Prior to the pandemic, Belize was gaining popularity not only as a vacation spot but also as a potential retirement destination or second home for Americans. When Covid hit, the Belizean economy was impacted. Tourism, in particular, was affected.
As the pandemic fades, the worst seems to be over. Belize has weathered the storm and is now reopened for visitors who are once again flocking to this tropical paradise. In addition to tourists, those seeking to relocate to a warm location are also once again showing an interest in Belize.
There are many reasons Belize is so popular.
One of the main ones is that the locals are so genuinely warm and friendly. There are also many things to do and see in Belize. You can try adventures such as a zip line tour of the rainforest canopy or deep-sea fishing.
Best of all, since English is the official language, you will find it easy to get around. You can navigate the streets, read menus and chat with locals.
You’ll also be able to read contracts if you decide you’d like to buy real estate here and you’ll be able to manage the applications for residency without an interpreter.
Prior to the pandemic, Belizean real estate was a great investment. There are still potential gains to be made in the commercial real estate market, but you will have to be more careful in vetting prospective properties.
If you are thinking of moving to Belize, you are probably hoping that now is a great time to find a good bargain on a residential property.
While this is true in some parts of the country, you will find if you hanker to live on Ambergris Caye, you will not find any bargains. Prices at other popular destinations such as San Ignacio, Placencia and Caye Caulker may also be tricky.
To help you navigate the post-pandemic real estate climate, it makes sense to work with experts who have decades of experience in the local area. Therefore it makes sense to give Hesed Realty a call.
We can help you find the best place that will suit your needs and that will meet your goals. To facilitate this process, ask yourself what your highest priority is when buying real estate. Is your main goal to maximize potential profit? Or, is your main goal to find a place you’ll enjoy living in, with capital gains an incidental benefit?
Once you clarify your goals, you can work with the experts at Hesed Reality to turn your dreams into a reality.
What You’ll Need to Buy
Belize Real Estate
If the idea of buying real estate in a foreign country sounds intimidating to you, you haven’t seen what it’s like to buy a property in Belize. A combination of the country’s unique history, sensible practices designed to draw in new residents, and a form of real estate law that will be familiar to the average American means that buying a home is surprisingly easy. But that doesn’t mean that you should come unprepared. Here’s everything you need to know about buying property in Belize as a foreigner.
The Cost of Real Estate
Prospective real estate investors will be happy to know that the financial overhead for buying a property in Belize is practically nil. The government stamp transfer tax is usually around 5% of the purchase price, and new properties come with a general sales tax of 12.5%. You should always perform a title search, but that should only cost you around $250.
What You Need Upfront
Real estate transactions in Belize are generally straightforward. You’ll usually be expected to pay 10% of the property’s total cost as a deposit to take it off the market. While you can find loans from banks in Belize, you can also get loans from your own local institutions. The latter is generally going to be preferable for most investors.
Who You Should Hire
Belize real estate law is straightforward — and since it’s a former British colony, the laws should be familiar to American, Canadian, and British residents looking to buy a home in Belize. Even understanding that, you should be sure to hire both a real estate attorney and a real estate agent. Agents can be found affordably, and attorneys will typically charge you between one and two percent of the selling price.
The Benefits of Belize Real Estate
The biggest benefit of buying a home in Belize is how inexpensive it is. Not only are houses in this country cheap when compared to North America or Western Europe, it’s also cheap compared to a number of Central American neighbors. On top of that, Belize is particularly friendly to new immigrants. If you can meet the criteria for the Qualified Retired Persons Program Residencies program, you might not have to pay any customs and could potentially reduce your taxes at the same time.
Where to Look
Having the right specialists at your side is critical if you’re trying to find your dream home in Belize, and there are no specialists more qualified for the task than Hesed Realty. We can help you find your paradise dream home without having to spend a fortune.
Purchasing Real Estate in Belize? Ask These 5 Questions First!
“Do I have to be in the country to purchase the property?”
Should you find a good fit, your agent can guide you through all of the relevant documents and other factors involved in a purchase.
“How hard is buying a property?”
Purchasing real estate in Belize is easy. Just prove your identity and verify your financial source. This is where hiring someone familiar with real estate law helps, as they know how best to manage the entire process.
“Is legal counsel required for purchasing property?”
“How long does closing a sale take?”
“What are closing costs like?”
Closing cost is normally 1-1.5% of the total purchase price.
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