Tips for Buying a Home in Ecuador

Tips for Buying a Home in Ecuador

Tips for Buying a Home in Ecuador

Buying a home in Ecuador has usually been a risky proposition but a cheap one. Now, that risk has diminished significantly but so have the low prices. With that said, it is still a very affordable opportunity especially for expatriates living abroad. If you have family living in Ecuador, you may have a great incentive to purchase a home in Ecuador but with its diverse countryside, weather and friendly people, it can also be a great place for a property investment.Buying a property in Ecuador is not without its difficulties. Agents do not have to be certified and its not uncommon for a family friend to be acting as an agent so going through a local agent can be tricky. Other companies set up in the US and Europe, like Union Andina for example, knows and understands the market of both the home countries like Ecuador and the requirements of the European and American countries.Ecuador is essentially split into 3 diverse regions and when considering buying a home, it's important to take these into consideration:Buying a home on the Ecuador Coast - this area is beautiful and relatively inexpensive. With its long deserted beaches, warm waters, fishing villages and resorts, recent road building has opened up this area with improved infrastructure.Buying a home in the Ecuador Sierra - the mountains span the length of the country and most parts are as spectacular as they are dramatic. Two of the best real estate options are located in these parts at Quito and Cuenca, which offers very affordable opportunities in an urban setting and in spectacular surroundings.Buying a home in the Ecuador Amazon - this area is still relatively untapped apart from some mining and drilling in some areas. As a result, there are some great real estate opportunities.One thing many of our friends have learned is that doing it yourself can be difficult. Often you will be dealing with individuals or family friends who take on the responsibility of selling rather than a real estate company. The added complexities of buying a home abroad can create more headaches. Companies like Union Andina are actually set up as a single point of contact targeting people from Ecuador who are now living in the US, Spain or Europe. Their familiarity with the process removes a lot of the problems that you may face when going it alone. Not only will they take care of finding the location and coordinating with family members back in Ecuador but also taking care of mortgage requirements in their country of residence. It's a unique approach that works well for people in that unique situation.

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