Quick Guide to Caribbean Real Estate Financing

Introduction

Caribbean is a tropical paradise. And, owning a chunk of land in the paradise can be a dream for many. If you have ever visited the Caribbean, you surely must have built a strong coveting towards owning a property there. Caribbean is the most sought after place for vacation and retirement properties. This means, it is not a piece of cake to purchase a property in the Caribbean. You can’t just intend to buy a property today and buy it tomorrow. You need to pre plan your approach. And for that, you need some expert advice. Here, I will provide a short and quick guide for buying a property in the Caribbean, so that your purchase goes as good as possible, and you can live your dream of having a land in paradise!

1.Do thorough research.

If you think after a visit to the Caribbean, you know everything about the place, you are wrong. You need to do some research before buying a land in the Caribbean. If your intentions are to build a retirement house, you need to be sure that the place is near hospitals and support services facilities. Also, you need to take into account, the basic facilities, like water, electricity, internet connection, etc. And, if you are planning to buy an investment property, you need to make sure that it is in a prime area, with amenities like, shops or beach.

2.look for financing before buying.

You need to take into account how will you finance your purchase. If you are planning to have a mortgage, its always good to seek pre approval from your lender. This is a step you should take before going for house hunting. Approvals can take time so its better to do all this stuff before looking for houses. Also, you need to know the rules of the islands in the matter of real estate. Like, some Caribbean islands, wants you to have all the money for buying a house. Whereas, some islands allow you to have mortgage. The mortgage rules are almost similar to other countries in the Caribbean.

3.Hire a good real estate agent.

A good real estate agent would be knowledgeable of the rules and laws and can help you find the perfect property you are looking for. They can also help you out of the long and laborious governmental process that entails buying a property. They can then further assist you into completing the purchase and all the other aftermath of buying a property.

4.Have an attorney.

Once you have chose the property you want to buy, you’ll need to hire an attorney. There are certain laws of buying a property in the Caribbean for overseas individuals. To properly interpret these laws, you will need an attorney. It is always good to ask an expert in this matter, to choose the best attorney.

5.Know the rules to make yourself eligible of buying a property.

There are certain rules of different islands, you need to play by, to finally purchase a property in the Caribbean. For example, there is a rule for an island that, the buyer should be present in the island to sign the property documents. Another rules in an island is that, the buyer should have a unique tax number given by the tax administration, before buying a property in the island. So, you need to know whether you are eligible to buy a property in certain island or not.

6.Patience is important.

Due to cultural and national differences, buying a property can take some time. Also, the governmental processes can take a bit long. So, having patience is really important. Keep in touch with your real estate agent and attorney, to assure proper flow of everything. The results will come and they’d surely be fruitful.

7.know about the exchange rates.

Having knowledge of the exchange rates can help you while buying a property in the Caribbean. Some agents may charge you dollars or euros so, knowing the exchange rates can help here. Also, you will need to pay the fees of your real estate agent and your attorney in the home currency. So, knowing the exchange rates would clearly help.

8.Protect your new property.

Your new property is your asset and its what you have dream of. So, you should protect it well. You should give it timely visits to check out the state and condition. Also, include it in your will, to pass it to your progeny.

This is a short and sweet guide to buying a property in the tropical paradise, the Caribbean.

Preparation for Scuba Diving Vacation in Roatan

If you are looking for an ideal vacation spot for scuba diving, then Roatan is just the right place for you. The Roatan is a beautiful island on the Caribbean located about 65 kilometers from the northern coast of Honduras. The place is also referred to as The Big Island and is situated by the islands of Guanaja and Utila. However, the Roatan happens to be the largest of all the Bay Islands of Honduras. The geography and climate of the island make it the ideal place for Scuba diving. Thus, if you have had a long vacation planning, make sure to go scuba diving in Roatan.

Why should you go scuba diving in Roatan?

If you are concerned about why you should go scuba diving in Roatan, there may be a number of reasons why you should be doing it. Its extensive range of marine life with the shallow reefs and plummeting walls makes it the best spot for scuba diving. If you are lucky (or rather unlucky) enough, you may encounter with one of the largest fishes of the sea: the majestic whale sharks. Roatan is the best place for expert and beginners for diving. Since there are so many beautiful shipwrecks and shark-dives, you will never regret diving in Roatan.

