Should I buy or rent a home in Ecuador?
If you have not spent a lot of time in Ecuador, you should rent before even thinking about buying. We asked expats there about the buy vs. rent decision...
"I rent a two bedroom, two bathroom condo on the 11th floor on the Rio Tomebamba. 24-hour security guards, underground parking I pay $300 a month for rent, gas $8, water $10, cable $52, internet $34 and security is $50," explained one expat living in Cuenca, Ecuador.
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"Do not buy anything until you've lived in this country for at least 6 months! And preferably for over 1 year. Rent a house, an apartment, a condo first! Get to know the ENTIRE country. Travel, learn the language, get acclimatized, absorb the culture, and make friends ( both gringos and Ecuadorians ) ... then decide what place really fits you best and where you want to make your home. By then you'll have built up contacts, and learned the real prices ( not the tourist/gringo ones ), Then, and only then, should you consider buying. Once the rose-colored glasses have come off, you can make a sensible and informed decision about purchasing and possible investment. Don't buy a pig in a polk, as they say. Take your time. You'll be glad you did. ¡Bienvenida y buena suerte," said another expat in Ecuador.
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Other Questions:
- What should I pack when moving to Ecuador?
- Where should I setup a bank account in Ecuador?
- Will I be able to find a job in Ecuador?
- What is life like in Ecuador?
- What do expats in Ecuador appreciate most about the local culture?
- What do expats find most challenging?
- Is there a lot of crime in Ecuador?
- Is there a lot of diversity? Are people in Ecuador accepting of differences?
- What are the schools in Ecuador like?
- What are healthcare services like in Ecuador?
- What are medical services in Ecuador like?
- Are healthcare and health insurance expensive in Ecuador?
- What are emergency services like in Ecuador?
- Will I need to travel to see a specialist?
- Are common prescription medications available in Ecuador?
- How are local medical facilities in Ecuador?
- As a foreigner living in Ecuador, will I have access to public healthcare? What is it like?
- What have your experiences during the pandemic with the local healthcare system been like?
Should I buy or rent a home in Ecuador?
If you live in Ecuador, newcomers to Ecuador would love to hear your answer to this question.
About the Author
Joshua Wood, LPC joined Expat Exchange in 2000 and serves as one of its Co-Presidents. He is also one of the Founders of Digital Nomad Exchange. Prior to Expat Exchange, Joshua worked for NBC Cable (MSNBC and CNBC
Primetime). Joshua has a BA from Syracuse and a Master's in Clinical and Counseling Psychology from Fairleigh Dickinson University. Mr. Wood is also a licensed counselor and psychotherapist.
Some of Joshua's articles include Pros and Cons of Living in Portugal, 10 Best Places to Live in Ireland and Pros and Cons of Living in Uruguay. Connect with Joshua on LinkedIn.