If you love to travel and want to also dip your toe into the real estate market, consider buying property in Ecuador. This is a wonderful country which will allow you to make this happen. Plenty of people invest in real estate property here due to the culture and the fact that the process of buying real estate is straightforward and very doable when you follow the proper steps. To learn these essential steps, consider these points below and use them to make this Ecuador homeownership dream a reality.
Find a real estate agent in Ecuador and start hunting for a piece of land
It is critical that you not just hire any real estate agent, but hire someone who lives and operates in Ecuador. For best results, you should find someone who handles the type of real estate you are looking for. For instance, if you're looking for a modest rental property, find agents who specialize in these. Likewise, if you need a sprawling property to serve as your vacation home, seek the right real estate agent for that. For best results, you should also find a real estate lawyer who also doubles as a notary public. These professionals will not only help you get over the language barrier but move forward with the best decisions and tactics in mind.
Take the fees into account
When you are looking to make transactions in Ecuador, you always have to take fees into account. There are some common transaction costs that you can expect to pay when buying real estate. For instance, you can expect transfer tax of 1%, legal fees that range between 1% and 3%, registration fees of .10% and real estate agent fees between approximately 2.3% and 4.3%. By keeping these fees in mind, you will be better able to know what to expect and negotiate with the people that you hire to help you.
Keep your payment methods in mind and decide ahead of time
Once you have found a piece of property that you would like to purchase, give yourself the opportunity to pay for it with the most reasonable methods. We live in the Internet age, so there are plenty of digital services that you can use in order to send money to handle transactions in a speedy manner. Allow yourself to decide this ahead of time so that you can pull the trigger on a deal once a deal is in place.
With these tips, you will be in a great position to buy any real estate property in Ecuador that you need.