"Ecuador law requires a two-year minimum for rentals," Graciela pointed out. "You don't want to deal with that until you're certain of your plans." Again, the best news about the rental market in Cuenca is that rental rates remain very low on a global scale. A typical monthly rent for a standard, unfurnished, one- to two-year rental is US$300. "When trying to find a rental, don't believe everything you read on the Internet," counseled our man in Cuenca, Ecuador Correspondent David Morrill. "You can find a lot of information about apartment rentals on blogs and social media, but you really need to get in the market and see for yourself. "Tell an expat in Cuenca that you're considering renting an apartment for US$500 a month, and he's likely to say something like: 'What?! Why would you pay that much? I'm renting for just US$300 a month!' "Maybe he is, but those kinds of conversations usually don't consider differences in neighborhoods and building amenities, for example. If you were renting an apartment in New York, you'd understand that you'd pay more in downtown Manhattan than you would in Queens. The same is true everywhere in the world, including in Cuenca. Neighborhoods can be very different when it comes to rentals, both in terms of what's available and also in terms of cost." Expats in Cuenca typically prefer to be near the historical district, not in it. More than 70% of Graciela's rentals are in this area, within walking distance of the city's historical center. How do you launch a search for a rental in Cuenca? As most anywhere in the world these days, the typical place to start is the Internet. When you go online, search in Spanish. Look for arriendas or se renta. Local newspaper classifieds can also be a good place to start, especially if you are looking for something long-term. Otherwise, you can walk the streets looking for rental signs and asking around. The best deals are found through word-of-mouth. "It's important, when renting a place to live in Ecuador," Graciela explained, "to try to understand the culture. Many of my clients will say, 'In the United States, we do it this way...' "You need to remember that we are not in the United States. In Ecuador everything is different—the culture, the workers, how we work, the legal system, the bureaucracy... "'Unfurnished,' for example," Graciela continued, "may mean no appliances, no curtains, no lighting fixtures...very basic." To state the obvious, rental agreements are going to be in Spanish, so you'll want someone who speaks Spanish and English and who you trust to review your agreement before you sign. Confirm how to get your deposit back, for example, and, very important, who is responsible for what. "It is common for the tenant to be responsible for small repairs like a leaky faucet," Graciela said, "but we've had cases where the landlord has said, 'I'm not responsible for replacing the roof.' "Or there could be an old microwave that's not working," she continued, "and I mention it during the inspection. The owner might say, 'Well, the tenant needs to pay for it, because it's in their hands.'" "None of this should frighten you off the idea of renting in Cuenca," David added. "We're just trying to help you understand so you can be prepared. You want to do more due diligence here than you would back home, not less." Kathleen Peddicord P.S. Graciela and David's detailed and tell-all discussion of how to be a renter in Cuenca during last week's Live and Invest in Ecuador Conference was recorded, along with every other presentation over the two-and-a-half days of this event. These audio recordings are being edited now to create our all-new Live and Invest in Ecuador Home Conference Kit. You can purchase your copy of this everything-you-need-to-know-about-Ecuador resource pre-release and save more than 50%. Do that here now.
Since moving to Cuenca in 2011, Daniel and Sally Ellis have worked part-time, via the Internet, for their old law firm back in New Jersey, advising their former partners in product liability cases. In addition, Sally has continued her sideline art career and has had several exhibitions of her work in local galleries. Daniel says he finally has time to catch up on his reading. Jan and Tom Jeffers divide their time between Cuenca and Fort Lauderdale. Jan says it's important to spend time with the grandchildren, but she also enjoys the expat lifestyle. "It's great that Florida is only four hours away," Jan says, "but we also enjoy our friends in Cuenca and all the cultural activities here." Ralph Winston, who provides computer and Internet services to Cuenca expats, says he is finally able to pursue a lifelong interest in creative writing. Ralph has joined an expat writing group and says he's halfway through his first book. "Who would have thought that, at 60, I would be writing my first novel?" David Morrill Editor's Note: Meet David Morrill and many other of our Ecuador expat friends at this year's Live and Invest in Ecuador Conference taking place in Quito Sept. 17–19. The Early Bird Discount for this event expires this Friday at midnight. That is, you have two more days to save up to US$250 when you register. Do that here now. Or reach our conference team with your questions, toll-free from the United States, at 1-888-627-8834...or, internationally, at +1-443-599-1221.
