Buying Property in a Foreign Land

[skaredshtles]

[MakersTeleMark]

That I can guarantee you.


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Here's some mansplaining: 1/1, 2/2, 3/3. They are called whole fractions.

[XXX-er]

I'd just rent a place...

after all is said and done this ^^ might be cheaper/ easier and if you change your mind or something goes sideways just go somewhere else

[mcski]

Back in the day, I thought about Belize as a retirement destination. Then I went there and it was a hard no. I’ve been to some pretty sketchy third world places, but BC…yikes by a mile. But I guess if fishing is your thing…

[m2711c]

[JimmyCarter]

Here's some mansplaining: 1/1, 2/2, 3/3. They are called whole fractions.

Yeah but one is three times bigger than the other!

[Danno]

Back in the day, I thought about Belize as a retirement destination. Then I went there and it was a hard no. I’ve been to some pretty sketchy third world places, but BC…yikes by a mile. But I guess if fishing is your thing…

Belize City was rough when I was there 30 years ago, but there are some decidedly non-rough places elsewhere in the country, or so I've heard

[boltonoutlaw]

As I get closer to ending the chapter of my life that includes gainful employment my wife and I are working on our exit strategy. Part of that plan includes living somewhere part time that has palm trees and can feed our fly fishing jones.
We have settled on Belize as the place we are going to make it happen. We have found a place that satisfies our wants and are preparing the offer to the seller. Just thought I would tap the collective for lessons learned, advice,etc…
We have a local lawyer to represent us as well as a (native) friend who is a builder that can inspect the property for us. But still the fear of buying in a foreign land site unseen is definitely keeping me up at night. Thoughts, advice and ridicule is welcome.

Answer is in the question.
1. Common advice is don't buy a property you would not want to live in full-time.
2. Almost EVERY time you leave the USA you will feel compelled to go this purchased property, to the exclusion of any other place that piques your interest, as you try to emotionally recoup your sunken costs by investing time. So it is part-time in one sense but full-time if you end up going to Belize to the exclusion of every other nation on earth.
3. Be prepared to never recoup your purchase price, unless you lowball the current seller, which you should do.
4. If culture is at all a priority, Belize will soon wear thin.

I bought my place in Panama (2005) for a ridiculously low price, unlike almost every other ex-pat I have met down there. Most bought high and cannot sell for near what they paid. Almost all have left the country due to changes in their life circumstances. Very often this was natural aging, sometimes divorce, and sometimes external factors like currency swings (that sent almost all the Canadians back home post-2011). Almost all of these folks still have their places on the market 10 years later hoping for a buyer that will pay their asking price. Since that time the supply of housing has only increased and newer places are priced lower. What often looks attractive at first sight (and even after multiple visits) can lose its appeal, or other locations can spark your interest. Locking in with a purchase hinders your mobility, unless you have pots of gold.

Short answer mirrors what others above have said: Rent, don't own. Good luck in any case, and enjoy.

[altasnob]

Like buying real estate in the US, it all depends on the location. My parents have been traveling around Mexico for two decades, rented for awhile, and then finally bought a house in San Miguel de Allende in 2017 (touristy, but in land). They feel their appreciation on their house has been about the same as a house in the Western US during the same period. It's a trendy spot, and getting even more popular. They also have no trouble renting it out for the few months in the summer they come back to the US. My parents want to live in their house in Mexico until they die. They wanted to own, rather than rent, so they can come back to the US for a few months and not have to stress about finding a place to rent every year, and rental prices seem to always be increasing. And they can leave all their crap in their house there. If you love the spot in Belize and are confident that is where you want to live most of the time for the foreseeable future, I say go for it. Belize is probably easier to fly to from the US than where my parents live, although my parents are able to drive to Texas in a long day from where they are. They switched all their doctors to Houston and travel there if necessary but routine stuff they get done in Mexico and pay out of pocket (I think they get reimbursed for some of it). Before you pull the trigger I'd also research Belize immigration laws. One parent is now a Mexican permanent resident while the other is not because that apparently helps them with their house, car, and taxes.

