I have been looking at the various real estate web sites for both northern Belize (Corozal, Consejo and environs) and San Pedro. There are quite a few interesting properties out there that are intriguing and affordable. My ideal property would be a two-bedroom condo because I really don't want to deal with maintenance on a house and would rather spend my time diving, traveling and finding some good volunteer opportunities. Two bedrooms will give me the space for visitors and the two cats that I will still likely have in five or six years.
The important thing that I have to keep remembering is that the real estate listing process is a bit of a game here. The fact that I have found more than a dozen properties that look interesting probably means that there are many more out there that are not being handled by realtors and could be found through less traditional means. I'm sure there are more properties for sale directly by the owner and could be found if you have the time to spend on the ground talking to locals, searching the tax registry, checking with the local banks and just wandering around town. I saw FSBO signs all over the place in San Pedro, Sarteneja and elsewhere in February.
If I were to buy now, "affordable" for me is a one or two-bedroom property under $125K. The only reason to buy now is to rent out and cover my carrying costs (insurance, HOA, utilities and taxes). Bear in mind that taxes and closing costs add 15% to the cost of a Belize real estate deal, so now my budget for the property itself drops to just under $110K. I don't have the cash to have a second home; I need my money working for me so if I can't rent it out there is no point in buying now.
The advice you see all over the internet and in books about becoming an expat is to rent first and then buy once you really know the area and the market. Many folks decide never to buy since this allows them to keep their capital free for investment and it may be cheaper than buying since you have no overhead for maintenance. Remember that in most cases buying property will be a cash deal and having a mortgage in Belize provides no tax benefit.
Several properties for sale in San Pedro have active management on site and a rental pool to pay some of the expenses. These are properties listed by realtors for as little as $79K for an efficiency and one bedroom apartments going for as little as $85K. If I can rent out and be able to use it as a base of operations for the next several years, I can turn around and sell it when the time comes and use what profit there is to buy something permanent.
The Corozal properties tend to be single family homes since the condo market there is not as large, and I am not so sure about the ability to rent out to the tourist crowd. This is the biggest reason San Pedro is more attractive right now. San Pedro also reminds me a lot of Key West and I like island living.
Clearly, I need to go back and spend more time in both locations.
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