After you have decided to move into the country, one of the many questions that you need to to answer is whether it is worth it to buy Ecuador real estate property.
Owning your home brings a lot of benefits. You get to dictate how you want your home to look like. You also have the right to make renovations or improvements on it. You also feel more secure because you know that the property you are living in is under your name. Lastly, you have an investment that is growing in value each year.
For some people, these benefits are good enough. When they find out that Ecuador is one of the cheapest real estate markets, the appeal grows even further.
But before you finally decide that you will own Ecuador real estate property, you have to understand that your questions should go beyond asking the selling price.
Questions to ask before buying property in Ecuador
While the price is very important, you also have to remember that it is not the only thing that you should consider. Here are a couple of questions that you may want to ask yourself.
Is the price reasonable for the local real estate market?
Of course we will start with the price. A lot of real estate agents compare the price of the homes they are selling to the prices in developed countries – most of which are the home countries of expats. This comparison will obviously make the properties in Ecuador very cheap. But it is not the right benchmark to decide if you are getting a good price for the value of the home or not. Research the price in the local market and ask around for the prices in other neighborhoods or cities.
Have you decided where you want to live?
When you are unsure about living in a particular city, you need to postpone buying an Ecuador real estate property first. You want to make sure that you will not be moving for the next few years. Some expats have bought a home immediately and then realized that the neighborhood was too noisy or that it floods. Some people realize that they do not like the weather in this particular city. Remember that the weather in Ecuador depends on the region where you are located. You might find the coastal cities too hot and humid or the highlands too chilly. Make sure you can live in the city for more than 5 years before you really decide to buy a home.
Do you know what type of home you will buy?
Most of the Ecuador cities offer various home types but you may want to choose the right one based on the location and your own personal taste. A bungalow along the beach is great but make sure the high tide will not reach the inside of your home. A condo in the highlands is nice but check if the buildings are earthquake proof. That means the building can withstand the earthquakes that comes with living near an active volcano.
Are you familiar with the local market?
You should also ask yourself about the latest news and trends about the Ecuador real estate market. Who is really driving up the prices of the houses for sale? You need to understand how the market works so you can determine if you are getting the best value for your money. Do your research and make sure it includes information that will help you negotiate for a better price.
Can you rent for awhile?
In truth, the best first step for foreigners wanting to buy a property in Ecuador is to rent for awhile – at least for a year or two. This will help you familiarize yourself with the neighbors and culture of Ecuador. That way, in case you decide to relocate, you will not be burdened by the home that you have to dispose of.
Owning an Ecuador real estate property is truly beneficial but it is not a move that you want to make on a whim. Make sure you answer the relevant questions first before you proceed to buy a property.
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