’ve done your homework. You’ve made the decision to buy in Belize. Unfortunately, Mexico didn’t make the cut. You prefer Rice & Beans over Tacos. Panty Rippers over Margaritas. Hol Chan tops Xcaret and let’s face it, Caliente has some great Margaritas and Tia Jenny at Elvies Kitchen makes the best Tacos.
A key component to buying a condo in Belize is patience. Don’t rush into a purchase – waiting for the right property is paramount. If you partner up with the right buyers agent they will have your best interest at heart, not just looking to make a quick sale. If your agent is pressuring or rushing you that is a red flag. Also, it’s important to have realistic expectations, especially when it comes to rental income in a cash market. The average return on investment properties is around 3%. Remember, this is an investment in your future, and the true return on investment is in the equity as the Belize market continues to grow and evolve.
WHO BUILT THIS?
Now what? You want to find out more about the builder and or developer. How do we do that? We ask the local barfly right? No! A good real estate agent will have a good pulse on the local developers and builders history throughout the island. It’s crucial to thoroughly research the developer and the reputation of the condo building. This is especially important if it is a new development. Ask your agent about the developer’s track record. Have they heard any negative or positive feedback from previous buyers. After all, you want to make sure you’re investing in a property that’s built to last.
ASK THE MANAGEMENT
It’s also very important to consider the financial stability and management of the condo building. What they do is more important than what they say. This can have a significant impact on the long-term value and livability of the property. Be sure your agent does their due diligence in this area.
It is also crucial to thoroughly review the condo’s bylaws, fees, and regulations. Make sure you understand the monthly maintenance fees, any restrictions on renovations or rentals, and the overall governance structure of the condo association. This will help ensure that the property aligns with your lifestyle and long-term goals.
LOCATION, LOCATION, LOCATION
Next, take a good look at the location of the condo. Consider the surrounding area. Does the proximity to San Pedro Town fit into your lifestyle? Are you a “I want to be close to the action” type of person or “I want to be away from the downtown island vibe and create my own chill space.” You’ll also want to think about the potential for future development in the area. This is important as it can impact the value of the property. Will you be still be happy with your purchase in 5 or 10 years from now?
IS THIS THE AGENT FOR ME?
If you’re considering buying a condo in Belize, take the time to do your homework and make sure you get the right buyers agent. Hiring a Buyer’s Agent that is involved, knowledgable of the market and experienced is a huge step in the right direction. We have many able and experienced professionals within our industry. Make sure you do your research on a few agents. Have a list of questions you can ask potential candidates. Choose the person that is the best fit for you and will clearly put your best interests first.
By following a structured approach to the buying process, condo buyers in Belize can avoid the biggest mistake of investing in a property without fully understanding the potential risks. Thorough research and careful consideration of the developer, location, and condo regulations can help buyers make a more informed and successful investment decision. This is an exciting time to be investing in Belize, and with some careful planning and research, you can set yourself up for a successful purchase.
I wish everyone a Happy New Year. 2023 was great and I hope that 2024 is better with tons of blessings and good stuff for all.
KIRIAN VASQUEZ, San Pedro Agent