Expat Community > Ecuador

djaydi
Joined 2018
Posts: 7

ecuador real estate and business inquiries

6 years ago

Hi guys,

We are actually planning to do a 3 month trip to ecuador once we have sold our house here in Canada to see if ecuador could be a better option than freezing canada. I am not planing to buy a house right now but traveling all the coast from esmeraldas to salinas and find the best spot to settle and rent something for 6 months or a year to start. We already have a home exchange settle in crucita.

1 / My wife is from argentina so she is fluent and not shy at all and that would be a big help for us to find a nice property at a good price. In order to fix a future budget for a house, I am looking at real estate offer on the web both from “gringos" agents and also from ecuador website (plusvalia.com / olx.com) and I can see the price difference but I also see that some houses at bargain prices need a lot of restoration job and might also hide earthquake scars (the ones from the agents might also I know) so I was wondering what can of price difference we will find once in the country and negociating myself with locals comparing to the prices of real estate “gringo” agents ? Is it a better idea to buy a land and build our house to avoid bad surprise and does it cost less (we have renovation experiences) ?

2/ We are only in our 40's and even if we are not moving with empty pockets we will need to generate a revenue not to become millionaires but just to pay for the bills down there and it seems they are not so big so we would like to run a little bnb/hotel with a medium/high quality services on the beach with the property we would buy or rent. We have the entrepreneur mindset but we are wondering if the revenue will be there as there seem to be some competition on the coast and some of them are very cheap (10-25$ / night) and I am not seeing myself being busy with a business for peanuts.

Our first question is what kind of revenues can we expect for a middle range hotel (price point would be 60-80$ a night) for a year ? If there is some business/hotel owner in the group that would be great to have your input.

Our second question here and it is related to real estate again : as some properties seem to stay on the market longer than other, do you think we could negotiate a long term rental contract and rent some rooms or part of the property as a bnb or hotel ? Is it something that could be negotiate in ecuador and could you do this with condo/apartment/plex for example as long as you have an agreement with the owner ? (you rent a condo long term and re-rent short term for vacationers).

Our third question would be if you know a coastal area that is in development and would need more accommodations in the near future ? I heard it was the case for san jacinto and san clemente from a seller of course, is it really the case ?

Thanks for your help !

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