An Ecuador real estate property is a great investment for expats. This is especially true if you are a retiree in this country. If you invested your retirement money on a property in Ecuador, you may be looking at a smaller fund to live on. In case you want to grow your money so you can fund your lifestyle in this country, you can probably use your home to do that.
Some expats think that investing in a rental property in Ecuador requires more than one property. That is not true. If you set it up correctly, you can use the property that you currently live in. This will allow you to enjoy living in your own house while earning from it.
How to use your Ecuador property to earn extra money
So how exactly can you do this? Through short term rentals. There are a couple of qualifications for you to make this work.
First of all, you need to be in a location that attracts a lot of tourists. These people will be your clients. If nobody is interested in the place where you live, then you will find it hard to get clients – or they will be too rare for the income to make any difference in your finances.
If your location is appealing enough that it attracts tourists, the next thing that you need to look into is the actual place that you will rent out. Now there are two ways that you can go about this. Your choice will depend on your privacy requirements. If you want some privacy, you can create a tiny house within your Ecuador real estate property. Instead of growing a garden in your backyard, you can probably hire a carpenter to build a small studio unit that is complete with a small kitchen and a bathroom. In case you like the idea of hosting people in your home, then simply clearing a room in your house should suffice. You can charge them extra by including their meals in the rental fee. Since you will be cooking anyway, you can include them in your meals.
Take note that you can use your Ecuador real estate property to host guests and you could even serve as their tour guide. They do not have to struggle with locals who might not be as adept in the English language as you are. They can bring you along on their trips and that would help you explore Ecuador for free.
Of course, when you list your home as a short term rental, you need to make it appealing. It is not enough that you make your rate lower than the local hotels. You have to make sure that the experience of your clients will be great as well. It can be as simple as having clean linens and towels to well-cooked meals. You should also make the rest of the house clean – especially if you will let them stay with you in the main house.
As you rent out a space to short term tenants, make sure you ask them to rate their stay with you. That way, you can attract more clients and you could even get someone to come back and live with you again.
The great thing about this is you can decide to stop renting out your property whenever you like. You do not have to worry about another property sitting there useless. You do not have to worry about having to sell the property. You can simply stop marketing your place as a short term rental. And when you decide that you need the money once more, you can market your property once more.
When it comes down to it, your Ecuador real estate property can help you improve your financial position in Ecuador. If you do it correctly, you can earn between $25 to $90 a night. Even if you only rent out your property for 10 days each month, that is already $250 to $900 worth of income. Just make sure you learn about the tax implications so you can file your income tax accordingly – both in Ecuador and your home country.
This article first appeared on http://www.realestatecuador.com and is protected by the website's copyright and trademark information.