International real estate can be both an exciting adventure as well as a smart investment. Each location is unique and requires careful consideration.
Belize is a tropical paradise and a popular place to make real estate investments. You don’t need to have any previous real estate experience in North America or Europe, Belize is an independent nation.
RE/MAX is not only the biggest real estate firm worldwide, but it is also the largest network of offices and agents in Belize. With offices in every corner of Belize, RE/MAX has the biggest market share. This network is important in the analysis of Belize real estate as we don’t have a traditional MLS.
RE/MAX Buying Land in Belize agents are well-versed in market and property knowledge. With more than 100 agents across the country their collective knowledge of RE/MAX agents in Belize exceeds that of just one agent. RE/MAX Belize is more than simply finding a house in the Caribbean, the services extend to investment as well as land banking, market information rental, location and much many more.
The biggest mistake you can make in real estate purchasing is not seeing the property in person. You may find it tempting to search online for the best deal, especially if there are amazing photos to support it. However, sometimes lower prices can lead to areas that are less desirable or impossible to access.
The rainy season in Belize is something to be aware of. This is a normal part of the weather cycle and is not a problem. It is much more important than a snowy or cold winter. Heavy rains can make some areas impassable. You might not be able to access the property you love and bought during dry months.
Identify the Infrastructure
Beautiful homes can be found in many places in Belize. Some are located in areas that lack the infrastructure necessary to support them. Research is necessary to determine what amenities and services are available in the area.
Medical care is a special topic. Belize has excellent, high-quality medical care for both locals and visitors. Consider accessibility. You should look for properties that are within easy driving distance to grocery stores, transport hubs, hospitals, and other medical facilities.
Plan for the Future Development
The future development of the area is another important consideration. There are restrictions on what property owners can do with their lots in many countries. Belize has different zoning and deed restrictions. It is worth finding out who owns the lots surrounding you and what future plans they have.
Many people choose to invest in a single developer’s development. This means that your neighbors may be people who are just like you and are looking to make a good investment.
Find reputable developers. Don’t be fooled by vague plans.
Verify Communications Availability
You need certain amenities, even if your goal is to diversify your investments or purchase a Belize vacation spot that will also be a source income. You will need internet access and telephone service.
There are several options, including DSL, cable, and in certain areas, fiber optics. In other areas, communication options may be less reliable. It is important to know in advance which technologies are available, and what the associated costs.
Assess Financing Options
Real estate financing may be available in Belize but it might not be available to all real estate buyers. A developer offering financing is often a sign that they are stable and have the money to invest in infrastructure. You should carefully review the terms of the developer financing and make sure it is long-term favorable.
You can also get financing from international banks to finance your real estate purchase. Some banks offer terms that are more favorable for the borrower than in the United States, with less restrictions and requirements. Not all banks in Belize can be considered equal.
Security and Crime
There are many clear benefits to living in Belize. There are many benefits to living in Belize, including a lower cost of life, tax benefits and friendly cultures. Belize has a low crime rate, and many close-knit communities including expats.
No matter where you live, safety is a top priority. Before you make an investment, ask about the security and crime in your area. Find out the safety measures in place if you are buying into a planned community. Talk to expats and current residents about their experiences.
Get Title Insurance
Securing title insurance is one of the most important aspects of purchasing property. Title insurance guarantees that you and only you have the rights to the real property you are purchasing.
Foreign property purchases and title insurance can be complicated due to cultural and language barriers. Foreigners may not be legally permitted to hold the title to property in some countries, while multiple people can own the same piece.
Be wary if the seller doesn’t offer title insurance protection. Sellers and companies with good reputation should be able to meet this requirement.
Get connected with others with similar interests
Make sure to talk with other people who have made similar investments in real estate. Ask around to find someone who has made similar moves to purchase a retirement home in Belize.
There are many successful and flourishing expat communities in Belize, which were founded by individuals with an interest in investing in Belize.
Ask the developer to introduce your prospective residents to you if you are interested in a particular development. This is a great way to get a true picture of the future and quality of your real estate investment.