Top 5 Questions to Ask When Buying Real Estate in Belize
Posted by David Kafka on 06/02/2021 10:23 AM
With our exclusive relationship with realtor.com/international and other websites, we receive a large number of leads every day. Many leads are the same person messaging four or five different realtors in the same area. In North America, we use one agent, and they show you all the properties you want.
Belize is no different.
My suggestion is to look at the properties, but then pick a good agent to work with. My mentors always say to use “education for effective action”.
We adopted this saying because although you’re buying in a foreign country, buying in Belize does not have to be a foreign experience. Our company’s philosophy is educating you first about the country and buying process, then uncovering your needs, wants, desires and goals (NWDG).
Belize is an awesome and very busy market. 2020 started out to be one of our best years, and then COVID happened, but we still finished strong!
Starting in October 2020 when the airport reopened, we’ve been working nonstop to find our clients the perfect slice of real estate paradise in Belize. It is crazy busy, and my team and I are loving every minute of it! Belize is an easy market to buy but a little harder to liquidate, so, you’ll want to make sure you’re educated and very upfront with what your NWDGs are.
I belong to three real estate associations: The Association of Real Estate Brokers of Belize (AREBB) and Belize National Association of Real Estate (BNAR), as well as, The National Association of Realtors (NAR).
I encourage my agents to join at least one of these as well.
One of the associations, BNAR, just had an annual general meeting where we discussed legislation and some of the problems we are facing with the Lands Department.
For example, how long it takes to get new titles, excessive stamp reassessments, and approval from Central Bank to send money to sellers and other topics. Our conversations will continue, but we are closer to pushing through some much-needed legislation.
Did you know there is no training or licensing requirements to sell real estate in Belize? This is why it’s so important to educate yourself on the process and then team up with the right agent.
How do you know you are working with the right realtor?
You only need to work with one realtor in Belize (if it’s the right one). Belize is a small country, and your reputation is everything. So check out the agents’ and company’s reputations. Get referrals from others in Belize and your real estate agent where you currently live.
One of the big advantages of working with a branded company like RE/MAX is that we have over 100,000 agents worldwide. I get referrals from all branded companies but mostly RE/MAX and other associations.
Forbes Magazine published an article with questions you should ask your realtor. Here are additional questions you’ll want to consider for the Belize market:
If you have questions about buying property, book a free consultation call with me, and I’ll answer your questions directly.
If you pick the right property and real estate agent, buying a property in Belize should be fun, exciting, and a great investment!
Happy hunting and until next week...stay safe!