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Condo to buy in AC

Posted By: blagoves

Condo to buy in AC - 05/30/08 09:14 AM

Hello everyone,
I need some advise re: buying a condo in AC.
What are your the most preferable spots/resorts, how about new developments but reasonably priced and proximity to the best scuba diving sites?
I highly appreciate your help.
Posted By: Inky

Re: Condo to buy in AC - 05/30/08 01:38 PM

Any condo on the Island will put you in proximity to great dive sites. As to the complex you choose, this is a very subjective question. It depends what you are looking for.

Look carefully into Association fees & utility cost (they may be higher than you anticipate).

Talk to as many people as you can. In person is always best. This chat room is a good start Ė but will not always provide the in-depth information you will need to make an informed decision. (there are many commercial interests here)

- Talk to current residents (and neighbors) of the complex if possible. (aside from your realtor) .
- Read the Association bylaws (this can be very important).
- Inquire about the Home Owners Association / Complex Management. Some complexes have a lot of "issues".
- Consider your lifestyle: Do you want to buy in a quiet residential complex., or one that is more active, some complexes have a revolving door of vacationers (who tend to have less respect for neighbors & property). I have seen some Very Wild party's in rental condos.

You donít want to be relaxing by the pool with your kids and find yourself in the middle of something like this (or maybe you do?):

http://www.blackeroticaguide.com/vacations/nightlife.htm

Spend as much time on the Island before you buy -
and a lot of good info will be shared over a Mojito, that you will not get from this board.

Belize is a Great Place! Take your time finding your perfect piece of paradise.
Posted By: cakelee

Re: Condo to buy in AC - 05/30/08 03:34 PM

Very good info by Inky.

I would think the first step would be to decide where you want to be. Dive sites are close regardless, but do you want to be in town, south of town, north of town, way north of town? Each area has its pros and cons.

Realtors and their websites can be good sources of initial info, but others who live in the area, ie owners, visitors, neighbors, etc, can answer questions about day-to-day living.
Posted By: sweetjane

Re: Condo to buy in AC - 05/30/08 03:51 PM

i too think inky (and cakelee) gave very good advice.

spend a chunk of time there before you buy. if you already do not know the areas or where you may want to be, you have not spent enough time there to buy something.

would you buy something at home by taking someone's word that you'll like it? if you wouldn't buy like that here, why would you do do it there?

heed the above advice, and remember, it is NOT the US, and althought there are some great and reputable professionals out there, there are always some people who would sell you anything and tell you whatever you want to hear to get you to buy.

good luck!

Posted By: blagoves

Re: Condo to buy in AC - 05/31/08 01:09 AM

Thanks everyone (Inky, Cakelee and Sweetjane) who responded to my last thread.
Your advise was extremely invaluable and make me really think hard whether should I buy a condo in Belize or not.
My situation is I am not financially independent, I have a job in Oregon which let me take only one month vacation a year so the rest 11 months the condo will sit vacant unless rented out. Given that I will need to make payments on this second mortgage
(it has to be a second mortgage since I do not have USD 100 grand and up hanging freely in my bank account) plus HOA fees and taxes, I want to make sure that I will collect
enough in rents for this to happen.
Is it worth renting, how much hassle does it take, how much actual profit do you make over the HOA dues plus utilities and real estate broker fees, how easy to find a renter (if I have a beachfront condo, which I do not yet and this is precisely why I am making all the inquiries to help me make the decision to buy or not to buy).
As for the particular location for the condo to buy if this will ever happen then it has to be in AC, on a quiet beachfront with no nightclubs, casinos and bars around. Would you experts know what particular place will fit this criteria?
Posted By: sweetjane

Re: Condo to buy in AC - 05/31/08 01:15 AM

first thing to check into is the mortgage thing. many places do NOT finance. payment expected in full.

ps - i dont own there - just telling you what i learned while deciding whether to or not. for us, doing the math, it was much cheaper in the long run to just rent someone else's place and not have the hassles...unless one is looking to sell it for profit in a few years (investment).
Posted By: blagoves

Re: Condo to buy in AC - 05/31/08 01:32 AM

Sweetjane,
please correct me if I misunderstood something. You are saying that the regular US bank would not provide a mortgage for the property in Belize and this is why I will need to use some local Belize bank which would not finance me?
Or you meant that getting a second property mortgage is in general harder than that for primary residence.
Sorry for asking trivial questions but I do not have any experience with this.
Posted By: Ernie B

Re: Condo to buy in AC - 05/31/08 01:44 AM

Are you kidding me?
Posted By: klcman

Re: Condo to buy in AC - 05/31/08 01:50 AM

thought you fooped off to dinner laugh
Posted By: sweetjane

Re: Condo to buy in AC - 05/31/08 01:22 PM

every one and every situation is diff. i gave my disclaimer: i ain't no expert - just suggesting you start somewhere obvious b4 going nuts looking for info. re-read inky's post, then check w/ your mortgage folks.
Posted By: ScubaLdy

Re: Condo to buy in AC - 05/31/08 03:25 PM

I just checked your profile and will stick my neck out and say I donít think you are for real! If you donít have the money what are you talking about? Where did you come up with an idea to buy something here?
Posted By: bywarren

Re: Condo to buy in AC - 05/31/08 04:22 PM

You might be right, scubaldy. But even if he is for real, he would be better off spending his money on a copy of "Just another Gringo in Belize" and when these unrealistic thoughts pop into his mind turn on the CD.
Posted By: Inky

Re: Condo to buy in AC - 05/31/08 07:06 PM

For real or not - we all started with a Dream!

