Our goal is to have several small apartments throughout the world as bases for us to stay in when visiting. These apartments will be small: one-bedroom units, usually no larger than 60-70 m2 (around 600-700 ft2 for simplicity). Our priority is location; we want to be in dense, walkable, urban environments. While many people fantasize about a shack by the beach, we fantasize about stepping outside our building and having many shopping and eating options easily within walking distance.
The neighborhood of La Carolina in Quito fits this criteria exceptionally well—we love it here! That is why we decided to buy a condo (a departamento in Ecuadorian Spanish) in La Carolina. As someone with over a decade of real estate experience in the United States, buying property in Ecuador without knowing the process was weird. At the same time, since I have so much knowledge, I could quickly fill in the blanks during the process.

How complex is the process of buying property in Ecuador if you are an Expat? And, more importantly, should you buy in Ecuador? I’ll go over our process in this blog post, but also check out all of our blog posts on Ecuador here.
Should You Be Buying Property in Ecuador?
Before buying a property in Ecuador, you want to ensure it fits your lifestyle. If you come from North America or Europe, rent is exceptionally cheap in Ecuador. Unless you are purchasing a massive home, generally, we are talking about rents in the hundreds of U.S. dollars, not thousands. For example, we rented furnished, one-bedroom Airbnbs on a monthly basis in La Carolina, one of Quito’s best neighborhoods. We generally paid US$600-700 per month. If we had done a local, long-term contract, we’d pay closer to $500 monthly.

I bring this up because, in the U.S., there is a concept that if you rent, you are “throwing away your money” each month. Although I don’t 100% agree with this, the sentiment is accurate because rent is a lot more expensive, and residential real estate in the U.S. appreciates over the long term. Thus, the theory is if you rent, not only are you paying someone else’s mortgage each month, you aren’t owning a house to generate your own long-term wealth.
On the other hand, because rent is so much cheaper in Ecuador, there is just a lot less rent to “throw away.” Furthermore, it is not a given that Ecuadorian real estate will appreciate in the long term. We studied the market in Quito, and for the most part, condos depreciate over the long term. Condos are like buying a car in the U.S.: you’ll probably never get your money back. Thus, do not buy in Ecuador solely because you want an appreciating investment.
Buy for Lifestyle
Instead, we recommend buying in Ecuador if you intend to commit long-term to the country and want the feeling and ownership of your own place. That is why we bought: we wanted a place we could always call home no matter what happened. We also got tired of dealing with Airbnb landlords and always having to move.
On the flip side, by only using Airbnb, we lived in several of Quito’s neighborhoods to truly understand what each offered. As such, we also didn’t buy until almost nine months after we arrived in Ecuador and rotated through several neighborhoods. This allowed us time to get to know Quito on a deeper level and ensured we knew what amenities and features we wanted in our own place. When we finally toured the condo we purchased, we instantly knew it felt right.
Speaking of touring, we toured many places before deciding which property to buy. Quito’s property market – and Ecuador’s market in general – move at a snail’s pace. This is especially true if you are used to a hot real estate market in the U.S. Therefore, you can take your time visiting properties, researching, and deciding if the property is right for you. And with that, buy because you truly love the place and it fits your lifestyle.
Ecuador Property Prices
Perhaps the largest draw of living in Ecuador is the cost of living. Ecuador is far cheaper than the United States, Canada, or most of Europe. This includes property prices!
Most global cities have surpassed the $1,000/m2 (around $100/sq ft) benchmark that defines super cheap property. However, Quito is one of the few capital cities where you can still buy property for $1,000/m2 or less. Even in the fancier areas, such as La Carolina, it is easy to find recently-built condos around $1500/m2.
We purchased our condo for a tad above $1700/m2, and it was one block from the best road in La Carolina. It was also 43 m2, and in real estate, prices per square foot (meter) go up as the property size decreases. For comparison, our condo in Glendale – a highly urban suburb of Los Angeles – was 48 m2, and we sold it for almost $7800/m2. That is a dramatic difference!
Prices will be higher in coastal cities near or on the beach and for new construction. For example, a new condo in Manta, one block from the beach, may start at the low $2000s per square meter. While this may be higher than average in Ecuador, compare this cost to buying oceanfront condos in Miami or Santa Monica – not even close!

