When buying a Belize property all buyers are responsible for paying the Government stamp duty, which is applicable to all land and home transfers. This is a 5% charge on the purchase price with an exemption of the first $10, 000 USD of your purchase. This is the same percentage paid by Belizeans and foreigners alike.

In some cases there may be additional costs and would be based on your purchase transactions and required needs.

How does buying your new property works in Belize?

1.    Deposit/Earnest Money – normally 10% of your purchase price or less based on the purchase value of the property.

2.    Stamp Duty- 5% of the purchase price and payable prior to the transfer of titles. The first 10,000 USD is exempted from tax.

3.    Registration Fee - 15$ BZE for registration of the new titles and payable by the buyer to the GOB. Also included in your privileges when employing Arabella Chambers Limited to represent you as your buyer Agent/Broker.

4.    Closing Costs – In our duty to provide you with all required services related with your purchase. Our brokerage will carry through the followings for you

a)    Carrying out of title search

b)    Preparation of transfer of documents

c)    Follow through all steps of the transfer process

d)    Ensure that the correct amount of government “stamp duty” is assessed

e)    Payment of the registration fee

f)     Provision of your title under the new owner’s name,

g)    And guide you in following responsibilities you will have to yearly schedule as new property owners. Ex: yearly due property tax payment date and/or where you should ensure that your new ownership is registered and know by the municipalities.

5.    Bank Charges - In the event that funds be wired into the firm escrow account. An Additional charge for the receipt of your sent funds will be applicable and provided to you by your agent.

6.    Express Mail – The buyers requiring that legal contracts, titles and/or any important documents be shipped to their residing address, if outside of Belize,  are responsible to pay the shipping cost involved and which are based on their locations and costs charged by  the carrier.

Buying Tips

By Alexia Malo

Have you spent endless hours searching the web in hope to find clear answers about living, relocating, buying or working in Belize?  Well, if you have answered yes! Maybe this post will be refreshing to you and time well invested. 

Welcome! My name is Alexia and the Cayo district is where we chose to relocate our family years ago. Now, that I am an active community member and business owner in Belize.

I know that we made the right choice for our family. 

Today, as a result I chose to share my tips and lived experiences to help anyone seeking the real deals and information about investing in Belize. My main goal, help you make that big move and purchase, a successful and enjoyable experience for the whole family.

I strongly believe that once you arm yourself with the right tools and professionals. You’ll save time, money, and be ready to act by knowing exactly which property or parts of Belize are just right for you. After that, all that you’ll have to do is start living that Belizean dream.

 Having gone through the process of relocating and searching for our own home, we ourselves came across many frightening articles on the web at times, prior to relocating. There are many positive and transparent articles about living, relocating and investing in Belize. However, it seems that finding the horror stories are what one may find more rapidly when typing BELIZE in the search box, and the reason why you are now reading my post.  So, let’s start by Why Cayo?

If you prefer Hills over beaches, Cayo is the district of choice. With its wide-open spaces, wilderness, unspoiled landscapes offering so many different terrains as well as many cities and villages to choose from. There is a property and a lifestyle for anyone and everyone preferences. We ourselves settle in the Unitedville village due to its diversity in scenery, easy access to three major cities (San Ignacio, Belmopan and Spanish Lookout); many village commodities, gorgeous countryside settings - that I felt gave me a sense of being at home in the Canadian countryside’s, the many friendly people and lower living cost that are attributed to living within villages of Belize.

 Now, is Cayo for you? Here are some questions I believe will help you decide if Cayo as a district, its cities or villages would be where you could feel at Home. The answers to these questions could make a big difference in your home buying and relocation decisions.

First, do the properties that you are considering fit your daily habits and lifestyles? What I mean by that is are these properties located in the right districts and neighbourhoods? Do they answers or provide too your daily lifestyle? Some of you might say No, but that is why I am seeking a change. But the truth being told, certain of your daily habits or needs will continue to be part of your regular lifestyle no matter where you choose to live. Therefore, I suggest that you take the time to so these simple exercises and perhaps these will help you get closer to your goals. No matter if you plan for short or long term? 

Question #1

What are the daily needs, activities and commodities that you and your family members cannot or would not live without?

Exercise: Ask all your family members to individually write their own list of what they could not live without including yourself. Then compare what are the 10 top needs or wants desired by all.

Later on, in the process you will be able to shorten this list to the top 5, if needed.  But keep in mind that in order for these exercises to work, you have to be honest with yourself. It can be as simple as wanting a bakery nearby for your Sunday family brunches. Just let your pen run away on that piece of paper. J

If it is only you and your spouse, this step should be easy. However, I have relocated with my kids and do believe that in order for the whole family to integrate in their new environment, new home, neighbourhood or country. Everyone preferences and needs should be given a voice and attention. -  No matter what age!

And even though it’s only both of you? We all know that she or he has little habits that we cannot ignore but do make us individually happy. – So, IMPORTANT!

