Real Estate in Ecuador: Four Mistakes to Avoid When Looking for a Home
Real estate in Ecuador is hot right now — the land of coastal and forest ecosystems, cheap living, and ideal climate has finally garnered the attention of expats everywhere, so much that in the next decade, it could rival Mexico or Costa Rica in popularity. That said, if you’re looking to buying a property in Ecuador, it’s important to consider the following four factors that could easily make or break your house hunt experience, lest your move to paradise turn into a nightmare!
- Winging it
Sure, you have lots of life experience, and have purchased a home or two in North America. Don’t get overconfident, however, and assume this means that house hunting in Ecuador will be a similar experience. The world of Ecuador real estate comes with its own quirks and pitfalls, so we highly recommend working with a qualified professional in order to understand what truly constitutes value in this emerging market. In addition, make sure the people you work with have your best interests at heart — choose a reputable real estate agent in Ecuador and do all the necessary background checks to make sure they are not acting out of self-interest, but rather yours.
- Buying blind
Although the pitfalls of buying sight unseen are not limited to real estate in Ecuador, the sheer distance may make this shortcut seem more tempting. Sure, a new construction may sound wonderful on paper and the showroom may be immaculate and stylish, but chances are the contract you are signing for the new unit contains leeway that you may be unaware of. Floorplans that seem reasonable on paper often don’t work out ergonomically once they are built, and delivery date is often delayed by months, even years.
Before purchasing a new home, get a good idea of how much you are spending, for real. Sure, the house / condo could seem cheap, but that oceanside view comes with a rolling front lawn that requires care and maintenance, a condo comes with fees, and attorney / broker expenses can add up quickly if there is a lot of back and forth. So don’t allow the low prices offered by the Ecuador real estate market lure you into a hasty decision, because if you aren’t careful in your calculations, the bill will be much more hefty than anticipated.
- Ignoring the differences
This one seems like it should be obvious, but the low prices in Ecuador right now act as a pair of rose-coloured glasses. Warm and cheap retirement! Half of the year spent in the north, half in the south! All of these dreams and projections can get in the way of a cold hard fact: you’re signing up to live somewhere with a completely different culture, with completely different traditions and values and ways of communicating. There are bugs you’ve never seen before. There are volcanoes. And while all of this may sound glamorous and exciting, don’t let Ecuador’s real estate market charm you into making a hasty decision. Spend some time in Ecuador, get a feel for the people, the climate, and the lifestyle. Then you’ll be able to take off the glasses and make a clear decision.
Ecuador is definitively one of the best places to invest in the wolrd right now, but it all comes down to caution and thoughtful planning. After that, enjoy your new life in a beachfront property in Ecuador!
For more information on HolaEcuador’s real estate projects in Ecuador or if you’re looking to build your own house, contact one of our Ecuador’s real estate specialists and find answers to all of your questions.