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Platinum International Real Estate



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Tips for Buyers

Procedure to Buy Belize Real Estate

  1. First Choose the Platinum International Real Estate Agent you feel comfortable working with.
  2. After your property tours and Careful Consideration choose the property you wish to buy.
  3. Advise your agent you want to make an offer and have your agent assist you in determining the amount to deposit as your earnest money. This value is normally 10% of the value depending on the price of the property.
  4. Assuming the seller signs and accepts your offer, you are then expected to deposit the earnest money with an attorney of your choice for escrow.
  5. The earnest money receipt then gets delivered to both Buyer and Seller.
  6. Buyer has the right to get property inspection and appraisal.
  7. Assuming the Property Inspection and Appraisal passes and no Request for Repair needs to be filed.
  8. Attorney then prepares documents to make a new title or a contract. Before doing this, they search the title for any discrepancies, if any are found they must be straightened out or you receive money back.
  9. Your attorney is there to guarantee your title so be sure to select a reputable attorney who is well versed in Belize Real Estate Laws, or get a recommendation from your agent.
  10. After the title or contract is ready to sign, it will be sent to you by courier or you may be asked to come into the attorney’s office if you are in Belize. You then sign this as directed. It will be sent then to the seller to sign who will return the documents to us all made out to your name.
  11. After receiving the signed documents we will instruct you to pay the balance owing of the contract or cash to the attorney for final escrow deposit.
  12. The Attorney then draws the documents for your property to be recorded.
  13. After Recordation the attorney then handles the disbursement of funds to Seller as well as all documents of title to the Buyer.

Costs of Buying Property in Belize

In the end, Real Estate Buyers in Belize are likely pay about 9 - 10% in closing costs. This costs includes the 1.5% - 2% that Attorneys charge as well as the charge for Stamp Duty or Transfer Tax of 5% (First $10,000 USD Exempt) as well as fees to register the property in your name. Real estate property taxes in Belize are very low compared to many countries in the Caribbean and Central America—about 1.5% of the property’s assessed value, payable annually.

Fees and Taxes Buyers Cost (Rate- %)
Legal fees 1.5% - 2%
Stamp Duty-Transfer Tax 5% (First $10,000 USD Exempt)
Real Estate Property Tax 1.5%
Title insurance 0.5%
  • Other fees (Registration, Wire Fees, Courier Fees, Inspection Fees, Appraisal Fees. etc.)
Approximately $1,500


 

8 Tips to Guide for Your Home Search

  1. Research before you look. Decide what features you most want to have in a home, what location you prefer, and how much you’d be willing to spend each month for housing. Our website offers an extensive list of amazing properties to include homes, condos, land, business, commercial, industrial ,islands and rental properties.
  2. Be realistic. It’s OK to be picky, but don’t be unrealistic with your expectations. There’s no such thing as a perfect home unless you use a professional contractor to build it. Use your list of priorities as a guide to evaluate each property.
  3. Get your finances in order. Review your financial report and be sure you have enough money to cover your down payment and closing costs. Then, talk to a lender and get prequalified for a mortgage. This will save you the heartache later of falling in love with a house you can’t afford. If you are purchasing using alternative financing or cash be prepared to provide your financial statement or letter from your financial institution as proof of funds.
  4. Don’t ask too many people for opinions. It will drive you crazy. Select one or two people to turn to if you feel you need a second opinion, but be ready to make the final decision on your own.
  5. Decide your moving timeline. When is your lease up or when do you really need to move in? Are you allowed to sublet? How tight is the rental market in your area? All of these factors will help you determine when you should move.
  6. Think long term. Are you looking for a starter house with plans to move up in a few years, or do you hope to stay in this home for a longer period? This decision may dictate what type of home you’ll buy as well as the type of mortgage terms that will best suit you.
  7. Insist on a home inspection. If possible, get a warranty from the seller to cover defects for one year.
  8. Get help from a Real Estate Agent. Hire a “Platinum” real estate professional who specializes in buyer representation. Unlike a listing agent, whose first duty is to the seller, a buyer’s representative is working only for you. Buyer’s reps are usually paid out of the seller’s commission payment and that means their services to you are absolutely FREE. Take the Stress Out of Purchasing Real Estate in Belize

Purchasing Real Estate in Belize should be fun, not stressful.

As you look for your dream home, keep in mind these tips for making the process as peaceful as possible.

  1. Find a Platinum International Real Estate agent who you connect with. Home buying is not only a big financial commitment, but also an emotional one. It’s critical that the “Platinum”Real Estate Agent you choose is both highly skilled and a good fit with your personality.
  2. Remember, there is no “right” time to buy, just as there is no perfect time to sell. If you find a home now, don’t try to second-guess interest rates or the housing market by waiting longer — you risk losing out on the home of your dreams. The housing market usually doesn’t change fast enough to make that much difference in price and a good home won’t stay on the market long.
  3. Don’t ask for too many opinions. It is natural to want reassurance for such a big decision, but too many ideas from too many people will make it much harder to make a decision. Focus on the wants and needs of your immediate family — the people who will be living in the home.
  4. Accept that no house is ever perfect. If it is in the right location, the yard may be a bit smaller than you had hoped. The kitchen may be perfect, but the roof needs repair. Make a list of your top priorities and focus in on things that are most important to you. Let the minor ones go.
  5. Don’t try to be a killer negotiator. Leave the negotiating to your skilled Platinum International Real Estate Agents. Negotiation is definitely a part of the real estate process in Belize, but trying to “win” by getting an extra-low price or by refusing to budge on your offer may cost you the home you love. Remember negotiation is give and take.
  6. Remember your home doesn’t exist in a vacuum. Don’t get so caught up in the physical aspects of the house itself — room size, kitchen, etc. — that you forget about important issues as noise level, location to amenities, and other aspects that also have a big impact on your quality of life.
  7. Plan ahead. Don’t wait until you’ve found a home and made an offer to get approved for a mortgage, investigate home insurance, and consider a schedule for moving. Presenting an offer contingent on a lot of unresolved issues will make your bid much less attractive to sellers.
  8. Factor in maintenance and repair costs in your post-home buying budget. Even if you buy a new home, there will be costs. Don’t leave yourself short and let your home deteriorate.
  9. Accept that a little buyer’s remorse is inevitable and will probably pass. Buying a home, especially for the first time, is a big financial commitment. But it also yields big benefits. Don’t lose sight of why you wanted to buy a home and what made you fall in love with the property you purchased.
  10. Choose a home first because you love it; then think about appreciation. While homes have appreciated annually and in some locations most recently depreciated , a home’s most important role is to serve as a comfortable, safe place to live.

5 Common First Time Home Buyer Mistakes in Belize 

  1. At Platinum International Real Estate we have come to realize that Home Buyers don’t ask enough questions of their real estate agent and lender and end up missing out on the best deal.
  2. Home Buyers don’t act quickly enough to make a decision and someone else buys the house that they were interested in.
  3. Home Buyers often times don’t find the right agent who’s knowledgeable and willing to help them through the entire home buying process.
  4. Home Buyers don’t do enough to make their offer look appealing to a seller despite the recommendations of their professional Platinum International Real Estate Agent.
  5. Home Buyers often don’t think about resale value before they buy. The average first-time buyer only stays in a home for about four years.