Belize is one of the most promising markets for real estate right now. That largely has to do with the fact that tourism numbers continue to climb steadily, but more and more people are deciding to move to Belize as well. The Belize Tourism Board offers generous incentives to retirees looking to relocate to the country, and that means that there’s still a lot of opportunity for real estate investment. But if you want to make the most of your property, there are a few things you should do. Here’s what you should know before buying real estate in Belize.
Determine the Purpose of Your Property
Are you looking for a property that you can rent out or a house you can renovate and then flip for a profit? Are you looking to stay there in the interim? Figuring out the specific terms of the property you’re looking for is going to be the best way to make sure that your investment is a solid one — and it will help you more easily answer the other questions you need to concern yourself with. Also be sure that you consider that each comes with their own type of additional investments in addition to the cost of the property — whether that be property management and maintenance services, repairs on outstanding issues, or building a property on a vacant lot.
Location is the most important factor to consider when buying a property, but that’s especially true in Belize. It’s safe to assume that rental properties in popular tourist spots like Ambergris Caye are going to continue to bring in tenants (at least during the peak of tourist season), but it’s also a market that has a great deal of competition and prices to match that level of saturation. Property in less developed areas may become cheaper and offer the promise of greater rentals further down the road, but it’s contingent on the future turning out how you hope. But look for properties that offer at least the infrastructure in place so you can count on a decent level of security in your investment.
The process for buying real estate in Belize is pretty straightforward, but you’re still going to want a qualified agent at your side. Look for locals — and particularly look for agencies that have representatives who live in the markets you’re looking to invest in. A local real estate agent will understand the ups and downs of the local market better than anyone — and they’ll be better equipped to understand what the future will look like as well. And since they can offer a ground level view of the situation, you can also depend on them to help you find the right timing for when you should invest in your property.
Be Strategic With Repairs
It’s unusual to invest in a property that’s perfectly ready to go as-is — but even if your property is pristine, chances are that you’ll want to consider some repairs or renovations to help maximize its selling potential. But if you end up shelling out the cash for every repair you’re considering, you’ll likely just end up cutting yourself out of the profit entirely. The kitchen is the room that adds the most value in proportion to investment, so that should be the first place to go if all other things are equal. New fixtures and appliances can make all the difference in the world — but also consider making some alterations to the front and back yard. As the first thing that people see when they come to a property, it’s going to set the attitude of prospective buyers or tenants even before they step through the door.
Think of the Long Term Potential
The housing market in Belize is still growing, and there’s plenty of opportunities to just watch your property grow by just sitting on it for longer. If you really want to maximize that, you can always invest in undeveloped land and wait for its value to appreciate. Even if you’re buying a property as-is, you can generally expect to hold on to it for a while. Make sure to sit down and consider how long you’re willing to hold onto your investment and how much you’re willing to spend on it. Setting the terms for what “big picture” looks like to you will help you keep potential costs in check.
If you’re looking to invest in the Belizean real estate market, there’s no agency better equipped to handle your purchase than Hesed Realty. With years of experience and agents positioned throughout the country, Hesed can provide you with a comprehensive perspective on what the market is really like. Get in touch to learn more about how they can help.