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Purchasing property

Just a quick followup on one of my earlier postings about purchasing property in Belize.
Last December i purchased a small lot from a realtor out of Sarteneja.  This realtor was selling lots, and I think still is, that Belong to his father.
These lots are off grid, small, and beautiful.
After paying about 25 percent of the property someone breached the issue that ocean Lots in Belize have to be a quarter of an acre or larger to build on.
I was concerned and posted online and pretty much got the same answer from everybody but no real proof anywhere!
I decided to spend the money and hire a lawyer out of Belize City to deal with it! Well, I have found out that you cannot currently build on Ocean Lots that are under a quarter of an acre. This does not mean you eventually will not be able to but there is no telling where that will go!
Well, after a big somewhat fight, the realtor informed me he would give me my money back. I told him great but it has to go through the lawyers since the lawyer is representing me! Well, it has been about three and a half months and I have yet to see a dime. So please beware and do your due diligence! Don't buy pieces of property that the realtor says you can build on unless you know for sure you can.
Now since then I met with another realtor in Sarteneja that was selling property and he is having the same issues. He has lots that are .20 Acres but he cannot sell for building purposes! So if you're buying on the waterfront make sure you have a quarter of an acre or make sure you have governmental approval

Thanks for the update!

Have you considered either of these?
1 Buy a second adjoining lot, replat it as one lot to build on?

2 Buy three adjacent lots, replat them as two lots. Build on one, wait until the second lot appreciates and sell.

Yes I did, but 3 lots of that size at the price they're being sold at is out of my price range.

Yes I did, but 3 lots of that size at the price they're being sold at is out of my price range.

ToddHenry :

Yes I did, but 3 lots of that size at the price they're being sold at is out of my price range.

Totally understand.....in a cash based market, with Bank financing at credit card rates it is a wholenother world.  :o

I had to pass up a bargain on a very nice higher end apartment building investment from a motivated seller in Maya Beach  because it would have left me cash poor. There are still lots of bargains in Belize for the savvy cash investor that does his/her due diligence, but it's moved out of my range.

Ill stick to financeable RE investing  in the US and just enjoy my little house in the Village half the year.  :D

Great idea.
I found 3, consecutive 1 acre lots at a great price.  Not waterfront, secondary,  200 ft off the water, maybe someday they will be Waterfront :-)  ..lol

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