Good morning! Today, we’re embarking on a Cuenca real estate trip with expat-to-be, David, and his friend JJ. We’ll be visiting various neighborhoods and checking out some property listings to give David the knowledge he needs to understand if the Cuenca property market is for him. So, hop on board and join us.
Planning the Property Trip
We’ve got a full agenda ahead, planning to view five to seven properties, depending on how time permits. These properties were selected based on our client’s preferences, including neighborhood choices, budget, and specific accommodations like the number of bedrooms. Xavier did a preliminary selection a few days back to ensure everything aligns with what our clients are looking for.
Our trips are tailored for those at the beginning of their decision-making journey regarding the Cuenca market. These individuals often aren’t sure if Cuenca is the right place to buy or rent. Our tours are educational, providing insights into the local real estate market and showcasing different neighborhoods, especially those popular among expats. This approach helps clients understand the market better and set realistic expectations.
First Stop: Puertas del Sol / Gringolandia Area
As we head towards our first destination, the Puertas del Sol / Gringolandia area, David shares his story. He first visited Ecuador in October for bird watching and fell in love with the country. Now, he’s scouting Cuenca as a potential place to retire.
David expresses an interest in having both a city condo and a country home, which aligns with one of the properties we are about to see—a city home for someone who primarily lives in the countryside but wants a city base.
Our first couple of stops include properties that combine old-world charm with modern amenities, appealing to David’s love for old-country aesthetics.
Viewing the First Properties
Our first property viewing is a lovely place across the river, priced at $198,000. It features a mix of indoor and outdoor living spaces, which David appreciates, but he finds the L-shaped living area a bit awkward. He prefers more open, square living spaces.
The second property is a penthouse with fantastic views of the mountains and river, priced at $225,000 (since reduced to $199K). It’s cozy and fits David’s idea of a smaller city base paired with a larger country home. He loves the openness and views but is still weighing his options.
Heading to Tarqui
The next day, we head to Tarqui to view a modern house 20-25 minutes from Cuenca, priced at $235,000. David loves the design and construction quality but feels it’s too modern for his tastes. He appreciates the area’s greenery and pastoral charm, though.
Final Stop: Challuabamba
Our last stop is a townhouse in Challuabamba, priced at $156,000 (this project). David is impressed by the smart floor plan and quality construction. Unlike the previous modern property, this one fits his style better. The views and the overall value make it a strong contender.
Reflecting on the Journey
Throughout the tour, it’s clear that David is excited but cautious. He almost made an offer on the third property on the first day, but we always encourage our clients to take a step back and consider their options thoroughly. Emotion can cloud judgment, and it’s crucial to ensure the decision is right, especially since it’s David’s first time viewing properties in Cuenca.
Today’s tour provided David with a broad perspective on what’s available in Cuenca. Whether he decides now or later, the insights gained will undoubtedly aid in making an informed decision. If David decides to purchase after leaving, he can establish a power of attorney with us or someone he trusts to manage the paperwork.
Closing with Attorney Sara Chaca
David has opted to use Sara Chaca of Ecuador Visas as his attorney for the property closing process. She provided insights into the closing process in general and also highlighted a particular process that the seller must complete before the property David is interested in can close.
From title investigations to tax obligations, Sara’s expertise ensures a smooth transition for prospective buyers like David.
Thank you for joining us on this real estate journey. Cuenca has much to offer, and we hope this tour has given you a glimpse of its charm and the variety of properties available. We are looking forward to seeing how David’s life in Cuenca unfolds.
Until next time.
Feel free to book your own real estate trip with us or appoint us as your buyer’s agent.
Further reading:
View full video transcript
Cuenca Real Estate Trip with David – Vlog 14 (Transcript)
Jason 00:00
Morning. Welcome to today’s VLOG. Today we are on a real estate trip with Xavier and we’re going to see some different neighborhoods and some different property listings. And we’re just on our way to pick up our clients. So come, ride along with us. Hola, David, JJ. So how many properties we’re going to view today Xavier?
Xavier 00:32
We’re going to see between five and seven properties, depending on how the time goes.
Jason 00:00
And why did we select these properties?
Xavier 00:00
We have the customer preferences which is the neighborhoods according to what they are looking for and the accommodations and budget, the number of bedrooms, and stuff. So I did a couple of days before a selection – I saw all of them, and then that’s what we’re going to be showing today.