Why would a law-abiding citizen worry? Maybe, say, you own a rental apartment and your tenant is running a drug business out of the spare bedroom. He's arrested and your apartment is seized. Maybe you get it back...maybe you don't...Foreign investment would be devastated in a country where the government decided to seize private property, especially the private property of foreign investors. This has been the concern in Nicaragua since Ortega took office as that country's president in 2006. When Ortega's party, the Sandinistas, ousted the Somoza region, they confiscated and redistributed farmland and other property. When they were voted out of power in 1990, a new golden era of foreign investment, especially in real estate, began.Then, in 2006, when Ortega was re-elected, people thought he might revisit the old confiscation strategies. Foreign investment dried up. It's only slowly come back over the last eight years, as Ortega has refrained from imposing any confiscatory mandates. Still, some remain wary.Could Correa confiscate property in Ecuador? Sure. I say that because the truth is any politician anywhere in the world could get it into his head to do any stupid thing at any time.In this case, I'd say Correa has little reason to get into the business of confiscating private property from foreign investors. It'd be a disaster, and I don't think Correa's an utter idiot.Lief Simon
May 29, 2014
"Kathleen, I need to share with you my experience in Ecuador, which began after I read your articles about Otavalo, Cotacachi, then Cuenca a few years back. I have been to Ecuador from Cotacachi to Vilcabamba. Initially I had picked Cuenca, which was the object of two of the four trips. My last trip to Cuenca was entirely focused in finding an acreage to buy, but the prices were far beyond my reach. "When I came back home I read about Ibarra in your e-letter, and it took all my attention. I searched and found a few properties of interest. One sounded too good to be true so I hopped on a plane and went there to check it out. It was more than I expected. It is located in the southern part of Carchi Province, near Mira. I bought it! It is 3.5 hectares and cost me US$42,000 total including all the paperwork and attorney fees. It has a two-story, 120-square-meter house to be completed. It needs a roof, flooring, etc. Electricity and water are a few yards from the house. The land is high up and surrounded by gorgeous and taller mountains. It has a lot of water, the climate is perfect at 6,400 feet, and there are no mosquitos. "There is an old pebbled road that goes a little farther from the land, and there is a bus that passes by twice a day. "I am now back in the States getting all the paperwork in order for my residency in Ecuador. I am receiving Social Security retirement benefits of about US$1,100 per month. From my calculations, with the house built, furnished, and all initial expenses dealt with, such as a car, appliances, and so on, my monthly expenses should be around US$400 including massage and acupuncture therapy once a week, restaurants, and some shopping. Not bad at all for a total investment of less than 65K! "Thank you so much for all of our reporting. It was absolutely crucial for me!" --Jorge B., headed for Ecuador
May 28, 2014
"Kathleen, really enjoyed Lee Harrison's comparison article Cuenca versus Medellin. We are currently making our second trip to Cuenca (for two months). Our next trip will be to Medellin in 2015. Lee's insights were very helpful in making our decision to visit Medellin as soon as possible. Is it possible for you to provide some rental information in the district mentioned in Lee's article? I believe it was called Poblado." --Chief P., United States The Apartment Medellin should be able to help you find a rental apartment for your visit. And, yes, El Poblado would be a good place to base yourself.
"Kathleen, I am a happy 81-year-young single man now living in San Carlos, Mexico. I am here with my 36-foot sailboat that I have owned and sailed for the past 27 years. My little Dachshund dog and I still sail nearly every week on the Sea of Cortez. We enjoy the fellowship of many other sailors and our Mexican friends. "I have now lived here full-time nearly three years, and I have stopped looking for a different local. This is home now. I believe that your publications are a real contribution to retirees looking to make a substantial change in their lives like I did. "Congratulations on your successes and continue your good works." --Malcolm J., Mexico
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Kathleen Peddicord is the founder of the Live and Invest Overseas publishing group. With more than 25 years experience covering this beat, Kathleen reports daily on current opportunities for living, retiring, and investing overseas in her free e-letter.
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