Article
Belize Condos---Valuable Information for Buyers
For long it was know to the world as British Honduras. But it had jagged up its own identity back in 1973 and determined to write its own destiny. Modern Belize is being marketed as an attractive, high end tourist destination among global travelers and growth in tourism in the country is pushing up the demands for real estate in the country. Since fueled by tourism industry, Belize condos make the most desirable investment property in the country. This rising demands for Belize condos ensure that investors can reap substantial dividends in the medium to long term.
Below you will find a few valuable information about Belize condo market that will help you to take decision prior to buying property.
Belize condos market is in its nascent stage and one of the most interesting features is: most of the units available for sale go unadvertised. In the absence of a strong mechanism of condo marketing and promotion, it is recommended to avail the services of real estate agents. Since there is no fixed qualification or requirement for practicing as real estate broker in Belize, the prospective buyers should be cautious before working with just any realtor. For the overseas buyers, the best policy would be to go by personal recommendation for finding agent or lawyer.
One of the most advantageous aspects of buying Belize condos is: there are few restrictions for overseas buyers. Any one can buy and own Belize condos. A foreigner and a citizen alike enjoy the same rights with regard to buying and owning properties. No special permits are required to own Belize condos. However, the only restrictions for overseas buyers relate to the buying properties in the islands and some of the Cayes. In these cases, the prospective buyer has to obtain government approval from the Ministry of Natural Resources or the local council.
The legal system in Belize is based on British common law and this makes the condo buying process smooth and reasonably transparent. It normally does not take more than 90 days to complete the entire transaction. All these factors make Belize condos even more attractive in the eyes of overseas buyers. However, even then it is recommended that the foreign buyers should seek independent legal assistance throughout the purchase process to safeguard their best interests.
The greatest advantage of being an immature market is: property prices are still at the lower end. On the flipside, there is no uniform price structure for similar Belize condos. This necessitates a good deal of shopping around. In addition to that you have to be a good negotiator to strike the best deal. Just like the markets in the neighboring countries, in Belize condos market you will find two prices of the properties---one for the local buyers, one for the foreigners.
However, the buyers requiring finance for buying Belize condos, are advised to obtain a mortgage outside of the country as it is difficult for the over seas buyers to secure a mortgage from local banks. It is common for the overseas buyers to pay in cash and make sure you have to pay lowest price at your unit. You can also obtain owner financing for buying Belize condos. The condo owners in various parts of Belize offer financing commonly with around 20 percent down.
- Go back
Sign up now to learn about new condo developments and investment opportunities.