Jason 00:00
So yeah, it starts a few days before we actually start the trip. We obviously spend a little bit of time with the clients figuring out what they want you know especially are they’re looking to buy, are they looking to rent? And just the high-level variables because these trips are really designed for people that really don’t know much about the Cuenca market and they’re trying to decide whether or not this is the actual market they want to invest or rent in. And so they’re pretty much at the top of the decision-making funnel a lot of the time. The purpose of these trips is really to educate on the market and I guess a big differentiator in the trips that we do compared to let’s say a neighborhood tour which also has value. But with our trips, you get the double benefit. Yes, we show you the different neighborhoods especially neighborhoods that tend to be more attractive towards the expats. But in particular, we layer that with real property listings. So you get to see actual properties in the market and try and get a bit of a feel for the pricing in the different neighborhoods as well. This can be really quite difficult because a lot of people will come to us and they may just have a listing on Facebook marketplace or whatever it might be really cheap, but it’s in a completely horrible neighborhood. And so the expectations generally do need a little bit of realignment at the start of these trips. It is important to note that these are paid trips and we’ll get to the details around that later and why they’re paid trips. There is beautiful water in the river flowing here as well look at that. So that’s a great site for everyone in Cuenca. Obviously, we’ve had a few issues with the power of late so seeing the rivers running well is a very promising sign. We’re getting very close to where the clients are staying. Xavier is just going to do a loop in the vehicle. I’m going to go pick up the clients right now. How are you? Great to meet you, Jason. Hey, it’s a pleasure.
David 00:00
How was Mexico, Jason?
Jason 04:05
Just a quick intro for David.
David 00:00
Well, my first trip to Ecuador was in October. I was going on a bird-watching trip up in… we flew into Quito and went for two weeks to the different birding lodges and my friend and I both fell in love with Ecuador on that trip and at our stage of life we’re looking at where in the world we want to go when we hang it up our career and we both excited, very excited about Ecuador. And so this trip here to Cuenca is my scouting trip to see about living here.
Jason 00:00
Awesome, awesome let’s go see if there are some properties for you.
David 00:00
OK
Jason 00:00
So just a general structure for this morning, guys. Just so you know the first stop is we’re going to be in the sort of Puertas del Sol / Gringolandia area. And then after we view a couple of places there, we’re going to sit down at a cafe and get something to eat, get something to drink but really, just talk to you about your property needs.
David 00:00
And they have the old, the original old wood beams in there, you know, with the stucco walls. And it’s just, it’s just wonderful. It is and when I, when I was in the south of France staying with the family and they were in an old home like that, yeah. And they had the wood beams going across it was just like.
Jason 00:00
That sort of.
JJ 00:00
You like old country, yeah. Family, originally from
Jason
That old meets new type scenario. And what about the El Centro area itself cause it can be very divisive. A lot of people love El Centro, especially at the start, but the general trend is that expats tend not to fall out of love, but some issues like noise and just traffic. They tend to move out after a little bit of time in Cuenca. And so it would be nice to know where you sort of fit on that spectrum.
JJ 06:01
He walked around the neighborhood and said he likes El Vergel a lot and told him my impression of El Vergel is they have some homes, pretty big ones. But there are also a lot of newer construction. They’re all condos as well.
Jason 06:15
Si. So.
JJ 06:18
He likes like, yard fruit trees.
Jason 06:21
Exactly so in the El Vergel neighborhood yes, you do find some of those lovely homes, but the price tags absolutely match. For let’s say a three or four-bedroom home, Xavier in El Vergel?
Xavier 06:33
I just sold a home for five hundred and forty thousand dollars. So that’s the price range.
David 06:41
Wow. Yeah, the closer you get to El Centro on this side of the valley, the more expensive.
Jason 06:47
Basically El Vergel in particular – it’s the most popular area in town.
JJ 06:53
I feel like you know ideally he almost wants a little condo in town so that he can have access to all the cultural activities, amenities and you know the healthcare service. But then have a country home where he can play with the yard and garden and that sort of thing.
Jason 07:15
That can be a good option. One of the properties that we’re going to go look at right now is effectively the city home for someone who does live in the country. So it kind of fits that kind of vibe a little bit. But the reason they’re selling it is that they just find that they’re not coming into the city enough.
