Frequently Asked Questions on Guatemala Real Estate

Select one of the frequently asked questions below to learn more about buying, selling, and renting real estate. Also, begin to think about important things to consider when diving into your real estate search. Guatemala real estate is not your regular form of doing business.. We are here to guide you and help you.

Questions about Guatemala Real Estate Selling process

Do Real Estate Broker in Guatemala have a license?

In Guatemala there is not the same system of License that you find in the USA for example. The brokerage activity is ruled by the code of commerce and there are some specific license for insurance broker but not specifically for realtor. Neither to say that you have to obtain the license which is regulated by the Government Agreement # 239-2012

I got mine after a year of paperwork….# 01-2016-239-2012. And you can find countless pretend to be realtors on the web and in the street but very few will give you the guarantee a professional realtor will give you.

Can a home depreciate in value?

Generally, real property never depreciates in value, or more so, it is not very common for property to depreciate. This is why it’s a great investment. Make sure you carefully consider location and community when choosing a home, it can effect the homes future value greatly.

If you are in a newly developed area, do some research on the construction of the surrounding areas being developed to determine if they may effect your homes value.

If you are buying in villages with low density make sure to buy enough lots to push your neighbours as far as your money can go. As in Guatemala and particularly in Lake Atitlan villages there is no such a thing as zoning..

Is an older home as good a value as a new home?

This is really just a matter of preference, but both newer and older homes offer distinct advantages, depending upon your unique taste and lifestyle.

You will find out that in Lake Atitlan it is very hard to find very old house to rehab.. We have an ample variety of houses that goes maybe for the oldest 40 years back. With an older home, you are buying the lay out of the previous owner so if you like it perfect if not it could cost you 10”s of thousands of dollars in changes.

In a new house, you can pick your own color schemes, flooring, kitchen cabinets, appliances, custom wiring for TV”s, electrical, computers, phones and speakers, etc., as well as have more upgrade options. Modern features like media rooms, extra-large closets and extra-large bathrooms and tubs are also more attainable in ground-up construction. In a used home, you rely largely on the previous resident”s tastes and technological whims, unless you plan to farm thousands into a remodeling and rewiring.

New-home designers can use more ecological materials such as adobe, wood and other technology that will lower future energy costs for the owner. Lake Atitlan and Guatemala in general doesn’t have minimum energy-efficiency requirements for new construction. Also due to the fantastic climate which is very mild.

Older homes can be better judged for their quality and timeless beauty.

As you can see there are advantages and dis-advantages to each, but it really comes down to what fits you and what you are looking for in a home. And if you can’t find an old house to fit your taste we can build one for you. Check www.atitlanbuildingexpert.com

Do we have title insurance in Guatemala ?

First of all lets remember what is a title insurance. It is insurance that protects the lender and buyer against any losses incurred from disputes over the title of a property.

We don’t have currently the same system that you have in the USA or Canada.. What we have is different form of ownership each with their form of certainty. The best and secured one are

Government lease hold for properties in the 200 mts from the waterfront
Titled property garanteed by the government

In both case you can verify and make sure that the property or the rights of the lease hold contract are clear.

Can I pay my own taxes and insurance?

In Guatemala property taxes are named IUSI and it is paid to the local Municipal office in charge of collecting them. Not all the villages collect property taxes like Santiago Atitlan for example doesn’t collect them.

You can pay them directly yourself .. you can pay the year in one instalment or pay in 4 every trimesters.

Insurance

Yes you can insure pretty much all the houses around the lake.. the ones maybe that would be difficult would be the ones to close to the lake and in a river bed.. but insurance are not expensive at all and cover you for natural disasters like flood, volcanic eruption, earthquake and so on.

How long does the loan process take?

Most mortgages originated today calculate interest in arrears, unlike consumer loans which calculate interest to the date of payment receipt. As an example, when borrowers pay their February mortgage payments, they are paying the January interest. This method of calculating interest is based on a 360 day year in which each month has 30 days.