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What You Should Know Before Retiring in Belize

By U.S. News & World Report

Belize is a small country that offers diverse lifestyle choices. Before thinking about buying a home of your own in this English-speaking Shangri-la, ask yourself this critical question: What are your objectives?

[See: 10 Affordable Places to Retire Overseas in 2016.]

In Belize, you could invest in a condo on the beach, a home in a planned community, a house in a local town or a piece of land in the country. Each purchase has its advantages and its downsides. Choosing one over another is all about what you’re looking to accomplish. Are you shopping for a place to live or for long-term appreciation? Do you intend to use the property full time yourself or only part time with the hope of renting it out otherwise?

Deciding that you’d like to own a beach condo in Belize leads to more decisions. This little country has a long mainland coast and many cayes offshore. This means lots of beach choices, and all beaches are not created equal. Some Belize beaches are Robinson Crusoe-style. Others are rowdy and noisy with lots of nightlife and tourists. Picking one over another for your retirement comes down to what you’re looking for. Do you want privacy or company, solitude or parties?

If it’s privacy and security, peace and quiet that you seek, consider a home in a planned community. These are relatively new to Belize. Most are being built to North American standards, meaning you won’t have the quirkiness of a Belizean home, such as lights that turn on when you push the switch down or bathrooms plumbed for cold water only.

You probably wouldn’t have Belizean neighbors either. This could be a plus or a minus for you. In addition, planned communities are outside the towns for the most part, meaning that, while you’ll be safe and secure behind the guarded gate, you’ll also be a drive from shopping and restaurants. A drive at night in this country can be an adventure because the roads are basic, often dirt and almost always unlit.

A home in a planned community also means fees. Monthly homeowner association fees support the upkeep of community amenities and services. These can range from $150 to $300 per month, which is something to keep in mind when doing your budgeting.

[See: How to Prepare for Retirement Overseas.]

A home in town can be the most convenient option and also the most affordable. The trade-off is that, with rare exceptions, houses in Belizean towns are local Belizean houses. You may have to search for a while to find one that will be comfortable for you. Not only is a local-style house in town more affordable than a new house in a planned community, but it also comes without a monthly HOA fee.

If you do consider buying something local in town, understand that zoning doesn’t exist in this country. If you buy or rent a big house in a nice part of town with a vacant piece of land next door, it’s not out of the question that, a year later, say, someone could buy that piece of land and build a disco or a car repair shop on it.

How can you know how much you should pay for the kind of property you’re interested in buying? You have to compare apples with apples, and that’s not easy in this market. You want to consider the cost of a condo or house on a per-square-foot basis, but you also have to pay attention to what’s included in the square feet. It’s like asking, “How much does a bag of groceries cost?” It depends on what’s in the bag.

In Belize somebody might tell you he can build you a house for $80 per square foot, but you can’t let the conversation end there. Ask what’s included in those square feet. You might be surprised to learn that that per-square-foot price doesn’t include windows, for example, or plumbing or cabinets. You generally don’t expect a house to come with appliances, but most of us don’t think of a water heater as an appliance.

If you’re looking for rental income, focus on San Pedro or Placencia. These are Belize’s highest trafficked tourist destinations. If you are looking for appreciation, focus on Cayo and Corozal. These are the fastest-growing districts in this country.

Another option could be to build your own house. In this case you should know about the Central Building Authority. This is a relatively new government agency that is putting building standards in place. Pay close attention to the building codes you must adhere to.

[See: 10 Retirement Hot Spots in the U.S.]

One more thing you should know: There are no escrow companies in Belize, and you can’t take escrow for granted. It’s not typically part of the buying process. You can insist on it, but you’ll have to set it up yourself. You can do this through your attorney.

Kathleen Peddicord is the founder of the Live and Invest Overseas publishing group.