David 07:33
Ok. I was kind of struggling until JJ expressed that idea of two homes, one here in Cuenca and then another one outside.
Jason 07:46
And the scenario can work. Look I know you haven’t expressed an interest in renting it out, but that is always an option too. If you wanted to, I don’t know spend 3 months a year here or if you want to keep it for weekends and that’s a little bit different you could still you know potentially do a bit of short-term rental but it’s going to be tougher. But it’s a scenario worth looking at too, yeah.
David 08:10
I could see that kind of getting established here in Cuenca and then in time using that Cuenca property as a rental and spending my time outside.
Jason 08:20
I think that makes sense. That tends to be the natural progression as well.
David 08:23
Yeah, So thinking more of not just a point in time, but what’s going to be the sequence of events and getting established here in Cuenca just makes so much sense because all those, all the support that a new person needs is right here, and to get established, you’re not going to find that out in the country.
Jason 08:43
I think it makes sense too. You don’t want to isolate yourself too much. Especially to begin with.
David 08:48
Yeah, especially for a person who doesn’t speak Spanish yet. I’m thrilled with the prospect of learning a new language and really look forward to that. So that’s going to be one of the first things I focus on is building up my Spanish.
Jason 09:03
I think that’s great. The sooner the better just to get into the habit.
David 09:07
It’s a wonderful language and you can’t really know the people until you know their language.
Jason 09:13
Yeah, any other cities in Ecuador that you’re considering at the moment?
David 09:20
That’s a very good question so right now, no, I have to learn what the other cities are. Sure, at first I was thinking of Quito as a place and not Cuenca. But as I did my research and learned more about the two cities I switched to Cuenca.
Jason 09:40
My partner’s from Quito, so is Xavier’s actually. I lived in Quito for my first year in Ecuador and I managed to convince her to move to Cuenca that was hard because all of the family network was in Quito. But it made a lot of sense and she’s very happy with that decision. She doesn’t look back at all and we’re kind of slowly getting the rest of the family to move here.
Xavier 10:02
Well, my wife is not getting back to Quito anymore, no.
Jason 10:05
No.
Xavier 10:06
She doesn’t think about coming back.
Jason 10:07
When she first moved here was she like, trying to move back or did you have those conversations?
Xavier 10:13
Yes, at the beginning, yes. Because there’s always, that’s a large city. This is a small city. Yeah, and there’s always a difference in culture. No, not big, but is still a little different. And the family was not there. You know, it’s not close. So at the beginning, yes but now she’s not. She’s not going back.
Jason 10:34
She’s trapped in Cuenca!
Xavier 10:42
Well, this is the property that I sold to an expat about 10 years ago. It is in a beautiful spot right across the river.
Xavier 10:52
There’s little traffic, so there’s not much noise and it has a beautiful patio. Let’s take a look.
Jason 11:11
What do you think of the river?
David 11:13
Oh, I love it yeah oh, really? Dude, That adds a lot to the city, this river coming through here.
Jason 11:20
Especially right now, it’s flowing beautifully and it’s great to see.
David 11:24
Yeah, well, I think this is more normal. When I arrived on Sunday, the water level was really low, which was very unusual.
Jason 11:32
But you got a nice walk into town as well. Very lovely.
David 11:37
Who knows, maybe I’ll get a raft and I’ll just raft down.
Xavier 11:42
Ok, let’s go inside. 2 elevators have underground parking and storage. Has a beautiful rooftop common ground as a terrace that we’ll take a look at later.
Jason 12:41
So, this is actually quite rare to find appliances coming with a property here. Most of the time they will take everything, including the stoves…
David 12:51
I love the window and it’s kind of close to your workspace. That’s what I have at home right now.
Jason 13:33
The price for this one is 198 negotiable.
David 14:16
I like the general feel of the colors and the tones here with the wood. I like that it has three bedrooms and two baths. The kitchen is nicely done with good appliances in there and you know I like that work area, the cabinets and everything very nice. Especially like the outside area where we have some plants to give it you know more life and bringing that dimension of indoors and outdoors and so it has a lot of pluses.
I think the floor plan is good, although I think sort of the negative is just the sort of the L shape here in this living dining area is a little bit awkward, and a little harder to work with. What really works the best in your living area is if you can have it more square and rectangles. L shapes are harder to work with and make you know make it come together so that that would be, you know, a negative on the floor plan here.
