How To Find Property For Rent Buy Owner in Ambergris Caye, Belize
Why Buy or Invest in Property in Belize?
Belize is an English speaking country, which is also its official language, which means making legal, financial, and daily transactions more straightforward for most international investors and buyers.
The currency used in Belize is the Dollar (BZD), which is pegged to the US Dollar at a stable rate (2 BZD = 1 USD), and US dollars are widely accepted throughout the country.
For investors and buyers in Belize real estate, the annual property taxes are it is noted is low, even for high-end properties, which can be ideal to generate the most income from rentals, plus there is the advantage of no capital gains tax in Belize, which again benefits real estate investors.
Belize benefits from a growing tourism sector, particularly in the eco-friendly and and marine based tourism sectors, which can result in higher vacation rental income for luxury beachfront and jungle properties.
Belize offers a Qualified Retired Persons Program (QRP) that provides tax exemptions and residency benefits to retirees who meet simple criteria, as well as no inheritance tax, estate tax, or capital gains tax.
Belize is a world-famous location for its natural beauty and eco-friendly reputation, has the second-largest barrier reef in the world, lush jungles, Mayan ruins, and abundant marine life.
To obtain a title to a property in Belize it is typically done via a fee simple, similar to the U.S., Canada, and the UK. A 'fee simple' refers to the most secure and common form of property ownership, granting the owner full and absolute rights to the land and any structures on it. This means you own the property outright, with the ability to use, sell, lease, or transfer it as you see fit, similar to ownership in the US and Canada.
To find property for rent by owner in Ambergris Caye, Belize (often abbreviated as FRBO), a combination of online platforms, local resources, and direct word-of-mouth can be used.
Websites that are set-up for FRBO, allow filtering for owner-listed rentals, and when searching be sure about what you want such as location, budget, and the type of housing.
Never wire money or send deposits before seeing the property, and ask for a lease and verify ownership if possible by using local property tax records.
Buying a property that is then set up as a "for rent by owner" (FRBO), is usually one that is intended to be rented out without the assistance of a property manager.
When a suitable property has been found evaluate the property as an investment, and ask for current rental rates and payment history, maintenance records, property expenses such as taxes, insurance and utilities costs.
You can work directly with the owner or hire a real estate attorney or buyer's agent to help draft an offer, but before making an offer perform due diligence such as hiring a licensed home inspector and ensure there are no liens.
Use a title company or closing attorney to handle escrow, title transfer, and recording the deed.