There are several visual delights why you may want to go diving in Roatan.

Seahorses

These cute little sea creatures are an absolute delight to watch. You may not always be lucky to witness these, but once you’re underwater in Roatan, you may get to see these for sure. Swimming along with its groups, you will spot not one but many seahorses underwater. However, if you want to see some seahorses, you need to observe the surroundings carefully. You may also spot the pipefish while scuba diving in Roatan. 

Pretty peas

You may get to spot some baby trunkfish while you are touring the reef. These are also referred to as peas because the fishes are round in shape and very small in size. Moreover, these underwater creatures are extremely adorable.

Jawsome

Sounds weird, right? But you may get to see some yellow-headed jawfish while you’re swimming over the sandy patches. You may get to see them in weird places such as burrows. If you are a little patient, you may catch the male jawfishes carrying eggs on their mouths. They also go on popping these eggs.

Roatan Marine Park

The Roatan marine park is one efficient spot that you will get to enjoy while scuba diving in Roatan. It was established back in 1989 by the name of Sandy Bay-West End Marine Reserve. It stretches across 17 miles and has about 10,400 square miles of coral reef under its protection.

Meso american reef

You may have heard of the beautiful Mesoamerican Reef. All the parts of the Bay Islands inclusive of Roatan islands have been a part of the Southernmost part of the Mesoamerican Reef. The Mesoamerican Reef is vast with a stretch of 600 miles. It is regarded as the second largest reef in the world. So, Mesoamerican reef is one of the reasons that may compel you to go scuba diving in Roatan. 

El Aguila

If you are looking forward to witnessing the shipwrecks, then you should go for scuba diving. The El Aguila is one of the best shipwrecks that you can see in the Roatan islands. The mast of the ship is extremely big that attracts the eye of everyone. If you have dived underwater, you need to take time, and you will get to witness a lot of things. These may include the slender filefish, secretary blennies, neck and arrowhead crabs and some more. 

There are several places where you can go scubadiving in Roatan islands. You can come in contact with the expert tour guides and go on scuba diving. Not only scuba diving, but you can also go snorkelling too. Undoubtedly, Roatan is one of the best places for underwater activities so plan your vacation and enjoy.  

How to find best Utila homes for sale?

If you're looking forward to have a great vacation, then Utila is one of the major places to visit. In the North of the mainland of the Caribbean are the Utila islands among the group of Bay Islands in Honduras. Utila is an extremely famous destination for its wide range of coral reefs and dive sites. If you're an ardent lover of the nature, then you can find different wildlife species around the surrounding waters. Utila, Honduras attracts a lot of tourists each year due to its extensive charm. But only a few of all has very low prices for owning a piece in the paradise. When you find Utila homes for sale, you need to consider a lot of things

Consult your real estate agent

You will have a tough time finding the Utila homes for sale. As a result, you can consider talking to a real estate agent for convenience. They will help you find the right property. Once you find a property you can ask your real estate agent to create the simple sales agreement. Then, you can further analyze it and proceed with the process.

Take time to deposit the earnest money

Usually it takes around 7-10 days for depositing the earnest amount. This will hold applicable to the real estate. However, before making any deposit basis on the agreement, you should consider talking to your seller. After producing the contract regarding the wire money and signing by the customer, the property will come down the market. However, you should be careful while wiring the earnest money. You should carefully consider the terms and contracts set up by the owner. The Utila homes for sale come with a range of laws and order. As a result, you should prefer to be sure regarding the property.

Look around for deals

You can find a number of Utila homes for sale around you. But before you actually settle in one home, you will need to look around a number of them. You should prefer analyzing all the deals carefully before finalizing any deal. When you consider the real estate agents, you will often find that there are various raw deals coming up with the agents. Apart from that, there will be several options around the place you want to buy. You can analyze the details carefully before finalizing the decision. On analyzing you can find eight suitable properties, but you should accept only one offer.

Look for investment

You should consider your investment return, while you purchase the property. Many real estate agents would often advice you to consider purchasing the property as the investment. As a result, you can prefer the 1% investment strategy. As per the 1% rule, you should get the income property of rent 1% so that you get access to the positive cash flow. This will actually give you a positive idea of the fair market price around the rentals of the area.

Check for the capital rate

You should check for the capital rates for the Utila homes for sale. You should check for the price according to the Square foot and price per door or the neighborhood comps. These will be more effective when you analyse the property properly. If there are any price drops you should consider it. This will offer a great buying opportunity.