Jason 15:27
That’s great feedback so you’re looking for something more sort of open plan and square is what I’m hearing.
David 15:34
Square in your living space is a real positive if you can, if you can get that floor plans are difficult, you know just you have to hit reality where are you going to put everything in there. And not very often do you find a floor plan where everything is like, really good.
Jason 15:53
That’s really good feedback. Thanks
David 15:54
Thank you.
Jason 16:02
Here’s the second viewing for today.
Xavier 17:22
This one is two twenty five all furnished, and includes everything you know it’s a turnkey option. Sheets, towels, and everything is new. Never been used.
David 17:35
Very attractive, beautiful. The floor space is pretty limited. So cozy a place, but… 1000. 1000 oh, really? Ok, so that’s a little more than I thought. Well, I like the openness of it and the views that you get of the mountains and over the rooftops here. It’s just wonderful. And it does sort of fit my plane having a smaller place in Quito, Cuenca, excuse me, and then maybe a little larger place out in the country. So in that respect, it works.
Jason 18:17
Awesome so, how would you compare the two? Do you have like a clear favorite or how do you feel that… I know they’re different propositions, so it might be difficult to compare them.
David 18:26
That’s a really good question and right now I can’t say I’m really favoring one over the other. Although just for a place to live, this one here is really comfortable with the openness and the views which I love. Being able to, you know see out and all the glass and the perspective of the mountains and the town and being able to see right down into the river is just fantastic.
I think this penthouse with two bedrooms. I would definitely consider it.
JJ
Really, ok.
David
Yeah. Converting the master bedroom into a den would be just an awesome den, I mean. And then you know, keep that guest bedroom there as the main bedroom that would.
Jason 19:19
What would you do with the den? What sort of thoughts do you have there?
David 19:24
Oh, well, that would be a study, yeah. It would be a study where at my desk, my library of books and my computer and you know, hook up to the outside world and with the views that are that you get from there.
JJ 19:40
Sounds like you want. Like you, you probably get more utility out of a den/office than a bedroom.
David 19:49
Exactly. My waking day would be in the den, in the master bedroom with all those views, looking out over the terrace where I have all my plants and lay out there and that would really be a great hangout.
JJ
What happens when you have friends visiting from Appleton, do you have a place for them?
David 20:06
That would be a challenge.
Jason 20:08
Like a pull-out sofa in the den?
David 20:10
Something. Oh yes so in the study you could put up a bed. Could put up a bed which is I was visiting friends in Sweden and that’s what they did. They put me and my companion up in their study they were just put in two beds there and we were set.
Xavier 21:21
So it’s an open space, with high ceilings.
David
Oh, yeah.
Xavier 21:27
With a terrace. In the kitchen, as I told you, he did a
David
Oh wow
Xavier
Industrial kitchen. But actually…
David 21:38
Yeah, look at that, man. That’s serious cooking there.
Xavier 21:42
If you don’t like it, can be replaced with a regular kitchen.
David 21:47
No, no, no, I’m keeping that.
Jason 21:49
That’s cool.
David 21:49
Wow, absolutely.
Xavier 21:51
Yeah.
David 21:52
Yeah, Look at this see, that’s two ovens yeah. Yeah wow.
Xavier 21:59
This washes your dishes in 8 minutes oh.
David 22:02
My goodness.
Xavier 22:04
Oh yeah, 8 minutes.
David 22:04
What brand is that?
Xavier 22:06
Electrolux 8 minutes. She wants it. In this place, we have two bedrooms. Please come sit down. This was renewed 12 years ago. It was a three-bedroom unit. There was a bedroom here. So they knocked down this wall. They raised the ceilings, they changed the wiring and the pipes. So it’s all renewed. It’s a two-bedroom 2 two-bathroom, master bedroom has a walk-in and a terrace. Each bedroom has a terrace actually and you have a front view terrace with a cooking space and a master chef kitchen. It is well, the assessed value for this unit taking the chances of renewing because not many people are going to like Chef’s kitchen $145,000, the asking price is $125,000 and is motivated.
David 24:30
Well, yes, with this place here we got a lot more space. I mean it’s somewhat, we can make a comparison with the penthouse apartment or condo and here there’s a lot more space and we have a professional kitchen which is a plus for me here. And the views are not quite what they were at the penthouse, but very good and lots of windows not quite as much but you can really see out and around the ceilings being raised and vaulted is really nice. And so for the price, I would probably lean in the direction of this place here. Given the price, the larger area that you’ve got the professional kitchen, and all the patio space yeah.
