Expat Community > Ecuador

jpalaska
Joined 2010
Posts: 10

Beware of Real Estate Hucksters

13 years ago

Many of you that are thinking about moving to Ecuador or any other Latin American country are probably in the same 'boat' as me.
I've decided it's way too expensive to continue living here in retirement. Plus, I've got several other good reasons why I'm looking into Ecuador and some other countries, to hope to find the best place for me to relocate.
The internet is a great resource for us to do our research about where would be the best new place for us.
Unfortunately the internet has almost unlimited web sites for us to learn from. And, also unfortunately, the internet is also the place that anyone can post both honest and dishonest information and advice.
I've done a huge amount of internet research about moving to Latin America. You can find some really good information that can help you guide you. But you will also encounter a huge number of web sites that primarily try to lure you into buying real estate, based upon fantasy stories, half truths, and out right lies. Even blogs and forums that say that their rules prohibit commercial real estate promotions are susceptible to phony stories from hucksters who will tell you about 'this wonderful beach front property I just bought, and 'here's my private email address if you want to hear more'.

From all of my several months of research, one of the most valuable things I've learned is this:
Don't even think about buying some 'great opportunity' real estate in Latin America until you have at least done some sensible due diligence.
That would include;
1. visit the country yourself, not on vacation, but focused on selected areas, after extensive research.
2. once you've selected a place you think might suit you, rent a place and live there for 6-12 months. If that doesn't suit you, you have the freedom to try renting in a different part of the country or even moving to a different country.
3. after renting and actually living there for several months, you will have made lots of friends that can refer you to actually good deals if you still want to purchase a property. And maybe you won't have to pay 'gringo price'.
If any one tells you that you have to buy 'right now' or forever lose this great investment opportunity, my advice is, yes run, but certainly in the opposite direction, ASAP.
Countries like Ecuador, Costa Rica, etc. are full of not just locals but lots of American expats that are trying to make some bucks from gullible Americans who are trying to find their paradise in a foreign land.
From all I have researched, it's a heck of a lot easier to buy property in Latin America than it is to try to sell it, if things turn sour.
By renting first you retain a heck of a lot more flexibility and freedom to find where you really might want to settle, and you have a lot less chance of getting screwed by a real estate huckster, either American or a local scammer.

Buena Suerte!
JP

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