However, note that property prices do not continue to increase like in the United States. Depreciation is real in Ecuador. We analyzed condos in our area of Quito, and there was a strong correlation between the age of the building and the price per square meter. We found buying a 5-10-year-old property was the sweet spot between getting a modern building without paying through the nose for a new construction property. This is similar to purchasing a gently used car instead of a brand-new car in the United States.
In fact, the Sellers of our property bought it brand new from the builder in 2015. They paid around US$110,000 for the unit. In 2023, they sold it to us for $77,000, taking a loss. But this isn’t uncommon in our specific market; units generally lose value over time due to depreciation.
I point this out because if you buy property in Ecuador thinking it is going up like in the United States, you’d be mistaken. Unless you have some other angle on making property in Ecuador profitable, you should buy because of your lifestyle and invest elsewhere.

How to Find Property in Ecuador
There are two main ways to find property in Ecuador: using Plusvalia.com and going straight to the owner. Plusvalía — “capital gains” in English—is Ecuador’s equivalent of Zillow. We found the website very easy to navigate and had a ton of listings. If you create an account, you can also mark properties as Favorites and set up saved searches. You can also set it to send you new listings by email. It very much functions like Zillow.
However, Ecuadorians are also very used to doing things offline, especially in less urban areas. You’ll find plenty of signs saying a property is for sale (Se vende or vendo in Spanish). Sometimes these signs are from a real estate agent, many times RE/MAX or Century 21; but often they are just from the owner directly (like a FSBO in the United States). Walk the neighborhoods you are looking in, find the signs, and contact the Agent or owner directly. Make sure to send a message via WhatsApp, not a text message (everyone – and I mean everyone – uses WhatsApp in Ecuador).

We have also heard that you can find property using Facebook Marketplace or even through word of mouth. We don’t have Facebook accounts, so we didn’t use Facebook. And we don’t know many Ecuadorians, so we didn’t put the word out there. But I wouldn’t underestimate these two methods as well.
Finally, you could hire a real estate agent to search for you. However, note that Ecuador does not have a centralized MLS like the United States. Thus, the Agent is either looking online at Plusvalia.com or happens to know someone who may be selling. We ended up not using our own Agent but instead used the Listing Agent and our Lawyer when it came time to make an offer. We found our condo by walking the streets and using Plusvalia.com. The concept of a Buyer’s Agent isn’t as well-known as it is in the United States.
What to Look for When Buying Property in Ecuador
Since we purchased a condo in Quito, we are most familiar with the Quito condo market. Thus, most of what I discuss below will be for buying condos in Ecuador. Here are some of our notes:
Size
Since Ecuador isn’t the United States, all property sizes will be in square meters. Fortunately, 1 square meter is roughly a tad more than ten sq ft, so it is easy to multiply by ten and get a rough square footage. However, the main thing to look out for is the size of the house or unit itself and the size of the “constructed” area. It is common for condos to state the size of the “constructed” area, which, besides the unit itself, also includes parking spaces, bodegas (separate storage space), and covered patios.
For example, a condo may state it is 73 m2. But if you expect 750 sq ft of living space, you’d be mistaken. Instead, in the description, you may see something like 50 m2 is the actual unit, plus 14 m2 for the parking space, another 4 m2 for the bodega, and another 5 m2 for the patio. So what do you look for?

- Área total or m2 total: This is the total constructed area, often including parking spaces, bodegas, and patios.
- Área cubierta or área útil: The covered or useful area is the actual size of the house or condo unit.
- Parqueadero: Parking space in Spanish. To give you a frame of reference, most parking spaces are 11-15 m2.
- Bodega: A bodega – literally “warehouse” in Spanish – is a storage space separate from the main house or condo unit. For condo units, they are often in the garage. Bodegas can be any size, but most condos in Quito are in the single digits of square meters.
- Balcón or patio: Balconies and patios are often included in the área total. Again, most balconies are in the single digits in terms of size unless you have a penthouse or some luxury unit.
Bathrooms
It is common in Ecuador to have a powder room or half bath separate from the main bathrooms. This baño social is included in the bathroom count. Thus, if you want two full bathrooms, ask about baños completos, not just baños. Furthermore, note that actual bathtubs are not standard. Thus, a full bath would be a sink, toilet, and a shower.

