How to Buy a Home in Belize

Buying a home in Belize can be an exciting prospect for expats. The country's natural beauty, warm climate, and friendly locals make it an attractive destination. However, the process of buying property in a foreign country can be complex and challenging. This guide aims to provide expats with a comprehensive understanding of the process, from finding a property to closing the deal. It will cover key topics such as finding houses for sale, understanding property ownership restrictions for foreigners, understanding the role of brokers and lawyers, and more.

How Do I Find Houses for Sale in Belize?

There isn't a centralized MLS (Multiple Listing Service) system in Belize, which can make finding properties for sale a bit challenging. However, there are several online real estate portals and websites where properties are listed. Local newspapers and real estate agencies are also good sources of information. It's advisable to work with a reputable real estate agent who is familiar with the local market and can guide you through the process.

Are There Restrictions on Foreigners Owning Property in Belize?

Foreigners can own property in Belize without any major restrictions. The Belize government allows foreigners to buy and hold land in their own name, and there are no special permits or qualifications required. However, foreigners are not allowed to own land within designated areas such as national parks, monuments, and certain coastal and island areas. It's always advisable to consult with a local attorney to ensure you're complying with all local laws and regulations.

Do Brokers Have Licenses and How Do I Know if They Are Licensed?

Yes, real estate brokers in Belize are required to be licensed. The Belize Real Estate Brokers Association (BREBA) is the governing body that issues licenses to brokers. You can verify a broker's license by checking with BREBA. It's important to work with a licensed broker to ensure that all transactions are conducted legally and ethically.

What Documents Are Required When Buying a Home?

When buying a home in Belize, you'll need to provide several documents. These include a copy of your passport, a police record, a bank reference letter, and proof of financial capability. You'll also need to sign a Purchase Agreement, which outlines the terms and conditions of the sale. Once the agreement is signed and the deposit is paid, the seller's attorney will prepare the Deed of Conveyance to transfer ownership to the buyer.

Do I Need a Lawyer When Buying a Home in Belize?

Yes, it's highly recommended to hire a lawyer when buying property in Belize. A lawyer can help you navigate the legal complexities of the process, ensure that all documents are in order, and protect your interests. The cost of hiring a lawyer can vary, but it's typically around 2% of the property's purchase price.

Do People Typically Buy a Property with All Cash or Take Out a Mortgage?

Both options are common in Belize. Some buyers choose to pay in cash, while others prefer to finance their purchase with a mortgage. Belizean banks do offer mortgages to foreigners, but the interest rates are typically higher than in the U.S. or Europe. It's important to carefully consider your financial situation and consult with a financial advisor before making a decision.

Are There Inspections That Take Place, and If So What Is That Process Like?

Yes, property inspections are a common part of the home buying process in Belize. A professional inspector will examine the property for any potential issues, such as structural damage, plumbing or electrical problems, and pest infestations. The buyer is typically responsible for arranging and paying for the inspection. The results of the inspection can influence the final purchase price and terms of the sale.

What Are Some of the Pitfalls to Avoid When Buying Property in Belize?

One of the biggest pitfalls to avoid when buying property in Belize is not doing thorough due diligence. This includes verifying the property's title, ensuring there are no liens or encumbrances, and checking the property's boundaries. It's also important to be aware of potential scams and to work with reputable professionals. Lastly, understanding the local culture and customs can help avoid misunderstandings and ensure a smooth transaction.

Expats Talk about Real Estate in Belize

"The best advice I got with regard to what you need to know before moving to Belize is this: Belizean people have no interest in becoming another country. If you come over and try to tell them how much better things are in the country you came from, they will listen politely and then recommend you go back there and enjoy those things. Remember, you are a guest in this beautiful country. Be polite, respectful, honor their culture and traditions, and do your best to adapt to their way of life," said one expat living in Belize.

"Finding a property close to the water can mean the Sea or one of the many Rivers in Belize. Near the sea can be difficult to find a tranquil property, but along the rivers, you can find solitude and a wide array of wildlife just outside your doors. A boat can usually take you to the sea for occasional outings and there is less danger of hurricane damage. If you want a slip at your residence, you might have better luck looking along one of the many rivers that open to the sea. You might want to look in Stann Creek, along the Sittee River. Good luck finding your perfect spot," wrote a member in Belize.

