Purchasing property

Post new topic

ToddHenry Active member

Member since 12 January 2017

ToddHenryActive member03 July 2017 21:16:45

Just a quick followup on one of my earlier postings about purchasing property in Belize.
Last December i purchased a small lot from a realtor out of Sarteneja.聽 This realtor was selling lots, and I think still is, that Belong to his father.
These lots are off grid, small, and beautiful.
After paying about 25 percent of the property someone breached the issue that ocean Lots in Belize have to be a quarter of an acre or larger to build on.
I was concerned and posted online and pretty much got the same answer from everybody but no real proof anywhere!
I decided to spend the money and hire a lawyer out of Belize City to deal with it! Well, I have found out that you cannot currently build on Ocean Lots that are under a quarter of an acre. This does not mean you eventually will not be able to but there is no telling where that will go!
Well, after a big somewhat fight, the realtor informed me he would give me my money back. I told him great but it has to go through the lawyers since the lawyer is representing me! Well, it has been about three and a half months and I have yet to see a dime. So please beware and do your due diligence! Don't buy pieces of property that the realtor says you can build on unless you know for sure you can.
Now since then I met with another realtor in Sarteneja that was selling property and he is having the same issues. He has lots that are .20 Acres but he cannot sell for building purposes! So if you're buying on the waterfront make sure you have a quarter of an acre or make sure you have governmental approval

Aerodex Serial expat

Member since 30 September 2015

AerodexSerial expat03 July 2017 21:33:44

257

Thanks for the update!

Have you considered either of these?
1 Buy a second adjoining lot, replat it as one lot to build on?

2 Buy three adjacent lots, replat them as two lots. Build on one, wait until the second lot appreciates and sell.

ToddHenry Active member

Member since 12 January 2017

ToddHenryActive member03 July 2017 21:38:20

Yes I did, but 3 lots of that size at the price they're being sold at is out of my price range.

ToddHenry Active member

Member since 12 January 2017

ToddHenryActive member03 July 2017 21:38:46

Yes I did, but 3 lots of that size at the price they're being sold at is out of my price range.

Aerodex Serial expat

Member since 30 September 2015

AerodexSerial expat03 July 2017 23:09:19

257

ToddHenry wrote:
Yes I did, but 3 lots of that size at the price they're being sold at is out of my price range.

Totally understand.....in a cash based market, with Bank financing at credit card rates it is a wholenother world.聽

I had to pass up a bargain on a very nice higher end apartment building investment from a motivated seller in Maya Beach聽 because it would have left me cash poor. There are still lots of bargains in Belize for the savvy cash investor that does his/her due diligence, but it's moved out of my range.

Ill stick to financeable RE investing聽 in the US and just enjoy my little house in the Village half the year.聽

ToddHenry Active member

Member since 12 January 2017

ToddHenryActive member03 July 2017 23:13:59

Great idea.
I found 3, consecutive 1 acre lots at a great price.聽 Not waterfront, secondary,聽 200 ft off the water, maybe someday they will be Waterfront :-)聽 ..lol

Articles to help you in your expat project in Belize

Customs in Belize
Every country regulates what can and cannot cross its borders to prevent the spread of disease, adhere to local ...
Marriage in Belize
Belize is an ideal wedding location. Whether you are looking for palm trees, sea, mountains, Mayan ruins, or ...
Using phones in Belize
Belize has a national telecommunications company, Belize Telemedia, Limited, and several mobile phone companies ...
Connecting to the internet in Belize
Belize enjoys decent internet coverage. Unfortunately it is slow and expensive. The country has many internet ...
How to drive in Belize
In Belize, you can drive with an international driver's license, and you can often drive with a license from ...
Where's the Beef?
Before visiting Belize to determine if it was a country we could permanently relocate to, we did an awful lot of ...
Sports in Belize
Sport has always been a part of Belizean life. Although the country does not have a lot in terms of professional ...
Childcare and education in Belize
If you are moving to Belize with your family, you likely have questions about child care and education. There are ...