Analyze the condition of the property

When you find Utila homes for sale in the Bay Islands, you should check for the condition of the property. The condition of the property will help you to get a discount. When you check for the properties inline and there aren't any properties, you should not consider buying it. You should consider consulting your real estate company about the property's price. This will also help you get the effective quick sale on the price.

When you purchase the property, you should prefer clearing off the taxes. These prices usually vary depending on the location of the property. The price may vary, so you should consider consulting the real estate agent.

Top Honduran Vacation Home for Rent

Ever dreamt of spending a vacation in the Honduras in the shores of crystal clear beaches while soaking the sun and sipping some of the finest drinks from the Caribbean? The experience can be beyond mesmerizing and what can get more incredible are the options one have to stay in Honduras. The best tourist properties in the country and the Bay Islands have some incredible features and luxury amenities that can promise you the time of your lives. Look out for the best property and you're all set to go and enjoy yourself. Let us have a look at some of the topHonduran vacation homes for rent based on popularity and ratings:

●       Turtle Beach

This is a set of 4 villas and three cabins situated on one of the best parts of the beach at Roatan. With this property, one can get hayaks and hammocks along with the lounge chairs for use, and this entire thing comes with free Wifi. Although the property might seem exclusive and private, it is just a few minutes’ walk away from the best restaurants, parks and bars in town.

●       Casa Tortuga

This property is situated on the West Bay Beach which is one of the most amazing beaches of Honduras. This property is a condemium of 2 bedrooms which overlooks the Caribbean Sea and the first thing you would land on as soon as you step out is the white sand. The concept of the house is open living, and it has a separate dining and kitchen area; perfect for a family getaway on an island.

●       Casa De Admirada

If you are coming in a big group or have multiple families staying for a vacation, this villa is perfect which as the sleeping size of 12. The best part is, the location of the house is in a quiet area exclusively for vacation homes, and it is very close to the beach as well. Along with the in – house amenities, one has access to kayaks which can be used by the guests. There is also a piki bar as well as the space for BBQ so that you can spend the maximum time out of doors.

●       Bella Luna Beach House

It is located on the prime location of the Half Moon Bay, and the location is one of the best on the Roatan islands. Staying in this property, will ensure that you get the best access to everything around the island and yet have the desired privacy. There are three units for the home, that can be either kept separate or combined if there is a large group.

●       Lawson Rock

Throughout this unit, one can catch the sight of the beach. The second floor patio is extremely spacious and the space there is ideal for having your morning coffee and staring at the beach. This property has a private pool as well as a BBQ space and thus is ideal to socialize as well.

●       Serenity Beach House

The name says it all, it is the best and most peaceful location on the island and the beachfront location promises the best views. It is situated on the quieter portion of the beach that has just 4 more houses. The property has its own private with lounge chairs placed all around it. Also, there are plenty of pool bar stools on which one can place the drink and enjoy each sip catching the best views!

●       Flamingo Cabins

This property is situated on the water and when you enter the deck, you will hardly want to leave it. You can also dive into your own private pocket of the water or go kayaking through the mangroves. The space of the dock is around 800 ft and it calls for a comfortable and cozy stay for small groups and couples.

So, these were the top vacation homes in Honduras where you can spend your next getaway. One can find the best listings on roatansir.com.

How to Find Right Home for Sale in Bay Islands Real Estate?

Looking for a house around Bay Islands? Bay Islands happens to be one of the hottest attractions such as Roatan, Utila, Bonacca and more. Make sure to look around you carefully before you make a specific choice. This will eventually help you get a lot of return. Every year, this island attracts a lot of tourists. Finding the right home in the Bay Islands Real estate can seem to be a tough job. Since the place is so beautiful the price is supposed to be higher too. Thus, you can make a choice accordingly.

You should be aware of the little details and where you can get the best property. If you're looking forward to buying a house, Roatan Islands would be the best option for you. Well, there are a number of options you should be aware of such as number of bedrooms, the available space and many more. You should also look forward to if the home for sale in Roatan requires any work regarding the improvement or not. There are some cases where the previous owner may not want to pay the charges for repair. As a result, you will need to end up paying more.