"Look for a place where you don't necessarily need a vehicle. Gas is expensive here. Rely on local transportation as much as you can. We bought a Chinese made truck (diesel) here. Not 4WD but a truck. We live in the Cayo, between San Ignacio and Spanish Lookout. Lots of unpaved country roads, hence the truck. Diesel is a bit over $6 USD/gallon," commented one expat who made the move to Belize.

"Here's your best advice: No one can tell you what is right for you. The very simple answer is this - 1) come here and rent for 6 months. - you can always buy a ticket back in 2 months if you don't like it (yes, you would lose a little money, but not your life savings). It would be a vacation 2) While here, live as if you are living here full-time (in other words, you're not on an extended vacation, going out every night, etc. - go to the grocery store, the pharmacy, etc so you get a good "realistic feel" 3) Look around at properties to RENT (Don't buy yet). If you decide you want to stay, RENT A ONE YEAR LONG TERM 4) Go back home for AT LEAST 2 months (even if you rent for one year) - clear your head. Don't get a false "Fantasy island / dream life" in your head. Focus on the difference of places and then decide during your year here what you want to do for "life decisions" I always advise: "wade into the pool, don;t jump in the deep end". I've seen hundreds of people lose their life savings by making bad choices (apparently they have never been to another country, never traveled, maybe never seen the Caribbean Sea) and they turn into five year olds, make spontaneous, bad decision and ruin their lives (divorce, bankruptcy, etc.) - "Wade into the pool" The worst case in my advice is you lose a few thousand dollars and you have "a good cocktail party" story. In 6 months you will know whether it's for you , or not and whether you want to proceed," remarked one expat living in San Pedro.

"Get a long term rental so you have plenty of time to check out properties, locations, and prices. It's helpful to talk to other foreigners who have moved also," commented one expat living in Sittee River, Belize.

"I strongly recommend handling any land purchases through a Belizean law firm, to make sure the property title is free & clear, that the owner is up to date on taxes, etc. The cost of an attorney’s services is well worth the peace of mind! I made an $120k mistake by skipping this crucial step! Also, make sure the property has easy access/egress, and basic infrastructure (electricity, water, drainage.) Ask people in the area what it’s like during various seasons (dry/rainy.) Ask them where they shop for various items and where they go if they need a doctor or dentist. Based on what type vehicle you own, the distance to stores, etc. can be critical. There are tons of gorgeous properties available in Belize. Good luck," mentioned one expat living in Belize.

"Also be aware when buying a home, realtors can work for the buyer and seller so I don’t see in this case how they would chose which one to work for in their best interests. Also sellers are not legally obliged to tell you of any issues with the home so do a proper inspection before buying. Only the newer houses are built to American standards but of course they will cost more," said an expat in Belize.

"The Caribbean is great (and inland is also very nice), but I would be very wary of "investment opportunities." In Belize, it is easy to buy, but MUCH harder to sell. There is always a consortium planning an " ideal" development that never seems to come to fruition. I have been watching the 4Sale signs from one guy that have been up from before I moved here... 7 years ago," remarked one member living in Belize.

"No, I don't believe so. Belize is a welcoming country...at least where we live anyway," commented one expat living in Sittee River, Belize.

" Keep in mind that there is no comprehensive “MLS” system in Belize. So when searching for properties, you have to contact all the local real estate offices to see what properties they have listed. Make a list of all the real estate offices and any of the properties you are interested in that are listed through each office. Then contact a realtor from each office to give you the info on the listings you like. In the end, I used one realtor to represent me, but I had to do all the digging within each office’s listings to find the properties I wanted to make offers on. Don’t expect one realtor to expose you to any and all available properties that meet your needs. It just doesn’t happen. Someday soon I hope Belize gets their sh*t together and starts to use a full MLS system where the buyer can view ALL available properties online," commented one member living in Belize.