I had originally thought I would do a two part thing on advice about moving to Ecuador and how certain things are different here. But a couple of other things came up that I thought people contemplating a move to Ecuador should be aware of so I decided to do a part three.
If you are deciding whether to move to Ecuador you will be wondering if you should buy or rent a place in your new country. The surprising answer is ... don't do either! "But what do I do?" I hear you asking. "Do I live in a tent in the woods? How can I not rent or buy?" I hear you, and here are the answers. In terms of buying, houses etc. are very cheap here compared to what you are used to in North America. We're from Vancouver and what we would pay a million, two hundred thousand for in Canada, can be had here for ten percent of that. BUT, things do not turn over quickly here and if for some reason you are not satisfied after you have moved in to your new house, it may take you many months or even years to sell. No quick flippers in Ecuador. Why wouldn't you be satisfied with your purchase you ask? Well, some things only become evident here after you have moved in. Barking dogs for instance. Lots of people here have dogs but they are not treated like they are at home. A lot of them spend their lives on the roof and never get out to walk etc. Currently we live in an apartment with two dogs in two houses across the street. In one house the dog on the roof barks on and off all day long, in the other, whenever the owners go out for the evening the dog is in a tiny patio in the back and barks constantly until they come home. And I mean constantly, without letup. If they go out at 6pm and return at 10pm that means the dog barks non stop for four hours. And no one seems to care! Get used to it, or move. And what if that cute church on the corner rings its bell every hour starting at five in the morning? Or the park across the street has fireworks every Friday night? Believe me, fireworks are very popular here, for any occasion. Hundreds of people might be standing across the street from your new house every weekend while explosions go off over your head. It's things like this that you need to be aware of before you rent or buy.
Our apartment building in the center With apartments, as I mentioned in one of our first posts, you will find that most are rented unfurnished, and here that means no appliances. So after renting your lovely apartment you will have to shop for stoves and fridges etc., all of which are very expensive due to the import duties charged. But you decide to bite the bullet, buy your stuff, settle in, and then the barking starts! Or you find that there is a weekend disco across the street that you never knew about because there is no sign, and you were only here during the day. So, reluctantly, you decide you have to move. But you put down a four month deposit! And then you discover your new appliances don't fit your replacement apartment! Good luck selling your new/used appliances. If you're lucky you will get 30 percent of what you paid. Remember the bargaining I mentioned in our last post? Try bargaining with a used appliance dealer! On a good day he'll have you leaving the shop feeling grateful that he gave you 10 percent of the new value and didn't want your watch in the bargain. Next you have a giant fight with your ex landlord to try and get your deposit back. How's your Spanish? And I will warn you that the avenues open to you here to try and fight a dispute with a landlord are severely limited. These are only a few of the draw backs you will face when buying or renting in Ecuador. Which does not mean you shouldn't do either, it just means you should be much more cautious before you take the plunge. And finally, remember, you have six months after receiving your residency permit to bring in your personal effects duty free. After that you will be charged.
Our Air BnB
So now that I have given you a scare, let me temper that with some good news.
Have you looked at your bank statement lately? Enjoying the .05% interest rate you are receiving on your savings? Well, what if I were to tell you that here, you can get anywhere from 7-9%? Guaranteed by the government. Yes, go back and read that again: 7 to 9 percent. Most of the big banks and co-ops here will sell you CD's at somewhere between 7-9% interest depending on the term. There are some conditions of course, when are there not? The government guarantee is for up to $32,000 US, per person!! So you, your spouse and your two kids could be getting 7% on a total of $128,000 US. Be sure to ask, because some CD's are not guaranteed. Some of the banks will require you to be at least a temporary resident but others will give that rate to anyone, provided it is a maximum of 32 thousand per person. Feel like gambling? They will sell you more but it is not guaranteed. On your head be it.
So those are my cautionary tales for the day. Nothing that should scare you from moving here but just another example of how things are different and that there is no downside that can't be overcome with a bit of sweat equity put into research, research, research. Then, as you sit on your patio in a T-shirt watching the news from home regarding the latest blizzard, you'll realize it was worth it.
See you when you get here!