Get to know the homeowner:

When you're preparing to visit the homeowner, you need to come prepared with a list of questions. You should ask them how long they were the owners before you set out to purchase the property. Many new houses seem to have changes but if your homeowner is new, they may not be able to give you a detail. However, if the person has owned the house for a long time, they will be able to offer you a proper detail regarding the house. Also, check if the house any extended warranty or not.

Check for all the floors:

It is necessary to look after properly and whether all the things have been arranged properly or not. You should keep a check on the bathrooms, plumbing and all the floors. Minor problems can arise and this can be confusing. Another major problem is the sagging floors. This clearly will help you understand the structure of the home and whether it needs any structural development or not. Apart from that, the cracks on the walls need to be checked too.

Keep a check on water in the basement:

If you have been considering to purchase the house, you should check for even the smallest details. You should check for the water in the basement. If the recent few days have been rainy, you should check whether the basement is dry or wet. There are chances that even in dry days, the basement will be damped. If it appears so, you should make sure to check for it properly. You should try and find out the issue. Apart from that, you should also look forward to solving the problem for the better convenience.

Carry out a home inspection:

Before you buy a Bay Island real estate, you should prefer carrying out the home inspection. This will help you get an idea about the defaults and problems in the house. If your homeowner hasn't carried out in any recent time, you should prefer doing it on your own. This will help you understand the actual worth of the house that you should pay. If your homeowner doesn't pay for the inspection, you should prefer paying and then lower the prices accordingly. If you are preparing for the repair, you should make sure that you discuss about the deductions with the person.

Whenever you set out to look a house for sale in Roatan, make sure that you are prepared. Apart from the financial preparation, you should also be mentally prepared and ask them about all the necessary questions. Even a little consideration can help you get through the whole process. You need not be confused. It is better to check with the real estate agent before making any move.

You can reach us at Roatan Honduras Real Estate for your next move.

Buying Real Estate in Bay Islands, Honduras

When you proceed to invest in a real estate in the Bay Islands, you are sure to have some mixed up thoughts. Investing in a real estate is a big deal, and everything needs to be taken care of properly in order to ensure safety. However, even a slight difference can cause big troubles. When you check the different internet sources and magazines, you will find a number of examples who have built their large fortune by spending in the real estate sale. Also, these usually depend on the cash flow and how much profit you will earn out of each.

Investing in real estate in Utila may seem to be an attractive option but if necessary measures aren't taken, it may prove to be a great loss. As a result, make sure to look for all the signs mentioned below before you decide to spend on the real estate in Bay Islands.

Property and location
The first thing you need to look after is what kind of property it is and where it is located. If it is located in such a place for where all the necessary aspects are covered, you can consider spending on it. This is because it will help you to get great returns. Most of the times, the people look for options from where they can get access to hospitals, markets, school, workplaces and more.

Do the research
Before you proceed to spend on the real estate in Utila, make sure you have a thorough research about the surrounding areas. These have actually said to be beneficial for keeping a track of the amount you will be spending. Usually, your client won't like an area that isn't sophisticated. As a result, you should put in your best effort to impress your client and get the best results.

Consider monthly amortization
You need to have a down payment if you're looking forward to spending on the property. However, apart from that, you should also take the monthly amortization into consideration to determine price arrangements. You should analyze your financial condition properly regarding how much you can pay and for how long. Determining the cash flow is considered to be the best option while checking with the real estate investments. In some cases, if you cannot meet the payment deadlines, you may end up being under debt. This will, however, lead financial problems in the further times.

Loan investment
If you're looking forward to considering a loan for your investment on the real estate in the Bay Islands, you will have a lot of options. However, it is totally up to you what kind of decision you make. A slight research will help you analyze your financial situation and whether you need the loan or not. Each of these loans has their own benefits associated with it. However, what kind of loan you choose depends on the bank that they will be providing. Make sure you check with the features of the loan before actually taking it.

Begin with low-cost properties
Various real estates in Utila are available at quite good affordable prices. However, there are many people who go up to the extent of spending millions in their first time only. It is not really a good option because what if you do not get the necessary amount. As for benefits, you can either spend in low-range properties or in the middle range ones. This is considered to be a smart investment. You should keep yourself in the low zone for the first investment to ensure financial security.

Life situation
When you are buying a real estate, you need to determine your condition such as whether you are married or single. You should make sure to purchase your property depending on what your condition is.

