Relocating to Ecuador will come with a couple of decisions. Probably the most important is where you will reside. And we are not just talking about the city that you will live in. We are talking about whether you will buy real estate in Ecuador or you will just be content with renting.
For new expats, they are usually advised to rent a property during the first 6 months to a couple of years. This is to help them get a feel of the neighborhood before they really plunge in on the real estate investment. In case they decide that they do not like the community that they are currently residing in, it will be easier to move to a new place if they are renting. If they bought the house, it will be more complicated to make your move.
While a lot of them have gone off to purchase their own homes, it is important to note that there are those who have no plans of buying real estate in Ecuador. These people have the means and resources to buy a property. But they have consciously decided to refrain from buying.
The joys of renting an Ecuador home
There is nothing wrong with renting or buying a home in Ecuador. Both of them have their own pros and cons. It is actually a matter of preference – whatever you choose will be based on the kind of lifestyle that you wish to have.
Some people frown upon those who continue to rent because it is like throwing away your money. You are just making the landlord rich and you are not helping your money in any way. That may be true but there are benefits to renting in Ecuador that could possibly overshadow this fact.
First of all, the payment is more convenient. All you have to pay for is the rent and your utility bills. If you own the home, you have to think about the property taxes, insurance premiums and the mortgage payments too.
Another convenience that you can expect from renting is the fact that you do not have to worry about any maintenance costs. If something is broken or needs fixing around the house, you simply tell your landlord and they will take care of it for you. They will be the ones to call a contractor to fix the problem and pay for it too. If you own the home, that would be your problem.
In case something changes in the neighborhood, like a noisy neighbor moves in or some developments are happening that is not to your liking, moving will be easy. You simply choose not to renew your contract and advise your landlord that you will be moving to another home once the contract expires.
The moving process when you own the home will be a bit more complicated than that. You have to find a buyer for your home and go through the selling process. It could delay your intention of moving immediately to a more appealing place.
There is a certain peace of mind whenever something wrong goes on in the house because you know that it is not your house and you do not have to worry about anything. As long as you are paying the rent on time, you should be fine.
Although owning your own home has its benefits, there are also merits to renting. You may want to think about that before you buy a real estate in Ecuador.
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