Let us create a 3d Digital eBook for you! DigyCat.com
|
||
|
||
|
Real Estate Information | Let us create a 3d Digital eBook for you! DigyCat.com |
|
|
|
Afford A Dream Home In Belize
Shopping for property in Belize is not as simple an undertaking as you might initially expect! Firstly, real estate agents as we know them are non existent! Real estate brokers that do exist are likely to be unlicensed, unregulated and certainly not trained or insured. Secondly, the majority (and I mean the majority) of property for sale is not advertised! But with property prices remaining affordable, the quality of property available attractive, the climate beautiful, the people welcoming, the quality of life incredible and the opportunities in Belize plentiful, more and more people need to know HOW they can go about procuring themselves their dream home in Belize. This article should cover the tips, tricks and important points for your consideration, and go some way to helping you locate and purchase your ideal piece of Belizean real estate! Part One: House Hunting. As mentioned, many properties that are for sale often go totally unadvertised. Sure, there are the occasional adverts in the San Pedro Sun or in the Belize City newspapers and some estate agents exist who keep up to date listings - either available upon request of via their internet sites - but seriously, the majority of properties that are for sale are not advertised - and I'm talking at least three quarters. The only way to find out what's really available is to travel to Belize and spend time there among the local people and the expats. You see, properties that are for sale are generally put up by their owners and they often choose to skip the middle man - the real estate broker. Therefore, with no brokers and no signs, the only way you'll learn about what's on the market is to get to know the local people and expats in the particular areas that you're interested in, and via word of mouth you'll begin to hear about what's really available. As soon as word gets out that you're in the market, chances are you'll be inundated and have more properties and deals to choose from that you can cope with! Be prepared and don't agree to the very first opportunity presented to you! Part Two: Real Estate Brokers. Because anyone in Belize can be a real estate broker the quality you come across will vary immensely! So please be careful - to become an estate agent there is no license needed, no insurance necessary, no experience or training required: therefore what you will find on the whole are expats, hoteliers, shop owners and taxi drivers as estate agents on the side. Yes there ARE some professional agents who are honest and knowledgeable and whose agency businesses are legitimate, but there are also those out to make a quick killing selling anything and everything to unsuspecting tourists. Listen to the experiences of others and if someone is recommended to you by a trusted adviser then all the better. If you do purchase via an agent, commissions in Belize are typically 7% on residential property, and about 10% on land deals - chargeable to the vendor: and in some cases you as the purchaser may be charged for viewing property if it is remote and requires travel expense outlay. Make sure you're aware of any such charges that you may be liable for from the outset. Part Three: Property Prices. Despite a steady 20 year appreciation in real estate prices in Belize, property remains attractively priced - especially when comparing prices for similar real estate on sale in America or Western Europe. There are still bargains plentifully available in this beautiful Central American country. But it isn't so much what you know as who you know when it comes to getting the best deal for your money. There is a commonly held sentiment among the expat community in Belize - something along the lines of "the second house you buy or rent is twice as large as the first and costs half as much" - so don't part with any money until you are totally sure you know what you're doing! Be prepared to spend time in Belize and be prepared to invest time in getting to know and making friends with the local people, any influential lawyers and business people and also the local expat community. It is through these people that you will find the best real estate at the best prices. Another point worth considering is that Belize is a country where there are two prices - the local price and the foreigner price. Yes, from an expat's point of view this is unfair. But from a local's point of view the 'rich' foreigner who gets paid far more for his work in his country than a Belizean in Belize for the same work can simply afford to pay the higher price. A way around this is to ask a Belizean friend to ask the price and do negotiating for you! Simple! And yes, negotiation is key - property prices vary massively from region to region and city to city and vendor to vendor. There isn't really a set valuation structure on which someone can base the price of a property or piece of land. This means that it is hard to say exactly how much real estate is worth and how much property prices