Jason 25:30
Anything you see that you don’t potentially like about this apartment?
David 25:38
The one bedroom is pretty small. I guess that concerns me a little bit, just how small that one bedroom is. But oh, the professional kitchen stuff on the patio. Yeah, I think we’d probably make room for something else there yeah.
Jason 26:12
So this is day 2 now of the same trip. It’s actually an extension of day one. When we were on the way to the last property that we were going to check out for the day in Tarqui, the owner of that property had some sort of emergency come up so we couldn’t view it. And so we decided that we’ll check that property out today and also check out another property in Challuabamba throughout the same day. And I’m really quite, quite glad the way that this has worked out because the buyer, David, really did like the third property that we saw him on the first day almost to the point where I could tell he was very excited about it there was a lot of emotions going on and he was almost getting ready to make an offer. And for me, it’s very important that we take some of that emotion out of it because that was the client’s very first day of viewing properties here in Cuenca. The property itself is a great buy and hand on heart, I think it is really good value, especially for this client and what he wants and you know ticked all the boxes and all that. But even so, it’s his very first day of viewing and under these circumstances, I’ve seen a lot of agents here actually push the client into making an offer and that’s not something that gels well with me – that we use the emotion. Everything is sort of rose-colored glasses. It’s his very first day viewing properties even though he absolutely loved the property for me, we have to take a step back and then really assess: “Is this property right for him”. Especially because it’s his first day and he knows a lot of the neighborhoods but he certainly doesn’t know all the neighborhoods yet. So having two days to actually just go away, think about it for me that’s fantastic. And today we’re going to finish off with a couple more viewings and if he still feels the same way about that property, maybe we’ll go back and check it out one more time. But the client does leave tomorrow. So we obviously don’t have a lot of time to get everything done and so if the client does want to go through with some sort of purchase either now or even in the future – wants to think about it and go away and make an offer at some other time then it is prudent to have some sort of power of attorney here. Either with us or with someone else that they trust so that they can, so we or someone else can action the paperwork on their behalf. So that’s where we’re at right now with these clients. They’ve been really great so far, really just nice people so it’s just fun to basically explore Cuenca with them, especially when it comes to our area of expertise which happens to be properties.
Here we are at the fourth property of the trip. This property is in Tarqui, about 25 25-minute drive from Cuenca.
Xavier 29:22
Hey guys, we’re in the Tarqui house about 20, 25 minutes driving from Cuenca. It’s an area located in the south of town and there’s a lot of greenery and pasture area. The house is a modern house with exposed wooden beams and there’s a lot of bright light coming in on both sides. Its modern architecture is a three bedroom, 2 bathroom house. The asking price is two hundred and thirty-five thousand dollars.
David 30:40
Sort of overwhelming to see how wonderfully designed this is. I mean wonderful architecture, well constructed, very smart. And here in this space, you have the cooking, dining, and living room areas that all flow together very well. Very nice, a lot of openness and great views, you know, of the countryside here. So very impressive, too modern for my tastes. And I love it and I would love to come out here for a party or just hang out with family or friends, but it’s not quite what I would live in. It’s very nice for me, at first blush it seems a little out of place in this neighborhood. It just doesn’t quite blend in, it’s just very, very different from the rest of the neighborhood.
Jason 31:33
What do you think of the area in general?
David 31:36
I love the area. I mean, Tarqui here is lovely and with the hills and how people live here in this valley, yeah, it’s very nice.
Jason 31:52
Here we’re at the fifth and final property of the tour. We’re in Challuabamba.
Xavier 31:58
So we’re in Challuabamba area right now and we’re seeing a townhouse being built. Right now it’s in the model house. It’s a three-bedroom house, with 2 and a half bathrooms. In this area, you can enjoy these kinds of views around also plateado view that probably Jason will show you later. This is a modern house. This is a 200 square meters house with two stories. In the lower level, you will find one square big room that includes a dining, living, and kitchen area. In the back of the house, there’s a little patio that includes the laundry because Ecuadorians put the laundry outside and on the second floor we have 3 bedrooms and two full bathrooms. The available house, the only one left will go for a hundred and fifty-six thousand dollars.
