The honest truth about buying real estate in Ecuador. Lots of incredible deals but be cautious! Tips
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- เผยแพร่เมื่อ 5 ก.ย. 2024
- Real estate in a foreign country can be scary and costly. Listen to this summary of real estate pitfalls and expected behaviours.
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Great advice! I live in Ecuador, and have been thinking about buying property perhaps in a few years. But like most things, great opportunity comes with great risk! When in doubt, ask questions and move slower! Couldn't agree more! Its like dating, the more desparate you are, the weaker your hand. The more you value yourself and your time/money, the better your luck!
I attempted to purchase the neighboring property, a small house that would have required demolition. I offered the owner $40,000, which was above its market value, to expand my lot. However, they countered with $70,000. When I inquired about the reason for the higher price, the owner mentioned wanting to allocate $10,000 each to her seven children. Consequently, I decided not to proceed with the purchase.
Oh yes! The real value of the property is almost irrelevant when a foreigner buys the property. The owner presumes you can look after the kids. It is so strange to experience their bizarre logic. They will come back just be patient.
Thank you. i want to buy in equadour. I told them i could not come when they wanted me to. They said the land may be sold. I said ok then when i come, i will look for other properties
If it is for you then go for it. But i have limited funds, so I can't go higher
Buying land has changed in the three years I have been here.
1. Land has become the most valuable commodity here in Ecuador.
2. It has become more expensive and less people are selling.
3. People are selling their land cautiously and aren’t scared of constantly raising their prices.
4. Being a foreigner is a huge disadvantage!
Really important tips, super helpful thanks for your post! Question :Sending money/wire to a newly set up bank account for property purchase in Equador? ( It had been mentioned from an agent I have recently been in contact with other foreigners relocating to the area, that the gov't charges 16% on that money? can you touch on that? Thank you
Be careful! When you deposit 10000 into a new bank account all the money is deposited. There is no 16 % tax. The only issue here is money laundering. They might put a hold on your money to figure out where the money is coming from! Every deposit over 10 000 gets scrutinized especially new accounts without any transaction history. But all the money gets deposited.
Don’t buy from this agent. Red flags and bells are going off.