Buy a house in Belize is a major investment. Being so, you don’t want to buy just any house, you want to buy the best within your budget. In this article, we will outline some of the things to consider before you buy a house in Belize.
The Experience of People Around You
The first thing you’ll find when you start looking for a home is people with a lot of opinions. It is crucial that you ignore all of them expect those who provide sound advice. We recommend that you follow the advice of people who have worked in real estate, home improvement, and title industry for years as they most likely know a thing or two about buying a home. When choosing a Realtor, go for one who comes highly recommended around the area and also has years of experience. This will ensure that you have a good experience working with him or her.
The Size of the Home You Need
It is never a good idea to buy a bigger space than what you currently need, no matter how tempting it is, even if you foresee family growth in the future. A big house simply means more utility bills to pay, more space to maintain, and many things that would need maintenance. It is much better to consider space that will accommodate your belongings and a little bit extra. Consider looking at condos and townhouses if all the home’s you are look at are larger than what you need.
Your Loan Approval Numbers and Down Payment Options
Getting pre-approval for a loan is the first major hurdle you’ll jump. With this, you’ll be able to know what sort of mortgage you can handle. The amount of mortgage you can apply for will also give you a clue of how much you will have to pay as down payment. In most cases, down payment is charged at 20% of your mortgage. Look for a house which the down payment is less than 20% of the mortgage and is within your loan pre-approval limit.
What Home Inspections Uncover
Also consider what the home inspection will uncover. Even though an inspection is just a formality, you shouldn’t take it so. During inspections, issues such as out-of-state wiring, improper insulation, mold, roof damage, pest issues, rot, foundation problems and more are checked for. Be on the look out for them. In case they are uncovered, look for another house.