Bedrooms
The bedrooms in Ecuador may be smaller than in the United States, but this highly depends on where you go. For us, it was very important to have a queen-size bed fit in the bedroom. Not only was it good to take a tape measure, but it was also easy to ask real estate agents if a queen-size bed could fit. But in Ecuador, beds are measured by how many people can fit in them, so here is a guide:
- Una cama de una (1) plaza: A single bed.
- 1 ½ plazas: A twin bed.
- 2 plazas: A full bed.
- 2 ½ plazas: A queen bed.
- 3 plazas: A king bed.
Additionally, a one-bedroom condo is commonly called a suite, not a one-bedroom departamento. An estudio is a studio, while larger condos count the number of bedrooms or habitaciones.
Heating and Air Conditioning
If you’ll be buying on the coast, such as Guayaquil or Manta, or any of the Amazon-adjacent cities, you’ll want to ensure the air conditioning system works. You will need it most of the year, as it is sweltering (Ecuador is on the equator). Most air conditioning systems in Ecuador are of the split kind, meaning there is a separate unit on the wall in each room. We saw a couple of places with central air conditioning, but it was not as common as a split system.
However, if you buy in the mountains, such as Quito, Cuenca, or the small towns nearby, you won’t need air conditioning or heating as much. In fact, in Quito proper, it was scarce to find a condo with any HVAC system. That is correct – most condos in Quito have zero ventilation systems. That is because the temperature rarely changes; mid-70s Fahrenheit is hot in Quito, and mid-50s Fahrenheit is cold. When it is hot, you open the window; when it is cold, you close it. That is all there is to it.
When it got cold in Quito, several people used small space heaters to heat up. It makes sense as they are very cheap, and often, you just need mild heat to get comfortable. But for us, when it got cold, we just put on a sweatshirt and long pants, and we were fine.
Note that the valleys of Quito – such as Cumbayá and Tumbaco – get quite a bit hotter than Quito proper. You’ll probably want air conditioning in these areas at least part of the year.

Parking and Bodegas
As mentioned above, parking spaces and bodegas are advertised separately from the main condo unit. Almost all condos in Quito have one parking space, but not many come with two or more unless you have a big unit. Furthermore, many of the newly constructed condo buildings advertised the parking spaces separately, including the price. Yes, buying a parking space is optional. It also means if you have a parking space, you can actually rent it out or sell it separately from your own condo unit. The same is true of bodegas.

We don’t have a car in Ecuador, so if we purchased a new construction condo, we would skip buying a parking space. However, because we purchased a resale unit, it came with a parking space. We have thought about selling the parking space and getting a little bit of cash back, but the market for selling parking spaces is slow. The best bet is to sell it to someone in your own building who needs an extra space. Having said that, if you intend to sell or rent your unit, you may want to hold on to the parking space as it may become a problem later on not having one.
We recommend getting a bodega if possible, as the extra room is handy. It’s not a deal breaker! But even for us, we found that the bodega was quite helpful as we lived increasingly in our condo and accumulated more junk.
Building Power Generator
Since November 2023, Ecuador has not had stable electricity. A large part of this is due to drought, and the country highly relies on hydroelectricity. Another part is that Colombia next door is also in a drought and also relies on hydroelectricity. Thus, Ecuador can’t buy extra electricity from Colombia. A third part is that the government claims that Ecuador’s electricity grid is in shambles due to poor maintenance from past administrations.
Power cuts throughout the day are typical, although the times and duration depend on where you live. Power cuts also go away for a few weeks and then come back, and so on. Fortunately, many condo buildings in Ecuador come with generators to generate electricity during power outages. Note that most of these buildings only generate enough electricity to power the building, such as elevators, lobby lights, and garage doors. However, some buildings – like ours – also produce enough electricity to power individual units, as long as you aren’t going crazy with your electricity usage.
Ask if the building has an electricity generator and whether it only powers the common areas or individual units. Also, ask your Agent or Lawyer about how electricity cuts have affected specific neighborhoods. Power outages in Quito are annoying, but they aren’t life-or-death like being on the coast without air conditioning. Hopefully, the drought ends soon, and power cuts will be a thing of the past.
Angle of the Sun
This is one of those things that you don’t think about until it happens to you. Coming from the United States, it was second nature that if you faced south, you were facing the sun and thus had a hotter (and brighter) home. If you faced the north, it was darker and colder. And the opposite is true if you are in the Southern Hemisphere.
But in Ecuador – whose name literally means “equator” in Spanish – this rule does not apply. As the seasons change, the angle of the sun also changes. When it is summer in the United States, facing north in Ecuador means full sun and heat. But when it is winter in the United States, facing north means no sun and cold.

