The Most Underrated Companies to Follow in the Ambergris Caye Real Estate Industry

Belize is a great place for property investment, with no capital gains tax to pay on any profits you make, and property prices increasing year on year. If you're interested in buying a piece of land or a property in this beautiful country, there are some hoops you'll need to jump through, as well as some regulations and costs that you should be aware of. But, overall, the process is reassuringly simple. ™

Here are the main aspects of buying real estate in Belize that you'll want to consider.

What is the cost of property in Belize?

Property prices vary in Belize. You'll notice that modern apartment developments can cost the same as something similar in the States, whereas buying up plots of land can yield a bargain. Property on the waterfront and in areas that are popular with tourists will usually make for the best investment and are likely to rent out quickly if you decide to go that route.

How can I find a property in Belize?

When you're looking for property, Ambergris Caye Real Estate it's easy to be swept up in the excitement of a prospective new home or investment. But be sure to check the credentials of your real estate agent. They are probably legit, but it's better to be safe than sorry, because - like everywhere - there are scammers operating.

The best ways to search for your dream property are:

- Check with reputable real estate agents about properties they currently have available.

- Use online property sites.

- Ask around - word of mouth can be a great way to learn about properties that are on the market.

Although you don't need to be in Belize to close on a property, it's recommended that you view it at least once before proceeding with the purchase.

What are the legal considerations of buying property in Belize?

There's plenty of great news about buying property in Belize, and these are some of the reasons why Belize property is so popular with ex-pats.

For instance:

- As a foreigner, you'll have the same rights to own property as a native Belizean.

- Purchasing property doesn't require any complicated additional steps - it's just as easy as buying property in the States.

- The documentation will all be in English because that's Belize's primary language.

- The land tax is only 1-1.5% of the property's value, a bargain compared to many other countries.

However, you should make sure, before you complete the purchase of any property, that you:

- Budget for the Government Land Transfer Tax of 5% to 8% of the property's value.

- Check that the person selling the property is the legal owner - otherwise, this can cause big problems down the line.

- Check the regulations on the development of any land you intend to purchase because Belize has very strict environmental laws.

- Pay for a property title check, to make sure there aren't any legal disputes attached to it. This shouldn't cost any more than USD$250.

- If you're purchasing a condo, it will be subject to strata titling principles. This gives each unit a freehold title, which is purchased along with the condo.

- Although it will cost extra dollars, do use an accredited attorney and real estate agent to process your transaction, as they will be able to check all the documentation is legally watertight.

How long does it take to purchase property in Belize?

Once you've found your property and have instructed an attorney and real estate agent, the purchasing process shouldn't take too long. Usually, 30 to 90 days is a good ballpark estimate.

And then - the job is done - welcome to property ownership in Belize!

Knowing the answer to these few sub-2 objections will either make you, or cost you tens of thousands of dollars. First, subject-to is the best way to buy property right now and if you're new to the business, a subject-to is when you buy someone's house and take over their monthly payment. However, the loan remains in their name.

So, you are the owner of the property and are on the deed, but the loan is still in the name of John Doe Seller. This is the way that you can buy 20 houses a year, for no-money down because you're simply taking over a payment.

Of course, when you first pitch a subject-to...to a seller they always ask, "how come the loan has to remain in my name, how come you can't get your own loan?" Here's what you tell them: "If our company had to go out and get our own loan we would have very high financing costs and we would not be able to purchase the property at the price agreed upon. We would have to purchase the property at a big discount if our own loan was involved"(Then you give them the low-ball cash offer number).

Since the majority of sub-2 people have very little equity in the property, they can't sell at a big discount and they now understand why we need to take over the payment and have the loan remain in their name.

Another question that very few investors know how to answer is, "what happens to the insurance on my house, if I let you take over my payments." The answer is that you will have the seller cancel their insurance policy and you will be required to get your own insurance on the place because you are the new owner. Also, you need to add the seller as an additional insured on the property since their name is still on the loan for the house. Adding someone as an additional insured should not cost you any money (my insurance company has never charged me a dime to do this).

Lastly, sellers want to know what guarantee they have, that you will make the payments on the house. That's when I point to the "special clause" my lawyer created in my subject-to contract which states if I ever become 30 days past due on a payment the house would automatically revert back to the seller... they love this clause and it makes them feel a lot safer when you buy the house from them.

There are many more scripts you need to know when buying a property sub-2, but these are some of the most common deal killers.