Many people look for homes to purchase that represent a good bargain by U.S. standards. However, what you're supposed to look for is a good bargain by Ecuadorian standards. That means it's important that you take some time to figure out precisely what a good Ecuadorian deal looks like.
You don't want to overspend on the first thing that appeals to you. And you don't want to underspend on something that seems good, but won't really work out going forward.
The Rules Don't Change, Just the Way You Look At Them
Really, it's no different from if you were planning to purchase a home in another part of town or in another state.
- Religiously explore the market and its prices
- Take visits to the area, and research it heavily online
- Take note of the differences in the area (is everybody middle class? Driving an SUV? Etc.)
These are all the kinds of things you need to consider when you're looking at Ecuadorian properties. Don't attempt to compare prices where you live to prices in Ecuador. Instead, compare prices in Ecuador to other prices in Ecuador.
Remember it's not just a new home. It's a new home, culture, and way of life you're buying into. So no matter what anybody tells you, take your time and do your research. Do not fall into the trap of buying quickly because you think the deal is just too good to pass up.
Consider Renting in Ecuador First
So if rushing to buy is a mistake, how can somebody get a feel for Ecuador, its people, and its way of life? The easiest answer is to rent. Renting will give you time to grow accustomed to the area without fully committing to it. While renting, you can truly learn if Ecuador is really the place for you.
Besides, if you buy, then find out that Ecuador isn't for you, there's no guarantee you'll be able to sell the property. Even if you can sell it, there's no guarantee that you'll break even. This is especially true if you overpay for a property, which is a good possibility if you purchased without proper research.
You Will Need Help
No matter what you decide, you will need help. You can do a lot of independent research on your own, but there's no substitute for visiting Ecuador. There's also no substitute for speaking to a professional realtor, specifically one that specializes in getting U.S. Americans into Ecuadorian homes.
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