David 32:50
Oh, I really like this. The floor plan is very smart. The layout allows for really maximizing the use of the floor space that’s available. The views are fantastic. You can tell it’s modern but well built, so there’s really quality in the construction as well as the architectural design for, for the place here and for the price of what they’re asking for, I think you’re getting a lot of value.
Jason 33:21
And in terms of, you said the last one was maybe a little bit too modern, but I’m not getting the same feeling from you for this one.
David 33:27
No, you’re correct. This would be much more comfortable for me to live in. Very nice, very smart, but not too modern yeah. So yeah, I really like it I’m very impressed by it.
Jason 33:42
Any thoughts on the neighborhood so far?
David 33:45
I really like the neighborhood. This is a very nice community, more modern look to it and something that I could, you know, move into and be a part of the community more easily than Tarqui. That’s more local, might be a little harder to integrate and become a part of that community but my goal is to, you know, become a part of the community and really you know, kind of notion into that. I think that the culture here is a wonderful culture and it would be a mistake not to try to connect with it, get to know it, and appreciate it.
The one that we saw at the end of the day last time was absolutely my favorite, just a wonderful property or a condo with two bedrooms, and 2 baths, and the living space with very nice views. I think the views in that place and the quality of the living space and terrace, and very excited about it. You know the kitchen being real serious and able to really produce some really good cooking out of that. So, that would be number one definitely number one.
What we’ve seen here today in this last property here on day two is very attractive for the price. You’re getting a very smart floor plan and engineering on the layout of the interior quality construction of course brand new being the first tenant that is really positive to and a very nice community here. It’d be very easy to integrate into this, you know, Ecuadorian community that has elements of what I’m accustomed to back home with like the restaurants like this. So this would be number two.
Oh yeah. So I’m very serious about going the next steps with it definitely. I think it’s a wonderful property. I especially like the views and the size of the place. I think it would be a good fit for me. I like the neighborhood that it’s in. Not too close. You know a little bit of a disk distance from downtown where you can realize maybe a simpler neighborhood more you know local quinking neighborhood without as many of the other stuff mixed in. And so that appeals to me a lot. It’s close to the river where we have the bike paths just a block away which I definitely am getting my bike out. You know I’m getting my exercise on the paths here which are really wonderful along the Riverways. So I’m very excited about the property. The one thing that we all sort of recognize, myself included, is that you know I’ve been here less than two weeks and while I’ve been doing a lot of things including you know, looking at the listings of those things that are available on the market and still pretty new to the market and there’s still a lot I don’t know so there’s that sort of hesitancy to pull the trigger on something so big so quickly. You know, so you might, you know when you do that, you know when you shoot name real quick, normally you kind of miss the mark you know. You just slow down and focus, you can get the right thing. But the thing that’s different with this property is that it is, rather, unique and there are not too many properties like this one that are available in the market. And the fact that it has so many things that line up really well for me, I’m inclined to move forward, which is not my normal nature. I feel like a price of a hundred and twenty thousand maybe we could negotiate, get a little better, that gives me some comfort because the other properties that we’ve been looking at have all been more than that. And I feel that those other places that we looked at, while they’ve been very nice, don’t necessarily line up with what I want any more than this place here. So I think the price is really good. The nice thing about a price in that hundred and twenty areas is that it’s easier to then move out of that on a later day with the lower price because there’s more market for a lower price property.
Yes, right, being able to resell it, the one thing on the property would get in the way of a resale or potentially renting the property out to somebody later, you know down the road is the professional kitchen. While I appreciate that and would see that as a plus. Most people would not and so that would be a concern down the road you know in transitioning the property to somebody else.
Getting together with YapaTree over the last two days has been absolutely wonderful. It has been really powerful being able to get acquainted with the real estate market here very quickly to see the neighborhoods in the market and what properties are available to actually get out there and look at them and see you know what size property, the features that it has, the neighborhood that it’s in and what the market you know bears for those properties. It has gone way beyond what I’ve been able to gather from, you know, the real estate market and looking at listings, talking with a real estate agent, or going on a neighborhood tour with the local that can drive through the neighborhoods and just kind of show you and speak with you about, OK, kind of what’s happening in these parts of the city.