More from U.S. News

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What You Should Know Before Retiring in Belize originally appeared on usnews.com

Don’t Settle for Student Loans to Pay for Online Education

By WTOP Staff
Online college programs are becoming a more popular choice for prospective students, with one study finding that more than 6 million students enrolled in at least one online course in fall 2015. The popularity of these courses can be attributed in part to their flexibility with working adults' schedules, students' ability to progress more quickly through online programs and, oftentimes, cheaper tuition. [See 10 low-cost online bachelor's programs for out-of-state students.]Online degrees can be beneficial to many college students, but some studies have shown online learners complete their programs at lower rates than students at traditional brick-and-mortar campuses. Individuals with student loans but no degree comprise two-thirds of defaulted borrowers. Though these numbers are not encouraging, just like for traditional programs, there are ways to reduce how much you'll need to borrow for an online program to ensure you won't become one of these statistics. Don't just settle on borrowing student loans to cover the whole cost of your program and living expenses. Instead, start thinking about how to cut costs and cover your balance in different ways, such as the following. -- Grants and scholarships: Even though you are taking an online course, you can still apply and receive grants and scholarships. But your first step should be to complete the Free Application for Federal Student Aid, commonly referred to as the FAFSA, which will allow you to receive a Pell Grant if your expected family contribution is low enough. The EFC criteria and award amounts are adjusted annually, but the 2017-2018 academic year awards range from $606 to $5,920, which could significantly lower the amount you borrow annually. Your next step is to apply for scholarships. You can start by checking online scholarship search engines, such as the Salt Scholarship Search, College Board's BigFuture and Peterson's. But don't forget to take advantage of local organizations and your school's financial aid office. Both may offer scholarships that you can't find with a national scholarship search. [Review these 10 sites to kick off your scholarship search.]For instance, organizations like the Elks Club, Knights of Columbus or the Rotary Club typically offer scholarships annually to local students. Just because you're going to school online doesn't mean you're ineligible. Visit your local library for scholarship listings, and ask around town. You might be surprised how many local organizations offer scholarships. While these scholarships typically aren't large, every little bit counts. Each dollar you receive in a scholarship is a dollar you don't have to borrow and pay interest on. -- Work-study: Another option for online students may be work-study awards. Not all students enrolled in online programs are eligible, but students at some schools -- including, for example, SUNY Empire State College and Liberty University -- are. Work-study awards are not given upfront like scholarships and grants. In most cases, they are an offer to earn up to the awarded amount if you secure an eligible work-study job. While there is a misconception that all work-study jobs must be on campus, students can work for off-campus, nonprofit or public employers as long as the work is in the public's interest. You may be able to work for a for-profit employer if the job is relevant to your course of study. No matter who the outside employer is, it will need to have an established agreement with your college for you to receive work-study funds. Remember, to be eligible for federal financial aid, you must be enrolled and pursuing a degree or certificate. If you're not working toward a credential, Pell Grants and work-study won't be option, but you may still be able to take advantage of private scholarships -- just be sure to read the eligibility criteria carefully. [Explore what to know about financial aid in online programs.]-- Pay as you go: One of the great benefits to enrolling online is the flexible schedule, which can allow you to complete your college coursework around your responsibilities. But prospective students often overlook using their part- or full-time job earnings as an option for paying for college. Almost 80 percent of college students in 2015 worked at least part time while attending classes, according to the National Center for Education Statistics. By budgeting and thinking strategically about your college costs, you can likely reduce your dependence on student loans by paying a portion out of pocket. Many -- but not all -- online programs are less expensive than traditional programs and often have shorter payment periods. Six, eight or 10 weeks are common course durations. Because of the frequency of payments in an online setting, you may be well-placed to pay as you go and possibly avoid borrowing altogether. Attending college online and avoiding student loans may be challenging, but if you are willing to put in the effort, you can limit the amount you need to borrow. More from U.S. News Q&A: Understanding Student Loan Discharge Eligibility Student Loan Refinancing Isn't Right for All Borrowers
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