buying Roatan real estate, taxes, insurance, investment

Buying Roatan Real Estate

The Honduran government legalized foreign ownership of land in 1998. Honduras has had a history of being a stable democracy for over 30 years and has close connections to the United States government, which perhaps assures greater stability than some other locations in Latin America.

As an individual you may own 3/4 acre parcels free and clear and you may even purchase American title insurance. Couples may own 1.5 acres (3/4 of an acre per person). To purchase larger amounts of land, you must form an Honduran corporation. An attorney can assist you with your real estate purchase or forming a corporation for a reasonable fee. The average closing costs to the buyer are about 5%.

In the past, most Roatan real estate sales were cash sales or were seller-financed. Financing through an American mortgage company is now available on the island. Colby’s Real Estate can provide you with more information on this service as well as contacts for using IRA or 401K funds for Roatan real estate purchases.

Roatan real estate purchase attorney title insuranceWhether you are wanting a warm and peaceful retirement home, a seaside condo, or beachfront acreage that you can develop in the future, Colby’s Real Estate can help walk you through the learning curve to make your island purchase easy and enjoyable.

Taxes and Development Costs

Property taxes on Roatan are very affordable. Expect to pay about $ 3.50 per $1,000. For example, property valued at $50,000 would be assessed about $175 for property taxes per year.

Building on Roatan is quite easy and while “island time” may require more patience at some points in your real estate project, it is really quite easy to build or do business on the island of Roatan. Honduran pine or concrete constructions are the norm. Depending on what you want, you can build a wood home from about $65 per square foot or a concrete house from about $85 per sqare foot. Of course you can spend much more depending on what you prefer. There are many exquisite houses on the island as well as many simpler Bali style homes that are really quite inexpensive to build.

So, whether you are looking for your own affordable piece of raw land, a valuable real estate investment, or a second or retirement home, check out Roatan and contact Colby’s Real Estate. We know the island and the people of Roatan and can share a great island real estate experience with you. 

The Bay Islands is rated by International Living as one of the top 6 investment and retirement real estate opportunities in the world! We know why and are convinced this is the place for our own retirement real estate. Perhaps it is also the right Caribbean island spot for you! Give us a call or send us an e-mail to hear more or to schedule your own real estate tour of Roatan.