Couverture de Episode 15: Building vs. Buying in Belize — Which Path Is Right for You?

Episode 15: Building vs. Buying in Belize — Which Path Is Right for You?

Episode 15: Building vs. Buying in Belize — Which Path Is Right for You?

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 Episode 15: Building vs. Buying in Belize — Which Path Is Right for You?Should you buy an existing property or build your own? It's one of the most common questions we get. Both paths can work, but they're very different experiences with different risk profiles.Key insight: Building can offer value, but "cheap and easy" is a fantasy. Construction costs have risen significantly. Managing a build from another country is challenging. Timelines slip. Budgets expand. It can absolutely be worth it—but go in with eyes wide open.In This Episode:Advantages of buying existing propertyAdvantages of buildingRealistic construction costs (2024-2025)Biggest risks of buildingWhen each path makes senseListener Question: "Can I manage a build remotely or do I need to be there?"Advantages of Buying Existing:• Speed: Close in several weeks, start using or renting immediately • Known quality: See exactly what you're getting—no surprises • Established rental history: Real numbers to evaluate • Less hassle: No managing contractors, permits, inspections from 3,000 miles away • Financing: Some sellers offer financing on existing properties (hard to get construction loans as a foreigner)Advantages of Building:• Customization: Get exactly what you want—layout, finishes, features • Potentially better value: In some cases, build for less than comparable resale prices • Newer everything: No deferred maintenance, no previous owner's problems • Better rental positioning: Purpose-built rental property can outperform older inventory • Personal satisfaction: Some people just want to create somethingRealistic Construction Costs (2024-2025):• Basic: $150-$200 per square foot • Mid-range quality: $200-$275 per square foot • High-end finishes: $275-$400+ per square footExample: A 1,200 sq ft home with 300 sq ft deck might run $300,000-$450,000+ depending on finishes. NOT including land, site work, land clearing/fill, drawings, and permits.Add 15-20% contingency for overruns. They happen.Managing a Build Remotely:You CAN manage remotely, but you need a trusted local project manager or contractor with a track record who will advocate for you.Essential elements: • Clear contracts with payment schedules tied to milestones (not just time) • Regular check-ins, weekly video calls, photo updates • Site visits when possible • Do NOT take their word that work is complete—verify before drawsRealistic expectations: Things will take longer and cost more than quoted. Budget for it. People who try to manage a build with no local representation usually regret it.Biggest Risks of Building:• Cost overruns: Materials cost more than quoted, scope creeps, unexpected issues (reputable contractors honor material quotes) • Timeline delays: Weather, permits, contractor availability—double your expected timeline as a starting point • Quality issues: Without oversight, workmanship can suffer • Contractor problems: Some disappear mid-project or do substandard work • Permit and title issues: Make sure you can actually build what you want on that land • Survey errors: Always get a survey before building—David knows of a case where an agent showed the wrong lot and the buyer started building on property they didn't ownWhen Does Building Make Sense?• You have a specific vision existing inventory doesn't match • Found land at a good price in a great location • Have time—not in a rush to generate income (buy lot now, build in a few years) • Can be somewhat hands-on OR have trusted local representation • Have budget buffer for overruns • Treat it as a project, not a passive investmentWhen Does Buying Make Sense?• Want to start generating income or using the property quickly • Prefer a known quantity over construction risk • Are purely an investor, not a builder at heart • Don't have local representation for construction oversight • Found a property that meets your needs at a fair priceBottom Line:Neither path is universally better. Buying is simpler and faster. Building offers customization but comes with real project risk. Match the path to your personality, timeline, and risk tolerance.Connect:📧 david@1stchoicebelize.com (to discuss which approach fits your situation or get builder recommendations) 🏠 RE/MAX 1st Choice Belize]]>
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