3 Things You Need to Know About Buying Real Estate in Ecuador
LiveTheLifeinEcuador | April 8, 2015
Buying real estate in Ecuador can be a much simpler process than it is in North America, but it can still be confusing for the first-time buyer who has to deal with the language barrier and necessary documentation. The first step in making a real estate investment in Ecuador should be finding a qualified real estate agent and asking for their help. Even if you’re familiar with real estate dealings, a foreign country brings up a whole new set of issues and sometimes problems. By using the services of a skilled agent, you can avoid problems and have an easier journey to the closing table.
Language: This can be a barrier if you want to make a real estate deal but it doesn’t have to be. Consider hiring a translator to go with you to the meetings and closing. You may feel comfortable with your agent but always keep in mind that you may want someone devoted completely to you rather than an agent filling you in on the relevant conversations. You want to hear it all. A third party interpreter can help with this. Also, have every document you sign translated into your own language before signing. It will be worth the price.
Funding: Before you begin the search, understand how to fund the transaction. You don’t want to get caught in a contract without the ability to fund it. Sometimes transferring the funds from certain banks can be tricky if not impossible so before you even start, know what you’re getting into. As currency rates fluctuate, you need to be prepared for the final costs before you reach the closing table.
Benefits: Ecuador has clear benefits for real estate investors. Low taxes, plenty of available properties and sellers eager to let go of their properties for the right price, this South American country is in the prime stage for investors to come in and begin to develop areas.
These are just a few of the many tips that I can provide you when you choose to contact me. With years of experience in the real estate market, it would be my pleasure to help you navigate the purchase of your next home in Ecuador. Connect today to get started!