Episode 8: The 5 Biggest Mistakes New Belize Buyers Make (And How to Avoid Them)

There are a few ways to lose money fast in Belize. Today we cover five of them—and how not to be that person. David has seen people lose tens of thousands on totally avoidable mistakes.

In This Episode:

• The 5 biggest mistakes new buyers make
• How to avoid each one
• Myth of the Week: "If I don't buy on my first trip, I'll miss all the good deals"
• Listener Question: "Do I really need title insurance in Belize?"

Mistake #1: Buying on Emotion After One Visit

You land in February, sun is perfect, two rum punches in, and you think "This is it." But Belize in February is NOT Belize in August with sideways rain and mosquitoes big as horses.

How to avoid it: Visit twice (different seasons), walk the neighborhood, talk to expats, ask "Would I still want this if I couldn't use it for two years?"

Mistake #2: Underestimating Total Cost of Ownership

People focus on purchase price and forget:
• Closing costs (~10% for foreigners)
• Property taxes
• HOA fees ($200-$800/month)
• Insurance (windstorm, flood, fire, liability)
• Maintenance (1-2% of value/year)
• Property management (20-30%+ of gross rental)

Mistake #3: Skipping Due Diligence

Skipping title searches, surveys, and inspections leads to title issues, boundary disputes, and undisclosed liens.

How to avoid it: Hire a Belize closing agent/lawyer, get full title search, survey, and building inspection. Review HOA financials. Cost: $3K-$7K—cheap compared to a $50K mistake.

Mistake #4: Ignoring Property Management

"I'll manage it myself from 3,000 miles away"—famous last words. Stuff breaks, guests show up early, storms happen, squatters happen.

How to avoid it: Decide before you buy who's managing. Budget 20-30% of gross for management or $300-$800/month for a caretaker.

Mistake #5: Expecting U.S./Canada Speed and Systems

Belize is an emerging market. When someone says "coming right now," that might mean 15 minutes or 15 hours.

How to avoid it: Build buffer time into every plan. Have backup plans for power and internet. Work with people who know how Belize works.

On Title Insurance:

Only ~1% of buyers get it. Belize property laws are strong and proper due diligence catches most risk. If the title search and closing team are solid, their opinion is usually more valuable than the policy. But for big or complex deals, it's one more layer of protection.

Connect:

📧 david@1stchoicebelize.com
🏠 RE/MAX 1st Choice Belize

Next Episode: How to Structure Your Belize Purchase for Tax Efficiency and Asset Protection]]>