Real Estate in Belize
Real estate in Belize is relatively cheap and most of the beachside homes have to be built on stilts to compensate for the frequent flood tides which invade the low lying, swampy areas.
Building costs range from $30 - $60 per square foot with cement block being their main construction material and homes are generally built about 2-3 meters off the ground to decrease their chance of flooding along with keeping bugs under control.
You will need to hire someone to keep an eye on your home and belongings when you are gone as theft and vandalism can present a problem, but if you hire a caretaker, this will only cost you around $40 per week.
Basic labor runs between $15 - $35 per day, and technical help is hard to find.
Most of the drinking water in Belize is collected from rain while non potable water comes from wells. Public water systems exist in most of their cities, but on the surrounding islands rain collection provides their water source.
Sewage treatment exists in San Pedro and Belize City while the rest of the country uses septic tanks.
Most of the population of Belize maintains food products in storage for up to 2 weeks due to the Hurricane and storms that frequently occur which can cut off the lower coastal areas and their islands for periods of time.
Although telephones exist in the major population areas, cell phone coverage exists throughout the country.
Land transfer taxes cost 10% of the estimated value for foreigners or foreign corporations and only 5% for Belize citizens with attorney fees being 2% of the sales price.
Municipal land taxes are collected annually and depending if you are in a city, you could be liable to pay up to 8% and for undeveloped land, while 1% is the norm.
Financing is not available to foreigners, although private financing for properties could be arranged depending upon the seller.
A refundable 10% deposit is generally accepted as earnest money for land transactions which is put into an escrow account until the title is checked by a lawyer. Once the property is found to be free of liability, the new title contract is formed and at this time, full payment is received and you will now own your new property in Belize. Land transfer taxes are 10% for foreigners and attorney fees run 2% of the registered property value. Attorneys must guarantee all title transfers and deeds in which they are commissioned and duly recorded in the Belize Property Registry.
Insurance for homes cost around $20 per $1,000 of the policy being written which also includes Hurricane and Flood coverage.
Belize has a safe political environment with trouble free elections, but their economy is closely linked to the American Dollar which should be closely monitored as the American economy is now under pressure and this could affect your investment dollars within the Country.
If you are a permanent resident, you can lease land from the Belize government for under $20 a year and once you begin to develop your property, you can purchase the land from the government for around $250. With much more land than population, the government of Belize is willing to basically give away the land to those people who will cultivate or make something out of this land.
Belize Real Estate Agents
Caribbean Real Estate Property Consultants - Belize Real Estate Property Consultants: Specializing in Belize property for sale, Belize beachfront property for sale, Belize oceanfront property for sale, Belize riverfront property for sale, and Belize investment property for sale, both in Belize and throughout the Caribbean.
Sirena del Mar Belize real estate company offers the widest selection of Belize real estate listings in Caye Caulker.
Vista Real Estate Belize City realty and property specialist offering land, residential, commercial, office and industrial real estate brokerage firm (sales & rentals), and property valuation, research, marketing and consultation, investment analysis, retirement planning and property management services.
Southern Belize Real Estate specializes in affordable, surveyed and titled properties, For Sale by Owner properties in Southern Belize, south to the Western Mayan Mountains. From remote stretches of beach front to offshore islands to undeveloped farm lands. We locate properties priced below current market value.