have actually risen over the last few years. It is harder still to say what a property investor in Belize could expect year on year in terms of the appreciation of any real estate asset. So much so that the saying "you almost always make your money when you buy, not when you sell" goes doubly in Belize. As a very general guide to property prices they are highest in Belize City, on Ambergris Caye and in Placencia, and lowest in the remotest most rural areas. House prices go from USD 15,000 for a basic traditional home in a small undeveloped village to USD 500,000 and upwards for luxury beach front villas in San Pedro say. Any agent or vendor you speak to is likely to talk up the potential returns on an investment in property or land in Belize - this is only natural! But what you need to consider is that: - a) the economy of this country is linked to the US economy andb) the time it takes to sell a property in Belize can be very long and drawn out (I'm talking years not weeks or months) - which is something you must bear in mind when considering purchasing a property you may one day want/need to re-sell This shouldn't necessarily put you off - after all you can still buy far more for your dollar in Belize than you can in the US, UK, Mediterranean region or Western Europe - but it is important to have a realistic overview of the property market in any country you are considering investing in or relocating to. That way you enter with your eyes wide open?it's always better to be a savvy buyer! Part Four: Foreign Ownership. The Belize authorities are open to foreign investment and actually welcome it which means they impose very few restrictions when it comes to foreign ownership of immovable property in their country. In Belize it is even possible for non-nationals to freely purchase prime beachfront property. There used to be a license requirement for a foreigner to buy land over 10 acres or 1/2 an acre in a major town or city but this requirement has been revoked. The only rules and restrictions are: - Foreign purchase of any island has to have Government approval via the Ministry of Natural Resources. In certain protected coastal and caye areas purchase of land and property by non-locals has to be approved by the local village council. Part Five: Legal and Financial Considerations. I always suggest people seek qualified legal advice when it comes to such a large and far reaching undertaking as purchasing real estate! Belize is no exception! In fact, in Belize lawyers are usually considered to be trusted, well-connected, pillars of the community with real power! And their fees are usually in the region of 2 percent of the purchase price?this should cover title searches and the drawing up of transfer documents. In terms of affording your real estate dream - the onus is going to be on you! It is extremely difficult for non-residents to get mortgages from banks in Belize therefore most purchasers are in the position to pay in cash for their purchase or they have finance from a non-Belizean financial source. However, some new developments are springing up with mortgages attached by the developer - property developers are usually the first to be aware of a potentially untapped market. Basically terms currently are available to purchasers of such properties are: -The developer retains the title to the property until the purchaser has paid in full for the property.The purchaser makes a 10% down payment with the remainder being paid back over 10 years at 10% simple interest per annum. Terms will of course vary from this to say 50% down up front and the remainder payable over three to five years at 12 -15% interest. Be aware however that the best prices will be for cash deals. You'll need to factor in an additional 12 - 15% on top of the purchase price for fees and costs. You have the land title transfer fee which is also known as "stamp tax." This is 5% compulsory for every purchaser regardless of nationality, with an extra 5% payable by non Belizean nationals - making 10% in total. This is apparently being increased to 12% in the near future. If you have become a Belizean resident via the Qualified Retired Persons Incentive Program you are exempt from the second 5% stamp tax for non-citizens. Then you should have your lawyer's fee which will be around 2% of the purchase price. Finally you'll have property taxes which actually vary from area to area based on the type of land or property purchased. Generally expect to have to pay around 1% annually of the value of the undeveloped land?but speak to your lawyer for more exact figures pertinent to the property or land you are interested in purchasing. Rhiannon Williamson is the publisher of http://www.shelteroffshore.com/ - the online resource that guides you to a low tax, dream overseas lifestyle! Shelter Offshore features three main channels - offshore investment, property investment abroad and overseas lifestyle. Rhiannon Williamson is also the author of 'The Offshore Advantage' http://www.shelteroffshore.com/index.php/shelter/offshore_advantage/ which teaches readers how to build secure wealth using their secret offshore advantage.