A smart move and investment can help you gain more than what you think it to be. Make sure to be in contact with a reliable real estate agent for better deals. 

Reasons to Buy Property in Roatan

With its powdery white sand and sparkling turquoise waters, it’s easy to see why Roatan, Honduras, has gained tremendous popularity over the past decade.  Recently touted as one of the best places to retire, particularly among island destinations, it attracts the attention of expats and tourists alike.

While terms like “best-kept secret” and sights such as the towering cruise ships in its ports might turn away some skeptical buyers, Roatan isn’t just another cookie-cutter expat destination.  Its heavily-touristed area is counter-balanced with acre after sparsely-populated acre, just a few miles down the road.  It’s accessible and surprisingly affordable.  And buying property is a breeze compared to other locations of its caliber.

RoatanSir Real Estate

So, before you write it off as just another passing trend in a long line of retirement hotspots, here are a few things you might not know about Roatan realestate and one of the great reasons to by property in Roatan.

Affordable Prices

It goes without saying that a Roatan Honduras property will offer any investor great value for their money. In the Caribbean, properties have since in the 90s seen myriads of people achieved their dreams of owning just a piece of the Caribbean. People like coming for vacations and have a peaceful place to retire. In that regard, they invest here as they watch property and realize profits. Today, to own a property in Roatan is pretty affordable as prices have fallen and are bargainable as well.

In case you have a property professional, they will attest to the property pricing decline over the past few years. A professional will furnish you with reliable information about pricing, which will enable you to make an informed purchase of a Roatan investment property. Only ensure that your company for buyer’s representation uses a Comparable Market Analysis, CMA.

For a relatively small island, Roatan offers a lot of options

Roatan is a 37 mile long island that is situated about 35 miles off the northern coast of Honduras.  It’s less than 5 miles across at its widest point, so essentially it’s a long strip of land that’s divided generally into an eastern and a southwestern section.

If you’re looking for a well-developed, densely populated area where you can walk to bars and restaurants, the southwest end of Roatan is for you.  If not, come along with us to the eastern side.  There you’ll find quite the opposite of the tourist-heavy bustle of the west end.

On the less-populated end of the island of Roatan there are fewer paved roads and beaches with not a single other human in sight.  The amenities are fewer, and consequently property prices are much lower.  You can still reach the hotspots on the west end, as well as the airport in Coxen Hole, within an hour or so.  But with the lower cost of living on the east end of the island, you may not even want to.

While there are a few decent-sized cities on the eastern end of the island (such as Oak Ridge, the capital of San Jose Guardiola), almost all of the action on Roatan is to the west.  Cities like Coxen Hole and French Harbour offer services from banks to gyms to modern medical facilities.  The popular West End is home to the great sandy beaches and dive shops that attract tourists from all over.

With direct flights from the U.S. you can be in Roatan in two hours

Speaking of the airport, you can now find direct flights to Roatan from several major U.S. cities, such as Houston, Miami, and Atlanta.  This development has made a tremendous difference in the time it takes to reach this island getaway, as it was once only accessible by local flight or ferry from the mainland.

This new ease of access makes Roatan one of the simplest to reach island destinations in Central America.  And easy access makes for the potential for appreciation.  As more people and businesses flow into the island, the effect on the Roatan real estate market can only hope to benefit.

Once on the island, getting around is fairly simple.  Buses run every 15 minutes between Coxen Hole and West End, during the day.  Another runs every hour to Oak Ridge, stopping at places such as French Harbour and Punta Gorda, which is where the pavement ends.  The roads become increasingly primitive the farther east you go.

You’ll Make Everyone at Home Jealous

Don’t underestimate this one. How cool is it to have your own retreat from the world with complete privacy and control over your entire environment? And buying an island in Honduras will likely cost you less than a nice pied a terre in Manhattan or a flat in Kensington.

About Roatan SIR

Roatan Sotheby’s International Realty (SIR) was founded in 2017 to give our clients a unique level of service that can’t be found elsewhere on the island. For the first time, our sellers will be given the opportunity to leverage the global reach of the Sotheby’s International Realty brand to deliver an unmatched level of results. Roatan SIR will also offer our buyers unrivaled expertise on the local real estate market combined with access to the island’s most exclusive listings and unparalleled customer service. In short, our focus is both local and global, and it is a proven approach to generate results.