Why? Because as the Earth tilts back and forth during the year, the angle of the Sun towards the Earth changes. That is why seasons occur and the length of the day changes. In other words, the sun spends half the year north of the equator and half the year south of the equator. And since Ecuador is on the equator, you can notice this if you spend a full year in Ecuador.
We bought our place in December, so despite being on the top floor of our condo building, we didn’t see any direct sunlight. It was often colder inside than outside. But as it turned to Spring, we saw more and more direct sunlight come through. In fact, by June, the condo was baking in direct sunlight almost the entire day, and it was hot. Think about this if sunlight is vital to you or if you don’t have an HVAC system for temperature control.
Noise and Neighbors
Ecuador tends to be a noisy country, whether you are in Quito, Guayaquil, or the middle of nowhere. Thus, buying property in Ecuador also means buying your neighbors and their noise. In the cities, there is a lot – and I mean a lot – of car honking. It isn’t even rude honking, like in the U.S. Honking in Ecuador is just a way to say “hello” or “watch out, I am coming.” But there is a lot of honking! A street-facing condo will be super noisy, no matter what you do.
Additionally, there are many parties throughout urban and rural areas, and fireworks, music, and yelling come with parties. If you are a light sleeper, consider how thick the windows are. Visit the neighborhood several times, both during weekdays and weeknights and during the day and night. You’ll want to get a sense of how your neighbors are and whether the general area is a party hotspot or somewhat calm.

At the same time, the walls are thin in Ecuadorian condo buildings. Kevin’s top priority was buying a unit on the top floor. That way, we wouldn’t have to worry about noise from the neighbors above us, which was an issue for a couple of our Airbnb stays in Ecuador. Fortunately, we found a perfect condo on the top floor of a building in the center of La Carolina!
Side note: Unlike the United States, but much like Europe and the rest of Latin America, floor numbers do not start at one in Ecuador. Generally, the first floor from the street is the ground level, known as PB or la planta baja. You’ll see this immediately once you step inside an Ecuadorian elevator. The first floor above PB is then floor one, but it would really be the second floor in the United States. Floors below ground are negative and are known as subsuelos. Thus, the first floor underground is subsuelo 1 (abbreviated S1) or nivel -1. The second floor underground is S2 or -2, and so on.
New Construction Views
This is another thing you may not think about, but there is a large building boom in Quito. It is highly trendy to demolish old one- and two-story homes and build a large residential tower. While this is somewhat common in many places worldwide, you have to be careful in very dense neighborhoods, such as La Carolina.
If you buy a property with a view that overlooks an older, low-rise building, assume that view and the resulting natural light won’t be there within a few years. That is because chances are the building next to you will be sold to a developer, torn down, and replaced with a 20-story residential building.

We heard a story about a glitzy condo building built in the mid-2010s and sold quite quickly. However, those condos are now selling for half their value just ten years ago because construction started on the property next door. Within a year, the new building will completely block those units’ views and natural light.
We considered the neighbors when we purchased. Our view overlooks the neighboring 10-story building, so we are quite confident that the building will not be demolished anytime soon. However, a new 18-story building is being developed down the street from us. While it won’t block our natural light, it will significantly alter our view. ¯\_(ツ)_/¯
One of the units we considered in a new construction building had a beautiful view of Parque La Carolina. Yet, that view also overlooked a series of two-story homes on the other side of the street. We told the Agent we were concerned about those units one day blocking our view, and he didn’t say anything to combat our assumption.