MORE RESOURCES: Real Estate - Google News Rogue Valley Commercial Real Estate In Upswing - KDRV
Real estate market likely to see an increase in M&A activity - China Daily
Real estate developer says he plans to make cash bid for Philadelphia's 2 ... - Washington Post
UAE Banks Dip Back Into Real Estate - Wall Street Journal
Real estate market rebounding - Park Record
Alexandria Real Estate Q4 FFO Rises - Quick Facts - NASDAQ
Real Estate Weekly- What is a 203K Rehab Mortgage Loan? - Ukiah Daily Journal
REAL ESTATE: Refinancing expanding for Fannie/Freddie borrowers - Press-Enterprise
Collins Joins Equity Office Properties in Boston as Regional Director - Citybizlist Real Estate
|
 |
|
|
RELATED ARTICLES
Various Aspects Of The Lease Purchase Business In a previous article, we wrote why we believe that Lease Purchasing is the perfect home-based business, here we want to briefly touch on some of the actual aspects of operating such a business, the pluses and minuses and why Lease Purchasing represents a win-win situation for the seller, the tenant/buyer and just as importantly, you, as the business owner. One of your goals in operating a Lease Purchase business is to contract for property that you then move to the tenant/buyer. Fixing Houses: Mixing Your Own Paint for Savings and Harmony To make the maximum profit on your investment properties, you'll need to save money wherever you can. One way to save significant amounts of money is to mix your own paint. Property Investing Secrets 2 Property Investing Secrets:How You Can Turn A Below Average Deal Into Streams Of IncomeWhen property investing, sometimes you'll get a seller who will say: "Sure, I'm retiring, and I need some cash flow, I need some money but if I deposit it in the bank, I'm not going to get much for it. The property market is falling, there aren't a lot of buyers and they are all beating me up on the price of my house. Real Estate Research By Talking Real estate research might start with a look at the U.S. Foreclosure Home Deals Did you know that you can save tens of thousands of dollars on the purchase of your home by investing in a foreclosure or preforeclosure property? When you are trying to purchase a home for the first time, and you have limited resources and limited funds, it is particularly important that you get the most "bang for your buck".One way for a young family to get the most home for their money is to purchase a "distressed" property. Real Estate, Real Property and Leased Land; Definitions, Discussion and Explanations Delaware, and the rest of the original British Colonies, has some land that is leased rather than owned by the residents of that land. Much of it is not evident to the casual observer. Purchase Your First Home with Confidence If you are making the transition from renter to homeowner, you're not alone. In 2004, 40 percent of homebuyers were purchasing for the first time, according to "The 2004 National Association of REALTORS® Profile of Home Buyers and Sellers. Seven Questions You Should Ask When Buying a Condo Hotel Unit You may have heard all the buzz about the newest type of vacation home investment, condo hotels. These are condominiums located in four- and five-star hotels in cities like Miami, Orlando, Las Vegas and Chicago. San Antonio Texas Real Estate The San Antonio, Texas real estate market is still going strong even after several years of growth.San Antonio ranks as one of the most affordable cities in the nation to purchase a new home. Investing In Land Changing social trends point to a huge rise in demand for housing within the next twenty years.With an ageing population and more single people requiring accommodation, it comes as no surprise that the government has ordered planning authorities to find more land to develop, including areas of greenbelt. Find Bucks in Yucks! 20-Year-Old Woman Turns Doghouses into Dollars! Do you dream of making money in real estate? Do you realize how easy it is to make big bucks? Even a young inexperienced person can transform houses for great profit.How to Fix, Flip, and Laugh All the Way to the BankAt the age of twenty, our family friend Dawn made her first fortune flipping houses by herself. Fraud in Real Estate, Are You Being Victimized? - Part II The phone range and Peter was on the other end of the line. "Willard, I have a friend of mine that has a real estate problem. How Home Buyer Rebates Work In today's tight housing market, many buyers are looking for ways to stretch their dollars far enough to make that dream home a reality. One little-known strategy that's gaining popularity with consumers is the home buyer rebate. Financing Houses What Real Estate Lenders Look ForLenders control many programs -- some make use of over 200! Generally, lenders look for the following typical standards, with many exceptions:1. Absolutely no late mortgage payments2. Buying Outer Banks (OBX) Investment Property So, you're thinking of purchasing a rental property at the beach. Historically, real estate investments have proven to be a wise investment strategy. Market Reaching its Peak I do not profess to "Know" what the real estate market will do in the next year or two, but I would like to share some information with you that might help you in making decisions regarding buying or selling property in today's market. The following information relates to the types of mortgages that are currently being taken out by those who are currently purchasing or refinancing homes. Pricing Your Property A house properly priced is half sold. But there are plenty of ways to price it improperly. Victorian. Modern. Colonial. What's Your Architectural Style? You are attracted to a home for more than its number of bedrooms and square footage. Whether consciously or subconsciously, you are drawn to the individual character of a home. Selling Your Home Yourself - Pricing It Appropriately When you're selling your own property, whether it's a house, townhouse, condo, apartment, a finished lot, raw land, a farm, a ranch, or whatever, the first thing to get right is the price you ask for it. If you work with a broker, the legwork is done for you. Joint Ventures In Real Estate Development; So How Do They Work? There are many reasons why you would consider joining with another person to undertake a development project in Joint Venture. Usually the most basis reason reveolves around something you don't have.
|
|
Looking For Royalty Free Photos for your Website, Business or Advertising?
List4Sale Domain Is For Sale - $10,000 For Enquiries eMail Us © www.List4Sale.biz 2011 |
|
