What type of infrastructure is available?
* Road access;
All lots at The Palms at Corozal have direct road access, and the community is located on Serenity Road which connects to both the town of Corozal and the village of Consejo.
Accessing water is most commonly done by digging a well, although you can also use a rain catchment system, which is easy to set up once the property has been built.
Corozal is very low-lying and you are only about 3-4ft above sea level, so you will not have to dig far to get a ready supply.
Cost of a septic tank is roughly $2.000 USD.
Power lines are running all along Serenity road, bordering on our property, so connecting to the grid won’t be an issue, and power lines can be extended along the road all the way to the back of the property, at the time you are ready to build.
Solar power is also increasingly common in eco-friendly Belize, and the preferred option for many environmentally conscious retirees and investors.
How can I identify my lot?
All lots are individually staked out with concrete monuments marking out the boundary of each lot.
What type of ownership am I getting?
All land in Belize is freehold, and you can also back this up by purchasing title insurance at the time of closing. There are no restrictions on ownership by foreigners, and you may take title using a trust, a local/international company, or as an individual.
Our local attorneys can advise you further with regards to forming a local company and the advantages and disadvantages this may provide.
What is the purchase process?
The first step is for you to select one or more lots for purchase, and you will then be sent a reservation agreement. You will also pay a reservation fee, currently set at 10% for most lots, with a minimum of $1.500 USD.
Once the reservation documents and accompanying paperwork (as requested by our attorneys) has been submitted, you will be sent the purchase documents. Once they have been signed and returned to the attorneys’ office, a closing will take place. At this point, your funds will have to be wired to Belize for the purchase.
Once the closing has taken place, you will be notified by the closing agent, and receive all the required paperwork, as well as the deeds once they have been processed. The purchase process in Belize is very similar to that of the United States and United Kingdom.
The whole process is supervised by local legal experts, who will make sure that you land is transferred free and clear, and into the entity of your choice, and that you will receive all accompanying paperwork in a timely manner.
Who do you recommend as my attorney?
Although you are free to choose your own legal advisor, the developer is recommending Estevan Pereira at The Law Offices of Glenn D. Godfrey & Co, Belize City’s leading law firm, active in Belize since 1979.
The firm has vast experience in a variety of legal matters and are also familiar with The Palms at Corozal – for more information, please visit www.godfreylaw.net.
What can I build?
The restrictive covenants at The Palms mandates a minimum build size of 1.000 square foot, and prohibits trailers and temporary structures, in the interest of preserving the integrity of the community. The developer does however have some discretion, to allow you to build YOUR dream home.
Is there a time limit on construction, or restrictions on which builder I use?
You are free to work with any builder of your choice, and there is no time limit on building either. You can hold on for as long as you want, and you are free to resell before building anything as well – it is entirely your choice!
What are typical build costs, and what type of homes are common in Belize?
The building costs in Belize vary with the type of property you are looking for, but in general, count on paying $60 per square foot for a standard site-built property.
The style can best be described as “Caribbean” – one story homes, often with 2 bedrooms and a large patio are the most common in Corozal. A standard home would be approximately 1.000 sq.ft (can be built for around $60.000 USD) they would be built with a rain catchment system (for the water supply) or you could choose to have a well built, the cost of a septic tank is around $2.000 USD as well.
Another very affordable option is purchasing a manufactured home from the Mennonite community (Amish) as these wood houses look great, and are VERY affordable, for more info please visit: http://www.lindavista.webpageplusx2.com/
Can I rent my property out, and what type of return could I expect?
The Palms at Corozal allows rentals, and our preferred local brokers are happy to help you find a renter for the time period you want. Most homes in the area that are rented long term will bring in $700-$800 USD per month, with the tenants responsible for utilities. Management can also be handled by the local realtors, and funds deposited into a local account, and transferred to an account of your choice, anywhere in the world.
What type of planning is there?
The land is planned for residential homes, no more than 2 stories high, and no multi-family properties are allowed. The rest of the guidelines can be found in the “restrictive covenants”, which are provided by the developer to protect the integrity of the community.
Are there any discounts available if I buy multiple lots?
Discounts for bulk buyers may be available – please enquire with us.
How big are the lots?
The lot size is roughly 0.25 Acres although several lots are slightly larger. Lots of this size are considered the norm in Belize, a good sized lot in much of the U.S. and a large lot in Europe!
Where can I see the prices?
The developer or your property advisor will be able to provide you with up to date availability and prices.
Will there be HOA fees, and what are my taxes?
There will be no HOA fees assessed by the developer, and your property tax is currently less than $10 per year. Although property taxes can go up as well as down, it is unlikely to go up by a whole lot, and it would have some ways to go before it would become an issue!
Do I need insurance?
No, there is no need to obtain insurance on the property – however, we do recommend that all buyers explore the option of buying title insurance.
What are the Capital Gains taxes in Belize?
As of 2013, there is no Capital Gains tax in Belize. The developer is however unable to advise owners on how owning a property at The Palms at Corozal may affect his/her tax situation in their country of residence.
How far is nearest beach/airport/town?
The nearest beach is just a minute away – all you need to do is make it to the end of Serenity Road, and you are right on a beautiful Caribbean beach.
The nearest town is Corozal Town, which is about 3 miles away, and the smaller town of Consejo is about the same distance in the other direction – both these towns will provide all you need in terms of basic shopping, dining and friendly bars.
For a more “urban” experience, you might want to consider crossing the border and enter Mexico as the larger city of Chetumal is right on the other side, not more than 10-15 minutes away. This will also take you thru the free-trade zone, which offers hotels, casinos, and duty free goods.
Corozal does have its own airport with several daily flights to Belize City and elsewhere in the country, and you can also drive to the International airport in Belize City in just 1.5 hours, where you can get non-stop service to a number of hub airports in the U.S. There is also an airport in Chetumal, offering non-stop service to Mexico City in just over an hour.
How are the prices determined, are there any comparables?
The prices have been set after lengthy discussions with local professionals, who have a constant “ear to the ground” and are familiar with many other projects in the area. After looking at a variety of options, we decided that we wanted to price it at a level where we are likely to achieve quicker sales, thereby allowing us to move on to the next project, rather than holding out for the maximum price on each property.
We also did not want to make the lots too small, or too large, but keep them at a good size and a price point that most buyers can afford comfortably.
Will the lots be maintained?
There is no maintenance requirement on you as an investor, as this is a completely hands off investment.