Real Estate in Belize

Belize is a wonderful little country that offers its residents a cheap cost of residential housing with very low cost of acquisition. Wonderful pieces of property could be purchased at dead low real estate prices, while purchasing the lease or rental property is also very convenient and easy.

Some of the most important features of real estate in Belize are:

1. Location of the property: As in any other locations around the world, the location where the property is situated makes an important difference. Prime areas mean more value for your property.

2. Real estate means lot of skilled negotiations and bargain. Are you a good negotiator? If yes, expect to get some really fine deals in Belize. Treat your path very carefully though.

3. Spend more time to know real estate in Belize. As you spend more time, you’ll be surprised to find some really lucrative offers.

4. Look before you take a leap. In Belize, there are no licenses to operate real estate business.  There are no guarantees for the property that you have just purchased, neither may you get your money back for a property that you don’t need!

5. Beware of those rip-offs; there seems to be two rates for two different people. While the rate for local citizens is quite low, the same can’t be applied to those expatriates. Local citizens perceive foreigners as cash rich and as a result like to make some quick bucks!

6. A small market that is quite unstable and inefficient! That is how you’ll find Belize real estate market. There is little real estate classified advertising, and most properties are sold or rented by word of mouth.

7. If you’re looking for a residential house in Belize, understand the very few properties are sold with proper advertisements. You may need to hunt down for a house in many cases. Though there are established real estate agents here, their efficiency is yet to be refined. Of late, internet has enabled these operators to promote their properties.

8. In Belize, any one can be a real estate broker! You don’t need license, skill and education! Thus there is an inherent deficiency in the quality of these agents. While some of them are really honest, most of them are out to make a fast dollar. The commission that needs to be paid to these agents varies from 4% to 7%.

9. Belize imposes few restrictions on ownership of land by non nationals. Earlier an alien license was in place, but now it has been repealed. Government approval is required, from the Ministry of Natural Resources, before the purchase of any island, regardless of size.

10. Real estate property in Belize varies from area to area. They are higher in city and urban areas while in the interiors the rates may drop very steeply. Home prices range from under US$15,000 for a simple home in a small village to US$500,000 for a luxury home on one of those fabulous beaches. The normal rate is US$30 to $80 per square foot.

11. Apart from the cost of the property, you are likely to pay charges associated with the purchase that total 12 to 15 percent of the total purchase price. It includes Land title transfer fee at 10 percent, Attorney’s fee at 2%, and Property taxes at 1%.

12. Registration of properties is rather very simple here. There are three different real property title systems in Belize: Conveyance system, which involves the transfer of land by conveyance and registration, Torrens system, which involves a First Certificate of Title (FCT) followed by Transfer Certificates of Title (TCT) and Registered Land Act system, in which application for transfer is made, and a new Land Certificate is issued to the grantee.

13. Land in Belize can be purchased on legal terms under an Agreement for Sale or Contract for Deed, whereby the seller keeps title to the property until it has been paid for in full amount. Terms range from 10 percent as down payment with 10 years to pay at 10 percent simple interest per annum.

14. Renting house in Belize depends on the area where you want your house. Higher in cities, the rentals can range from US$.80 to $1.50 per square foot per month. Elsewhere, rentals are much lower. You can also choose a house under short rental scheme.