Reasons Not to Buy a Home in Ecuador

Not all new arrivals realize how different property ownership in Ecuador usually is .. compared to North America. 

Some may not even know the number-one rule for Expat newcomers:

Don't buy or build on any property in South America until you have lived in the target area for at least one year.

Must reading:  ecuadorrealestate.org has just e-published more than a dozen facts and factors that should dissuade newcomers from getting involved too soon in real estate purchases.  Below are six of these factors....

1. "It's hard as hell to sell."  If you buy and then want to move on, it can take years to unload the old property.

2.  Purchase prices are high, rents are low.  So why buy?

3.  Zoning laws are poor.  You're lucky if you buy a place and there's just one night-time barking dog around .. instead of someone opening a disco next door.

4.  If you buy a standalone house, you will be robbed multiple times once it's furnished.  Gated communities are a better bet for Expat house-buyers.

5. You'll be taken "to the cleaners" if you end up trying to manage the property from overseas.  You need to be in Ecuador to manage the rental.

6. If you finally do sell, and you try to get the proceeds out of the country, expect to be taxed 5 percent on the money.

For the other seven reasons, visit ecuadorrealestate.org, where the full list is currently posted on the welcome page.

  -- cccmedia