There are many great opportunities to buy property in Belize, and many of these come hand-in-hand with working alongside a developer. Â Taking this route can be extremely advantageous, and allows individuals to get exactly the property they want, whether theyÂre to live in it themselves or use it as a rental home. Â However, there are some important questions to ask.
First, when investing in Belize, itÂs essential to ensure that the developer holds the full and clear title to the specific property being bought. Â ItÂs best to research this by way of an attorney, whoÂll be able to conduct the correct investigations to ensure that developers actually have the right to develop the land theyÂve purchased.
This is also the ideal time to check that all permits and plans have been approved. Â The last thing investors want to discover is that theyÂve paid out a lot of money for a property that is still going through the planning approval process. Â While this may not seem like a big deal, it can hold developments up for months or even years, tying up peopleÂs cash indefinitely.
Belize is a developing country, and as such, investors need to ensure that the right infrastructure is in place; so that once their property is built theyÂll actually be able to use it comfortably. Factors to consider include local amenities, transportation and the availability of both electricity and water. Â In addition, there needs to be a clear plan for waste disposal. Â Developers will not run all services, so itÂs vital to have a clear vision of what is, and what is not, included.
Finally, itÂs a good idea to look into a developerÂs history. Â This means that as well as researching their experience, itÂs useful to try and talk with former clients. Â If a developer is happy to refer investors to previous buyers, the opportunity should be taken to make contact. Â This could highlight important points that might not have been raised before, allowing people to move on with their development and circumnavigate any number of hurdles before they become an issue.
Investing in Belize is relatively easy thanks to the lack of a language barrier. Â However, before jumping in head first, itÂs important to do your homework on developers.