Interested in purchasing Foreclosed Properties?
Here is some info on what to consider when buying foreclosed properties:
With a country consisting of 6 districts with great potential, Belize has a wide range of available foreclosed properties. Most of our land is reclaimed and the pre-owned buildings or unfinished structures have access to utilities. Hence, as our tourism industry grows, so does the demand for business investment from retirees and foreign investors. Therefore, foreclosed properties have been an increasingly popular option for those choosing to invest in Belize.
Foreclosed properties are usually handled by auctioneers or through financial institutions like ourselves. As interest is expressed in a property, potential buyers can visit and assess the property. Bidding on the properties is welcomed and negotiations can be made. However, it depends on the auctioneer, financial institution and the value of the land/structure.
When purchasing a foreclosed property, there are many things to consider. Some of these include:
- Location: Ensure the property you want to purchase is in a safe area. Location also depends on the type of property you are looking to purchase. A remotely located property is useful for any private dwelling; nevertheless, consider how far you are from civilization. Centrally located properties are easier to access but are often more expensive to acquire.
- Property type: Some properties are only parcels of land with no structures, whereas other properties have unfinished or damaged structures that need work. The tough decision comes when you decide if you want to invest in improving an existing structure, or build your own from scratch.
- Cost: The cost is based on the value of the land and structure. Therefore, the quality and current state of the property plays a big role in the price range.
- Potential for the Property:The potential of the property depends on what you want to purchase it for. Be certain of what you want to do before you purchase so you invest wisely.
- Financing : If financing is an issue, the bank is always willing to discuss probabilities of financial assistance in investing into our foreclosed properties.
- Access to infrastructure and utilities: Access to utilities and basic necessities are a must when considering purchase of a property. Access to services such as water, electricity, cable, internet, telephone services, gas stations, police stations, hospitals, and convenience stores are necessary when considering the purchase of a property.
If you are interested in purchasing a foreclosed property in Belize, consider these 3 properties located in San Pedro and Placencia.
1. San Pedro, Ambergris Caye – Caribbean Cove Estate Limited
San Pedro is Belize’s largest limestone coral island along Belize’s coastline, 25 miles long and about a mile wide. The island is located approximately 36 miles North of Belize City and is easily accessible by water taxi or small plane. San Pedro is popular for tourists and has become a retirement destination and investment haven for retirees and investors. Easy access is available to over 100 hotels, restaurants, convenience stores and even a few supermarkets on the island. Transportation on the island includes boats, golf carts and bicycles. With their infrastructural advancement over the years, taxis and even motor vehicles are now available in San Pedro. A wide variety of sea sports, dive shops and even tours to inland destinations are offered.
The first available foreclosed property on the island is Caribbean Cove Estate Limited. The improved property is situated on the coastline of the rectangular-shaped land 1 ¾ miles Southeast from the center of the town. With an area of 1,909.27 square yards, the low-lined and grassy land accommodates a reinforced concrete 2-story structure. To the foreshore of the land, a timber pier is available to provide access to the water from the land and vice versa.
The neighborhood is comprised of mangrove islands to the rear of San Pedro and is close to many high-end resorts; this increases the property’s demand for commercial use. The property is also in close proximity to the town, which makes it easily accessible to schools, banks, churches, shopping centers, public transportation and the police station. It is surrounded by white sand, foliage and accompanied with a sea-front view, and would be highly recommended for high-quality commercial usage. Provided that the property can be utilized as a guest house, turned into a Bed and Breakfast, or even transformed into a family vacation home – any form of improvement will add to the quality of life for surrounding residents.
2. San Pedro, Ambergris Caye – Sapphire Property
Sapphire Property is located 8 ½ miles from San Pedro Town in the Palmero Point Area. It is located 400 feet from the Caribbean Sea coast with non-landscaped land surrounded by coconut palms, mangrove and an array of wild trees. The structure has a reinforced concrete foundation under construction consisting of 1,620 square feet.
The second building is a 2 story reinforced concrete house with 144 square feet on both the first and second floor. The area is mostly recognized for residential and commercial use but future residential and commercial development is permitted and highly recommended. The bay at the back of the town provides shelter to boats while the reef at the front provides security from large waves.
The area is fairly safe and would be recommended to be used for residential or commercial purposes. The property provides an advantage to the buyer to customize the design and usage to their benefit. A comfortable guest house or vacation home would be ideal!
3. Placencia, Stann Creek – Coldwell Building
Placencia Peninsula is located in Stann Creek (Southern Belize) near Santa Rosa Village. The small fishing village is located at the most southern point of a 16 mile long peninsula accessible via the Caribbean Sea, the Hummingbird Highway or by small plane. The Village is about ¾ mile wide and 1 ½ miles long; it has become a popular tourist destination entertaining both local and international visitors. Many cultural and recreational events are present in the village complimented with sea sports, tours and not to mention, introduction to cultural cuisine. The vicinity is surrounded by lush beaches, small islands, the Great Barrier Reef and numerous hotels, condo units, fish farms, schools, churches, convenience stores, police stations, banks and clinics.
Coldwell Building is situated along the eastern end of Placencia’s main road and an existing alley way. The land is rectangular-shaped and is properly landscaped with white stone aggregates on the front and a concrete walkway to the side of the site. The ground floor is 2,524 square feet with a reinforced concrete strip foundation, concrete floor and stairs and glass and timber hardwood doors. Overall, the site is in good condition and is properly engineered for the climate and terrain condition in the area.
Recommendations are to convert this property into a business – whether it be a restaurant, guest house or a personal retirement home. The slightest of improvements and customization to the building would add value to it and make the purchase extra worthwhile!