- Buying and living on A/C is expensive.
- The only one who will make any money from renting out your condo, is your Rental Manager.
- Sweetjane is correct, A/C is not the US, Canada, or Europe. That's the way I like it, but it may be misery for others.

Do your homework, come prepared - with your eyes wide open, and you may just find your paradise.

Don't, and you may go crawling home with an empty wallet, and your tail between your legs.

Come for a Visit !!!

I don't want to discourage you from buying.
But If you have Realistic Expectations - you will be much happier in the end!
Posted By: Pmaillet

Re: Condo to buy in AC - 05/31/08 07:54 PM

US banks will normally provide a mortgage for a foreign property, but through my experience it's generally much easier to set up a low interest credit line, or home equity line and finance the property that way,
Posted By: bywarren

Re: Condo to buy in AC - 05/31/08 08:32 PM

What US bank will provide a loan with foreign property as collateral? I know of none.
Posted By: blagoves

Re: Condo to buy in AC - 05/31/08 08:36 PM

O, I see now, this is why some people mentioned refinancing the existing primary property in US to get some cash out of it to make purchase of a vacation property in Belize.
Posted By: blagoves

Re: Condo to buy in AC - 05/31/08 08:48 PM

And yes, Inky, I will come to visit AC first before I buy something there. The question is when.
I have just returned from St. Croix which was wonderful but the quality of scuba diving is not as superior as in AC which is
everything for my husband who spends all vacation doing just that.
Posted By: Laguna Punta

Re: Condo to buy in AC - 05/31/08 11:37 PM

Just checked my profile and...still over weight mad, but real laugh sick.
Posted By: H20dog

Re: Condo to buy in AC - 06/01/08 12:31 AM

Harriette: I just checked a few profiles including yours and I noticed there wasn't a box reading "2008 financial statement".
Posted By: Belize-N-Us

Re: Condo to buy in AC - 06/01/08 12:46 AM

"US banks will normally provide a mortgage for a foreign property"

Pmaillet, please provide a list of these US banks that loan $ for property on foreign soil. I want to buy more Belize property from them right away!

Thanks!
Posted By: GBZ39

Re: Condo to buy in AC - 06/01/08 01:32 AM

Go under the assumption that if you get financing, you will not be able to rent it. Do the math....and make your decision.
Posted By: ericinsc

Re: Condo to buy in AC - 06/01/08 01:42 AM

Originally Posted by blagoves
Sweetjane,
please correct me if I misunderstood something. You are saying that the regular US bank would not provide a mortgage for the property in Belize and this is why I will need to use some local Belize bank which would not finance me?
Or you meant that getting a second property mortgage is in general harder than that for primary residence.
Sorry for asking trivial questions but I do not have any experience with this.


A second mortgage on your house in the states is based on your house in the states and has nothing to do with Belize. you can do whatever you want with the $$ you get, including flushing it down the toilet if you want (although I do not recommend you do that !~)
Posted By: cherylvalentine

Re: Condo to buy in AC - 06/01/08 01:59 AM

My profile shows nothing and I just bought a villa on AC, what does a profile have to do with what she is asking? Although I bought it at reef village and I know most people on this site don't think much of it, it works for me so that is all that matters to me. If you can make it happen and it is good for you and yours than go for it!!! Good luck with your dream!!
Posted By: blagoves

Re: Condo to buy in AC - 06/01/08 02:50 AM

"you can do whatever you want with the $$ you get, including flushing it down the toilet if you want (although I do not recommend you do that !~)"

This is exactly the point I was trying to make. Instead of flushing down the toilet, how about buying a property in Belize and using not a second mortgage but a refinanced primary mortgage with extra cash take out.
Posted By: Ambergris Bob

Re: Condo to buy in AC - 06/01/08 05:02 AM

I'll try to answer some of your questions that I've experienced. US banks will not provide direct financing (generally speaking) for a Belize property, local developer financing may be available for a particular property, usually in the 10% range, simple interest. Caribbean bank financing if available is 12%+, and your US location doesn't help. Short story, you need to able to pay cash or leverage other US assets to get cash to pay. Yes, in the right area you can rent with some basic assumptions such as quality, price, area. Go to www.vrbo.com to see some examples. Management fees for rentals from 3rd parties can run a large range but I hear 25% to 50% are the norm, probably 35% as norm from those that I've talked too.

I agree with the above, come here several times and rent. You can travel the island and get a good feel quickly for what suits your needs, but you can't do it remotely. And yes, some associations have real issues,you'll want to ferret that out before you take the leap. But I do believe it is a great investment in the long run, if done wisely. Good luck!

Bob
Posted By: sweetjane

Re: Condo to buy in AC - 06/01/08 04:57 PM

BJ - thanks - that's pretty much what we were told, but i was beginning to think i was giving bad info.

blagoves - check your private messages.
Posted By: deadserious

Re: Condo to buy in AC - 06/01/08 09:50 PM

I'm coming in late to the discussion, but I believe there are several options in the requirements mentioned.

Most condos on the island have rental pools that they manage themselves. If you wish to join in the rental pool, you need to guarantee that so many nights a year are available for rental, but otherwise, you can use the condo as you wish. Condo fees are often covered by the rental income and there is sometimes a small profit each year.

If you really want to make a profit off your condo when not in use, be sure to buy someplace that already has an established rental brand. As an example, I know the poolside casita at The Palms is currently for sale and The Palms is a great rental brand on the island. If I were only going to spend a month a year on the island, that would be my choice for sure.
Posted By: pamkillen

Re: Condo to buy in AC - 06/01/08 10:45 PM

Actually, The Palms also has a 1 bedroom first floor condo for sale as well that is the best deal in town, in my opinion. I owned it years ago and the building has been maintained to the same standard and looks new. Plus the staff is fantastic.
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