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Rent or Buy?

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Bobmas
  2/8/2016 23:03 EST

I know it matters where I live but if I have an area picked out is it better for me to rent or buy a home? I am retiring and will have less than $1500 US per month to live on but I should have about $100,000+ US in cash.

bobbyveee
  2/9/2016 06:52 EST

Hi. Invest safely in USA and use that income to give you more per month and long term rent. Get to know Belize . property values are high, we gat $300usd per sq ft for our little bungalow , so you seen$100k won't get you much.Never buy on spur of the moment, many people with burnt fingers.

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gkwylie
  2/9/2016 07:56 EST

Real estate purchase in ANY country can be a risky investment. Bobbyveee clearly has never bought real estate in the US. LOL Our current home is only 10 years old, in a gorgeous, planned subdivision, with clubhouse, swimming pools, greenbelts, tennis courts, and more. It's original purchase price was over $500k. Now, there are three houses in foreclosure on my street alone, because property values have fallen to under $300k! Plus, we pay over $13k a year in property taxes! Investing in real estate in the US can be just as risky - if not more so, thanks to the high property taxes in many states, than Belize.

bobbyveee
  2/9/2016 08:04 EST

Gkwylie, why do you say I've never bought real estate in the USA , we bought our pool home in Fl. Last July , after selling our ranch bungalow in Tx Our property taxes are $2300 / annum. Our home insurance $850 / annum. We bought in the nicest part of Hernando Co. You bought at the wrong time , just like the gentleman we bought from he lost over $125k on the deal, but house prices are starting to go up, Sorry to hear about your losses, But don't make assumptions about other people.

FredAr
  2/9/2016 10:48 EST

Bobmas:
Having a $100k, perhaps you may feel comfortable to 'invest' a few thousands to find out WHERE you want to live. I would think that is the uppermost consideration than where is the best place to invest, immediately.
If we submit the question, a most personal one, to a computer (or calculator), I am sure it would come out with the oddest of suggestions, places that one may not be at all interested in, for many personal (i.e. human) reasons. Just a thought. Safe journeys.

Bobmas
  2/9/2016 11:47 EST

Sorry Fred, but that's not the question I asked. I've noticed that a lot of ex-pats seem to be renting rather than buying and am curious why. Is it because they don;t have the cash or is buying a bad decision? Plus I am concerned about the US dollar falling and then my income not being enough for rent and living. By buying up front I can avoid some of that risk. So I'm not asking specifically where I can afford to live but which general direction to take.

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jjstephens
  2/9/2016 12:14 EST

Our situation is similar. We plan to semi-retire in Belize in about 4 years.

We'll have about $100k but we'll have a bit more monthly. The first several years I'll still be doing an internet biz so we'll have about $4500/mo; after I retire it will drop to about $3000.

Our plan is to initially leave the $100k in a bank account in the US and to rent for at least six months to a year to make sure 1) we want to stay in Belize and 2) figure out where we want to put down roots. That way if/when we buy we'll be making a much more informed decision.

elgordo42
  2/9/2016 12:19 EST

Renting will give you a good taste of life wherever you land. And then you
have the option to relocate without being tied down to a specific property that you bought. If you give it 6 months or a year while renting, you keep your flexibility. Once you buy, you reduce your mobility choices.

Disclaimer: I bought a house right away, because it just seemed like too
good of a deal to pass up. I still think it was a great deal (1 bedroom
house on .72 acres of river view hillside, for under US$40,000). But I will admit that I have had a few second thoughts, when it got really buggy here for a while, for instance. And when I realized that I need to drive more than I like to get into town. When I visited, I was in a boarding house in town, could just walk a couple of blocks to breakfast. I miss that easy access. But I like the quiet nights 3 miles out here. Every location has trade-offs!

bobbyveee
  2/9/2016 12:21 EST

Hi Your doing it exactly the right way, easy to buy in Belize, increasingly difficult to sell . The $bz is tied to the $us so makes no difference what happens to the $$$. We invest in the USA , never leave in the bank. We dont gamble, get 5% tax free on $100k investments. Works well for us.

bobbyveee
  2/9/2016 12:31 EST

Hi Bobmas. There are a lot of alarm bells jingling about finances and banking in Belize. Therefore investing ie a house might not be prudent , property , of a decent standard and in a decent area isnt cheap, but once youve bought your kinda stuck there . We watched Ambergris caye grow from a sleepy eco friendly isle to a crazy over populated , highly trafficked nightmare , unless you could afford to live way north or south , then properties got even more crazy. Renting long term is most certainly the way to go, no question.

FredAr
  2/9/2016 20:58 EST

As recommended above by others, best to rent than buy, because foremost in their mind is to be sure that is where they wish to live, and giving less importance to other considerations, for the time being. Especially when talking about a new country.

