One of the essential attractions in Belize for expatriates and retirees is the relatively low-cost property and housing. You can indeed spend a lot to buy luxury North American-style development. However, you can still purchase land at prices unheard of in the U.S. and find a lovely rental house for as low as US$200 in certain areas. You can rent a house for as little as $200 per month.
There are many scams in Belize, as they do anywhere else. Do not listen to any real estate broker, attorney, or the person presenting a high-pressure pitch. It would be best if you Belize Real Estate were not afraid of taking your time or walking away from any real estate transaction. Don’t let the agent’s name influence you. Most Belizean real estate agents are immigrants from North America who have taken over the business of Belizeans. People who look and speak like you may feel more at home with someone from your country.
A licensed Belize agent or an ethical attorney should do real estate land transactions. A Title Search must be conducted at the Government Land Registry to verify that your real estate is free from liens, judgments, and encumbrances. A local attorney can perform a title search for you at no cost. It should not cost more than $250.
It is possible to avoid being ripped off and to get a better price by finding the owner of your property and cutting out the middleman – a real estate agent. This can be done by visiting the property, talking to neighbors, and possibly being aided by your taxi driver. Hire a Belize attorney or professional to conduct the title search, negotiate with the owner and then purchase the property directly from him. Crooked attorneys are familiar in Belize, as with all professions. The same goes for dishonest brokers in real estate, especially luxury ones. Ask around for recommendations. A local attorney will charge between 2 and 5% for property purchase. Real estate agents will charge higher commissions and work for more money than the owner.
Title Free and Clear is the preferred method of owning real property. You can do this either as an individual or through a company. You can mortgage the property with a bank, credit union, or other financial institution. Clear and Free titles are available for condominiums and land. A “Strata title” is used to buy condominiums. It is easy to purchase a property. Usually, it takes 30 to 90 days for the process to be completed.
Chapter 196 of The Laws of Belize, the Strata Titles Registration Act, governs the issuance of condominium titles in Belize. This act allows developers to create condominium developments in Belize and issue freehold titles to each unit. Contrary to other Caribbean countries, condominiums are not high-rise, multi-story towers used by nationals for their principal residence. Instead, they tend to be modest, two- to four-story buildings used by vacationing residents. The idea combines the benefits of cooperative apartment life with those of home ownership. These strata developments are found on the island of San Pedro Ambergris Caye. Hopkins, and Placencia.