How to Protect Yourself When Buying Real Estate in Roatan, Honduras

Have you ever dreamed of owning your own piece of tropical paradise; in other words, a piece of land in some exotic place where the sun shines, the water gleams, and the wind gently makes the palm trees sway? Because of the growing number of affluent American "Baby Boomers", this is not as far fetched of a goal as one might think. Not all tropical land is priced out of reach, and you hardly have to be Donald Trump to make the deal of a lifetime on your own slice of heaven on earth. One particularly attractive area to buy land in is Roatan, a region of the nation of Honduras, because of its natural beauty, great climate and availability of affordable land. Not so fast, however---you need to know a thing or two to protect yourself before you make the leap, or lay down the cash.

First, it is an excellent idea to make contact with an experienced and reputable real estate agent in Roatan itself. Because of the huge interest in buying land in this area over the past few decades, there has been a large increase in the number of American real estate agents who have relocated to, and specialize in, Roatan. Also, there are large numbers of experienced and honest real estate agents who are native Hondurans. They may be able to help you navigate the cultural aspects a bit better than an American, and they typically are fluent in English and can help with the finer points of the transactions. What your best bet will be is to make sure you know with whom you are dealing. As with anything else, from whom you buy is as important as what you are buying. Real estate has some similar things to look out for in any country, so keep your wits about you.

Also, there are taxes to consider; in Roatan, there is a 2.5% transaction tax on the purchase of real estate in the country, which could be significant depending on the purchase price of the land you are buying. Again, an experienced and honest agent can give you valid advice on this consideration and what it means for your particular situation. This fee also applies when selling, so you could pay double on a quick transaction.

As with land anywhere else as well, there are steps you must take to make sure the land you are buying can be cleanly transferred to you. Legal advice is best in this case. In short, do the research and align with good people from the start, and paradise will be closer than you think.