Question#2

What are the needs, activities, commodities you would be willing to enjoy less often, if not completely discard from your current habits?

Repeat the same process as step 1. Make a list and then evaluate what are the preferences you may have in common. What are your family’s desires that may required comprise from your part? Not everyone may want a drastic change or be willing to let go of needs that you may feel are no longer a necessity in your lifestyle.

Question #3

What are the characteristics your new home, property or neighbourhood should have to be your ideal home site?

Within the Cayo district you will have plenty choices in properties. Are you seeking any of the features listed below?

If yes! Then you’ll need to define them as clearly as you can before you start your property search. Taking the time to do this exercise will save you lots of time when surfing the net, and enable you to directly go to the listings fitting at least 80% your wish list. Now, contacting an Agent with these clear guidelines will place both of you on the route to real results.

Now, what are you seeking? Remember these should be a YES or NO answer.

·         River or creek frontage, Is it a most have?

·         Hill, Valley, or Mountain views or all of them?

·         Proximity to highways and major cities?

·         Within the city, jungle or country sides of the villages? 

·         Electricity & Water: How important is the access to these infrastructures to you? Remember, that the idea of owning 20, 30, 50 acres of land at a great price may sound good now. But, if this property is located 1, 3, 5 miles or more away from the existing mains, this may become costly. As well as some other alternatives available on the market, if not prepared. For example, solar systems have been a popular choice by many. However, the long term costs in battery maintenance have proven to also be costly for certain homeowners. What can you afford or live with on a short and long term?

·         Do you want to live within a developed community providing additional services, amenities that can provide and relieve you from all stress?

·         Do you want to build your home or buy already built?  Be aware that home evaluation is not a customary step, practiced by all in Belize. Therefore, I would recommend that if you’re planning on buying already built? Either 1) enlist the services of a professional to give you a clear report on the current state of the building or 2) reserve a portion of your budgeted purchase cost. Because there will be repairs needed and/or modifications to make on your new home. Who wants unwanted surprise?

·         How much land is enough?  Keep in mind that the bigger the land, the bigger will be the work load to maintain it, and this also mean more expenses to your living costs. Are you ok with high property maintenance? Maybe today you fill up to it but this is one of the major factors as why many owners are today listing their properties for sale.  Also, during the rainy season cutting that grass will keep you busy, I can guarantee!  So, if you’re not planning on keeping that busy. J  Can you financially support a staff? The maintenance costs for the equipment needed or supplies?  Yes! Labour costs in Belize are lower if compared to the States and Canada minimum wages. However, months go by quickly here too. So will the growth of your grass. If unprepared, it could become straining on your budgeted living costs and your plans of a laid-back lifestyle.                                           

Now, let’s say that you decide to purchase a large parcel. What are you planning to do with it? Develop, subdivide, speculate or simply clear a small portion of it to build a home. These are also important and remember if you have said yes, to any of these plans. I strongly recommend that you seek out further the costs it would involve prior to making your purchase. I make no reservations he saying it as it is when discussing relocation and living in Belize. The truth being told, one of the biggest mistake people have made when relocating was to fall for the misconception that “Belize living is CHEAP!”  Big boo-boo!!!

These words need to be taken with diligence and not literally. Do your homework carefully, and a good professional in the industry will and should be able to assist you with the average costs you may incur for your relocation and home buying plans.

 A good professional will be able to help you evaluate, if you are thinking of buying the right property and concentrate his/her search on the ones that fit you perfectly.  After all, it should never be about a sale. For me, it’s always been about the people that will occupy a home or live on the property. What are their hobbies, their needs, their lifestyles, their goals and dreams?

Finally, here are some additional tips you should consider as well.

Tip#1 

What do you need and what can you afford in Belize?

Living within a village does offer lower living costs than living within a major city. However, it may also have disadvantages such as not having access to some 21st century commodities. Are you willing or financially capable of having to purchase perhaps a satellite dish in order to have internet access at home, or is an Internet café just fine for you? Is there one, where you’re planning to move too?

Tip #2

Remember that any privilege as a cost and doing your homework prior to relocating or making your real estate purchase will save you lots of money, frustrations and unwanted surprises in the end.

There are many factors that need attention, however with my years of experience in the industry and living in the country. I feel that some major influential points are not being shared or discussed enough. What matters to me is that whatever your needs or choice in the end. You have the tools and correct information to make an informed decision and the right purchase that fits you from A-Z.

Tip#3

Keep in mind that a “Deal” is only a bargain when it fit your daily needs, your short and long term budget and specific goals. Otherwise, it could easily become a stressful experience that would only leave you with a bitter taste and extra financial hassled.

Thank you for your valuable time! I hope these tips, facts and exercises were of help to some of you out there speculating on the idea of living the Belizean dream. J  

If you would like to discuss further some of my tips you can easily reach me at alexia@arabellachambers.org I am an email away and always ready to help.

Looking forward to sharing many more tips with you!