What you have done in blending, looking at actual properties just kind of one right after another in the various neighborhoods and giving specifics as to the size of the property of the future and what the market price is, has been huge. And so I highly recommend it. It has been way beyond anything else that I’ve been able to do in my short time here in Cuenca to get acquainted with the market. So anybody coming into a market like I am here now, I would highly recommend doing a neighborhood real estate tour with YapaTree.
Jason 40:51
Got my coffee from Sinfonia. Very good coffee by the way. And now I’m just on my way to meet with our client’s attorney who is helping with the closing process. Their office is just on the other side of these stairs. This is Parque de la Madre, one of Cuenca’s many parks to enjoy.
But let’s quickly touch on the trip pricing and why we charge for these real estate trips. We did offer this service for free, but we found out that people were basically abusing it. We were doing trips for expats that clearly had no or very little intention of buying. These trips cost real money to run, such as gas, car maintenance, and paying the real estate agents who would be otherwise selling to qualified customers, and that’s not even mentioning my time. So we did need to introduce the payments to add a qualifier of sorts. The rationale is that if you’re not willing to pay a little bit of money to decide if you want to buy in Cuenca, then you’re not really that serious about taking action. We also refund 50% of the trip fee if you purchase a property found on the trip. We’ve found that for those who are serious about understanding if buying in Cuenca is right for them, then this small fee is trivial. I’ll provide a link to the current fees in the description. It’s also quite common for someone on their exploratory trip to join one of our real estate trips and then once they’ve decided that Cuenca is for them, they end up using us as their buyer’s agent. I’ll also provide links to our buyer’s agent service in the description.
I’m here on Calle Larga with Sara Chaka. Sarah is the lead attorney at her law firm, Ecuador Visas. This client has chosen to use Sara as his attorney to help with the closing paperwork. Sara, thanks a bunch for your time. Can you just walk me through the general closing process for a sale like this one?
Sara 42:48
When you are buying a property in Ecuador, in my professional opinion, the first step that you need to do is to investigate if that property doesn’t have any legal problems or lien over the property. So that means that you need to find out that the property has a clear title. So the second step is to be in agreement with the seller, of course, if you are the buyer, when the final deal will be signed. It’s so important the day because one / few days before you need to pay the taxes. The taxes that correspond to the seller are a capital gain and you as the buyer correspond to the Al Caballa. That is 1% of the total amount that you are paying for the property. Once you know the day, on the same day / a few hours before, or a few days before you need to make the payment, or usually here in Ecuador, when you sign the deed, the payment and the signing of the deed, are simultaneous.
So once that is signed, one of the last steps is to take the title and the final deed that is signed in front of the notary office in Ecuador. Take to the registered property of the city where you buy the property. So of course each of these steps you need to pay fees. For example, the municipality, and the notary, register property once your deed is registered under your name or both of the names, you and your wife or partners. You need to take the deed to the municipality to be registered under your name, so you can pay future taxes for your property. You pay taxes one time per year in Ecuador for the property that you have here.
The property that David is buying has a special situation. The seller used the property to obtain a visa investment in real estate and for that reason, he needs to use the property as a guarantee for his visa and the Ministry of Foreign Affairs custody of the property. Now for this property to be able to sell, the ministry must cancel that custody and only that will be cancelled by a petition of the seller. So it’s a small process to do, but that takes at least two or four weeks, depending on how busy is the ministry. Of course, it is possible to do and in this case, the representative of the seller who is a lawyer is taking care of that part of the process. However, how do we know that to the lien certificate? So the lien certificate shows all that information – when the property was purchased, when the visa was issued, when the property was in custody and all that relevant information is important for the buyer. To know how long will take the process and when the seller will be able to sell the property to the new buyer.
The best way to contact me is to my professional email [email protected]. I answer my emails each day and the whole year.
Jason 46:18
I’ve had such a great time helping David navigate Cuenca’s property market. I know that he got a lot of value from spending time with us too, and we are committed to helping David throughout the closing process. For example, we’ve already helped him obtain some inspection reports for the property that he’s interested in. David is now ready to make the permanent move to Cuenca and we just cannot wait to see how his life here unfolds.
If you’re looking to find out whether the Cuenca real estate market is for you, please feel free to email me at [email protected]. But if you already know that Cuenca is right for you and you are interested in using us as your buyers’ agent, I do recommend checking out this video. Thanks very much. Chao Chao.