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bradinbelize
  2/10/2016 09:43 EST

Rent - again, RENT!! At least for 6 mos. properties are not easily sold to the next guy here, sometimes taking years to aell and often for less than you paid for them. Make sure you want to live where you think and try it out for a good 6-8 month test drive will do you well, keep you from losing all of your money and then you can buy. And in the process of living there, you will meet some people that will not likely help you get a place cheaper than a real estate agent and you will avoid the hustlers and scam artists that also happily call Belize home. Always learn the "lay of the land" before buying, especially in a foreign country with different processes and laws than you are used to. Happy to help with anything that I can, know good, honest real estate agents and attorneys that can help you make sure everything is proper. Best of luck

Tankawakpa
  2/10/2016 09:53 EST

Hi,
I totally agree with the fact that property taxes are far too high in the US. On the contrary, they are very reasonable in Belize. Real estate is a risk everywhere, and since the global economy is in shambles, the risk is the same in the US and everywhere else.
Putting your money in a condo or a house can also be a way to protect your money (think Cyprus). At least if everything collapses you will not have to worry about having a roof above your head.
I would pick Ambergris Caye for two reasons: one, it seems to me that it is a safer area; two, your dwelling will be valued more because of a higher demand. The market does not look that slow to me.
Try to find something with low maintenance fees.

gowad
  2/10/2016 10:59 EST

buying property in belize is an investment
as property taxes in belize are near zero
it's better than keeping your money in a bank
for a bank for are just an unsecured lender

gowad
  2/10/2016 11:10 EST

@Tankawakpa
Ambergris Caye is over saturated and struggling
Properties are not selling
Businesses are only being leased
Sharing a roof is never a good idea anyways

Placencia is the place to make good returns in the next 10-20 years
The Cruise ship terminal and the International Airport are being completed
There are hardly any decent short or long term rentals in Placencia Village
Many other big players are searching in this market

blaircookedallin
  2/10/2016 11:21 EST

Just a question regarding the "new" International Airport. The only one that I've heard about is the one the GOB plans to put one on AC. The one at the top of the peninsula is owned by The Placencia Group, and all my research shows it's always going to be a private airport. Unless you know something different.

gowad
  2/10/2016 11:36 EST

The international Airport is near Riversdale
about 16 miles north of Placencia Village

bobbyveee
  2/10/2016 11:42 EST

Theres talk of an international airport on AC LOL the highest point is 5 ft above water, we understand it will be for the jest set people , not commercial, theres no money to build an airport and the terrain etc is totally wrong, its the usually smoke up your a.. all was talked about before the elections. The country is broke, no proper schools, poor hospitals , yet the Gov talks all these grand ideas. The gov and most locals hated the gringos, they have money and expose the country's shortfalls . We left AC because its overfollowing and crammed with 5500 golf carts and taxis that speed everywhere, therte no traffic laws , so no speed limit, yet they put up speed signs but these cant be enforced until a law is enacted ,!!!

gowad
  2/10/2016 12:52 EST

@bobbyveee
the term "gringos" is not used in Belzie
1,5 million Belizians live abroad
All foreigners are welcome
Garifunas might call you "white man"
if they work for you "big man"
When things happen it's mostly the victims fault

bobbyveee
  2/10/2016 14:23 EST

Gowad, I've been dealing with Belize and Belizean since 1969 and believe me they call whites gringo's if not to your face behind your back. And your seen as a walking bank as they assume every white person has more money than them. And many officials openly dispize expats.

gowad
  2/10/2016 16:59 EST

@bobbyveee
I never experienced what you describe
maybe it depends where you are and whom you are dealing with

bobbyveee
  2/10/2016 19:09 EST

Maybe Gowad, I'm ex British Armed forces and got a great deal of respect from true Belizian nationals.. It seems that gringo was reserved mainly for American tourists.

FredAr
  2/10/2016 20:05 EST

And here I thought being called a 'gringo' was a compliment. I was even becoming proud of the label. LoL

gowad
  2/10/2016 21:51 EST

as posted before it's used by spanish speaking people
it originates from mexico
if you like to do further research

gowad
  2/12/2016 10:18 EST

in beize property taxes are zero point nothing
even when you don't pay property taxes
you will never loose your property
because nobody can put a lien on your property
once you have a "land certificate" which is equal to a "deed" it's guaranteed by the government
title insurance and other phony addons don't exist
no real estate law no monster government

gowad
  2/12/2016 10:18 EST

in beize property taxes are zero point nothing
even when you don't pay property taxes
you will never loose your property
because nobody can put a lien on your property
once you have a "land certificate" which is equal to a "deed" it's guaranteed by the government
title insurance and other phony addons don't exist
no real estate law no monster government

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