Buying real estate overseas is different in each country as they all have their own laws and rules to abide by. But once you have an in-country attorney the process should be straightforward.
It’s Straightforward to Buy Property in Ecuador
Ecuador is this years’ winner of the real estate category in the index and also came top of the list of best places to retire overall. The prices of real estate here have risen slightly in recent years thanks to its growing economy, but they are still inexpensive in comparison with the U.S. prices and much more affordable when compared with real estate in Europe.
As property prices are steadily growing, now is a great time to buy a home in Ecuador. Combine Ecuador’s equatorial sunshine, the choice of spectacular mountains, high plains, jungle, or coastal settings, and the unwavering friendly and welcoming nature of Ecuador’s people, and you have a combination for a quality of life that’s hard to beat.
Buying a property in Ecuador is straightforward—just bear in mind there is no multiple listing service in this country. There are no title or escrow companies, and sellers and buyers are required to pay their own debts outside of the sales process, such as insurance, real estate commissions, etc.
These issues are not brought to a closing, which is strictly between the buyer, seller, and the notary. Your attorney should be able to guide you through the purchase process, and help you to avoid potential pitfalls.
Remember, cash is king. Interest rates are still high in Ecuador so if you can pay with cash you will gain significant bargaining power. Foreigners and Ecuadorian natives are on equal footing when it comes to real estate. You do not need to be a resident to own property. In fact, property ownership can qualify you for residence.
A 900-square-foot apartment, located on the third floor of a four-story building, offering spectacular panoramic views of the mountains and of the historical colonial Quito neighborhood has a price of $37,500. Both bedrooms open to a large terrace with expansive views. The living room opens to a balcony. The building has a charming art deco style and the apartment is nicely furnished and decorated.
A two-bedroom, two-bathroom condo with amazing views and a private garden has a price of $79,900. It is 936 square feet plus a beautiful wraparound garden of 688 square feet. Only three minutes away from supermarkets, drugstores, and shops, it also comes with a parking space and storage unit. It has under-floor heating and can be sold fully furnished.
A three-bedroom, three-bathroom condo on the boardwalk, steps from the beach and close to restaurants, shopping, and entertainment has a price of $90,000. It’s got an open-plan kitchen and a large closed balcony with beach and ocean views. It comes with new plumbing and wiring and new tile in the kitchen and bathrooms.
Colombia is Drawing More Property Investors to its Shores
Colombia comes second in the real estate category. This country offers every climate and lifestyle you could want…from the Caribbean seashore, to colonial cities in the mountains, to chic metropolitan settings. And on top of everything, the strong currency is drawing more and more property investors who want to diversify outside the U.S. dollar. If you live here you’ll see that it is a country that’s rapidly going mainstream.
Here the purchase process is straightforward. There are only four points to remember when buying property in Colombia. There are no restrictions on foreign buyers whether you are a resident or not and you can even send your gains and earnings back to your home country. It is fairly easy to set up a corporation with which to buy your property. Colombia has a sound process for tracking property titles and recording liens and encumbrances against titles.
In Medellin, an apartment featuring an open family room and a smart layout that keeps the unit cool all day long has a price of $119,646. The sold construction can be remodeled and there are green garden views. It close to a supermarket, restaurants, the airport and Zona Rosa.
A roof top unit near the soccer stadium has an asking price of $95,744. It is located in a zoning district and this property has very low taxes and administration fees. The building sits on a quiet cul-de-sac and is only a five minute walk to Pablo Tobon Uribe Hospital, one of the top 35 hospitals in all of Latin America.
Nicaragua has a Vibrant Culture, Spectacular Landscape and Friendly People
Nicaragua came third in the real estate category. The real estate boom in this country is similar to what took place in Costa Rica in the 1980s, where people took advantage of an unknown, misunderstood country with a vibrant culture, spectacular landscape, and friendly people, to own a property in paradise.
As Nicaragua develops, you can find excellent real estate for sale. With numerous real estate projects in their infancy, now is the perfect time to buy property.
Property ownership in Nicaragua is fee simple/freehold, with title issued and registered in your name. As is the case with any other emerging real estate market, it is strongly recommended that you enlist the help of a reputable local attorney. Nicaraguan property titles can be in disputes at times–an experienced attorney can trace the title of the property that interests you to ensure it is not contested.
In Nicaragua, the real estate purchase process is essentially a two-tier process involving three parties: the buyer, the seller, and the notary. Once all the paperwork has been processed and the transfer taxes have been paid the testimonio is recorded in the public registry office at the local municipal.
Here are some property examples in Nicaragua:
A colonial-style, three-bedroom, two-bathroom home with vaulted ceilings, an inner courtyard, and a garden, has a price of $65,000. Just one block from Calle La Calzada and three blocks from the main square, this property is in the middle of the action.
A just-built two-bedroom villa in a private community with amazing views of the Bay of San, Juan del Sur below has a price of $109,000. The community has a shared pool and clubhouse, as well as an on-site restaurant.
Real estate is a great long-term investment in any country but in these three countries you will be getting the best deal in property along with a great quality of life.
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More in the Series:
- The Top Three Best Places to Retire Overseas For A Low Cost of Living
- The Top Three Best Places to Retire Overseas and Enjoy a Great Climate
- The Top Three Best Places to Retire Overseas Where the Health Care is Excellent
- The Top Two Best Places to Retire Overseas and Claim Special Retiree Benefits