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BUYING WITH US
At Anderson International Realty, Belize
we are dedicated to providing our clients with the vital information needed to make informed decisions.
Now that you've found Belize, the hidden Jewel of the Caribbean,
your next steps in decision making will be critical to your success.
Here are seven key facts to consider as you get ready for an exciting property acquisition experience.
To explore our property listings, simply click the listings tab in the horizontal menu above.
LOCATION AND LIFESTYLE
When choosing your location consider carefully how you plan to use your property for the long and short term.
Also prioritize objectives with your investment such as; use and enjoyment, value appreciation, income generating capacity, move in readiness etc. Belize is a small country with incredible bio-diversity. Don’t just consider whether you want ocean, river or mountain views but that different areas within Belize offer varying qualities of amenities that have a direct correlation to purchase prices and future potential appreciation.
Here is where expert advice can be invaluable.
REPRESENTAION MATTERS
Realtors and real estate companies in Belize get a bad rap and while not all of what you’ve heard in unwarranted it is still valuable to partner with a reputable Realtor to provide insight on the market in general or critical information on specific properties. A knowledgeable Realtor will also guide you through what to expect from your specific closing process and even offer advise on how best to hold title, potential usage and development of your property and more.
FINANCING OPTIONS
There are currently limited bank financing in Belize if you are a Non-resident. Due to this Belize is mostly a cash purchase market. However, more Sellers and Developers are offering Owner financed options. The structure of these financing options vary depending on the Seller.
CLOSING COSTS
The average closing costs is somewhere between
9% to 10% of your purchase price with the bulk of this being the 8% (for non-Belizeans) payable to the Belize Government when your Title transfer is lodged.
The balance of this is legal or Closing Agent fees that may vary anywhere from 1% to 2% of your purchase price.
HOLDING TITLE
What is exceptional about buying in Belize, as compared to other countries, is that citizens and non-citizens holf the same form of land titles. This means you can lease out, sell or bequeath it in any way you see fit. But that’s not all you need to know. If you are working with an experienced Realtor they will be able to guide you on the different forms of title in Belize, depending on the specific area you are buying in and how that will determine the extent of due diligence that should be done to deliver you a bona fide title at closing.
TAXES
Belize has no capital gains or inheritance tax. Whether you plan to resell or bequeath your property to a family member you will not have this added expense to consider. Additionally, land taxes in Belize are generally very cheap and can be as low as USD$10.00 per annum.
TITLE INSURANCE
Title insurance is not necessary for buying real estate in Belize, and for the most part it isn’t widely used, however it is available. Working with a reputable Realtor who can ensure the proper due diligence is done to protect your interest can mitigate any chances of obtaining a defective title.
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