Buying property in another country can be hard and is often full of problems. There are a lot of red tape, bureaucracy, and rules that people have to deal with. But most of that doesn’t apply to people who want to buy property in Belize. Not only is Belize one of the world’s most stunning destinations, but it also has one of the lowest entry barriers to property ownership. If you want to buy property abroad, either for yourself or as an investment, Belize is hard to beat.
Here are a few things you should know about buying a home in Belize.
Finding a property is just like usual
There are no significant differences between looking for a home in Belize and looking for a home in any other country. In this digital age, many people who want to buy property can find one in Belize on their own online. But, like everywhere else, using a real estate agent is also very common in Belize. One thing to keep in mind about Belize is that there is no standard MLS. This means that it can take time to find a listing or a property. Working with a real estate agent can help speed up the process and help you find a property on the market.
So, if you want to invest in Belize Real Estate, you should know that the process is likely very similar to how it works in your own country. It can be hard to find a place to live, but the process is mostly the same as in the US or Canada.
You don’t need citizenship
Even if you are not a citizen or resident of Belize, you can still buy property there. That means that almost anyone can buy and own property in Belize, as long as they have the money and meet the requirements for the property. Unlike in some other countries, you don’t have to live there to buy something there. You don’t have to even be in the country.
Finance qualification
Not everyone who considers buying a home in Belize is looking for something “raw” and “wild.” When you want to bid on a property in Belize, you do need to show proof that you have money. That is, for your bid on the property to be accepted, you will have to show proof that you can pay for it when you make it. This is on top of the down payment you already made. Just keep in mind that you will always have to show that you can afford the house before the paperwork will go through. Because it’s hard to get traditional bank financing in Belize, our team often tells people to look for real estate deals that have options for vendor financing.
Belize offers to finance.
In many countries, foreigners will need to get money from their home country. That is not at all necessary with Belize. There are a lot of banks and other financial institutions that will gladly lend money to people from other countries. You just have to make sure that you meet their requirements as an institution, which is normal. There are also a lot of deals and chances on the market that come with financing from the vendor or seller.
Plan for 90-days
Even though it might feel good to buy a home in Belize, that doesn’t mean the process is quick. From the beginning to the end, the process can sometimes take a long time. Plan on it taking up to 90 days for everything to be finalized and done before your property is legally yours. The lands department must be involved if you want a title changed to your name. One of the good things about owning property in Belize is that you can put it in an IBC (International Business Company). When you buy a property that is in an IBC, the transfer can be done quickly, usually within 24 hours.
Investing in Belizean Real Estate
Before starting the journey, you should always ensure you know how it works. In many ways, it is much easier to buy a home in Belize than in other countries. But that doesn’t mean it doesn’t have its hurdles to jump. Make sure you know exactly what you’re supposed to do, and everything should go well.
If you have any questions about investing in Belize Real Estate, please visit Mahogany Bay Belize. They’ll assist you through their blog and you can also contact them.