[lowsparkco]

I will echo other comments and say lock in long term rentals, 3 months, 6 months, work your way up before buying.

I lived in Costa Rica full-time from 2005 until 2010. I watched waves of expats come and go. They come with so much excitement and enthusiasm and leave traumatized.

I had a business associate that relocated from Belize. The family is Indo-asian and felt they were discriminated against in Belize. They tried to open a tourism business providing ground transportation and according to them “were run out of the country.”

My experience in Central America is that there is a lot more risk to human life and loss of property than foreigners think. When confronted with those dangers and the lack of help from law enforcement most eventually cut their losses and return to a more developed society with more police protection.

[XXX-er]

the USA only has high stats for gun violence in the 1st world, check out statistics for gun deaths in undeveloped countries

walking along one of the few roads in Utila a local calls out " hey want to buy some land " and I think to self I wonder how many times he has sold that land to a tourist who eventulay has to borrow the money to leave ?

[Cono Este]

I’d love to have a house on the coast in Chile. Just north of Vina is awesome. But all the fucking paper work etc. plus after three months I’d kill some in a road rage incident.

Plus I like water pressure.

[Cisco Kid]

I once bought a 1 sq. in. piece of Alaska from a cereal company before Alaska was a state. They mailed it to me in a little sack.

[The Suit]

I once bought a 1 sq. in. piece of Alaska from a cereal company before Alaska was a state. They mailed it to me in a little sack.

Did you get title insurance?

[ColMan]

If you're buying beachfront property in Belize that faces east, make sure you assess the sargassum levels. Going to really impact property values if it hasn't already. If non-beachfront, make sure there isn't an open lot close by being used by the resorts as a dumping ground.

[skaredshtles]

If you're buying beachfront property in Belize that faces east, make sure you assess the sargassum levels. Going to really impact property values if it hasn't already. If non-beachfront, make sure there isn't an open lot close by being used by the resorts as a dumping ground.

Yeah - that shit STINKS when it starts to rot on the beach. Fuck.

[thebirdhunter]

Knew a family who bought a Teak Wood farm in Belize. Moved the whole family down. Dog and a kid got poisoned by a frog. They had a home invasion robbery. Wife left him. Dude went nuts and wrote a 500 page manifesto claiming he was a profit and mailed it to the Mormon church. The Mormon church called the police on him. Dude spent some time in jail and a nut house. Wife now has sole custody of the kids. Good luck.

[Cisco Kid]

Did you get title insurance?

A deed or some sort of certificate of ownership as I recall.

I looked it up.

https://en.wikipedia.org/wiki/Klondi...Land_Promotion

[mud]

husky latin women
They are irresistible.

[MakersTeleMark]

Classic TGR. Not one person in this thread advises the purchase. OP goes on and makes purchase.

Enjoy the fruits of your foreign purchase!

[teleee]

Classic TGR. Not one person in this thread advises the purchase. OP goes on and makes purchase.

Enjoy the fruits of your foreign purchase!

Au contraire, I believe Altasnob is all for it and I fully take Mud’s post of husky Latin women as a full endorsement.
What every one fails to hear is I have done my homework from a legal, insurance and title side of things. I have lived in the area where the property is located on multiple occasions for months at a time. The investment while not nothing is not significant enough to drastically alter our life. In fact my 401k goes up and down more in a week than this will cost.
I do appreciate the rental advice but I have taken that step
And yea fuck the advice we are talking husky Latin women here.
Still doing my due diligence before I buy


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[MakersTeleMark]

Maybe you can bundle the huskies with the AirBnB on your off months?

[zion zig zag]

Will there be a maggot housewarming? Is it walking distance to the Split/Lazy Lizard or will we take the golf cart?


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[teleee]

Will there be a maggot housewarming? Is it walking distance to the Split/Lazy Lizard or will we take the golf cart?


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Absolutely a maggot housewarming seems mandatory- of course there will be golf carts, what are we fucking peasants.


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[skaredshtles]

Absolutely a maggot housewarming seems mandatory- of course there will be golf carts, what are we fucking peasants.


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I come from solid peasant stock... so I'll probably walk.