Condo Amenities
If you buy a condo that is less than ten years old, ask about what amenities the building provides. It is generally expected in Quito to have a rooftop terrace (although equally as typical not to provide any furniture on said terrace!). Gyms are also quite common but don’t expect much. Building gyms generally have one to two treadmills or bikes, one or two weight machines, and some free weights. If you are into working out, I’d recommend getting a membership to a real gym, such as Smart Fit, which we love.

Like in the United States, every condo building has monthly HOA fees. These fees are often based on the size of your unit, including parking and the bodega. Yet, they are far cheaper than in the United States. For example, our one-bedroom unit pays around US$80 per month in HOA fees. Our studio condo in Los Angeles had HOA fees closer to US$400 per month—and it was the same size with fewer amenities!
As such, if you are buying in Ecuador, you’ll want to get a local bank account to pay not just HOA fees but basic utilities as well. Read our complete Guide to Banking in Ecuador to learn more about opening a local Ecuadorian bank account.
How to Make an Offer for Buying Property in Ecuador
Buying a property in Ecuador is a relatively informal affair, but don’t be nonchalant about the process. When it comes time to make an offer, you’ll want to involve your Agent or Lawyer. Since we didn’t have our own Agent, we negotiated directly with the Listing Agent, but using our lawyer’s advice. And by negotiating, I mean sending a series of WhatsApp messages back and forth until we landed on a purchase price that we and the Seller agreed to. Yes, we literally purchased our condo through WhatsApp.
Note that you should always negotiate. Negotiation is expected, and prices are often inflated in anticipation of negotiating. Even when we were touring units under construction, the Agents usually started offering us “secret” discounts if we committed. When it came time for us to make an offer on the place we purchased—which was eight years old at the time—the Listing Agent asked us what price we wanted to start at. It took several hours of back-and-forth WhatsApp messages to finally settle on a price.

We also kept asking our Lawyer questions step-by-step to ensure we weren’t being scammed or getting “Gringoed” (taken advantage of because you are a foreigner). Our immigration lawyer also had a partner who was a real estate lawyer, so we worked with them again. Because we found our property on Plusvalia.com and the Listing Agent worked with a reputable firm, I wasn’t particularly nervous about truly being scammed. I was more anxious about being taken advantage of, especially if we weren’t aware of our rights as Buyers.
After we agreed on a price via WhatsApp, it came time to make the deposit to solidify a contract. Our deposit was US$500. Ecuador has no concept of escrow, so we paid the money directly to the Seller’s bank account. Once he received the money, the Listing Agent issued us a deposit receipt that functioned as the contract. It had fundamental details like the description and size of the condo, the address, the price we promised to pay, and the date by which we promised to pay it (the Closing Date essentially). It also listed the Sellers’ names and our names, and that was it. The contract was one page.
What about Contingencies?
The contract does not contain contingencies. As an Expat, you will be paying cash, so there are no financing or appraisal contingencies. Ecuadorian banks will not lend to you, so you need not worry about getting a loan. We also asked about an inspection contingency. The Agent and our Lawyer said if we wanted to inspect the property, we could do so before making an offer. Then, we would make the offer based on the inspection findings.

We chose not to inspect the property before purchasing, which is 100% against what I would do in the United States. First, when I asked about inspections, the Agent and our Lawyer looked puzzled. While it wasn’t unheard of, I got the sense that it was alson’t common. Since we were purchasing an eight-year-old condo, I wasn’t too concerned about it, although I was still a bit concerned. If we were buying a home or a much older condo, I’d probably be more concerned about it. And if you are concerned about it, inspect the property before purchasing.
Second, you hire an architect or engineer if you want an inspection. There aren’t “home inspectors” like in the U.S., whose sole profession is to inspect homes for purchase. You may wish to research architects or engineers before finding a property you like. That way if you like a property, you can call up the inspector to inspect it right away.
Note that our Lawyer and the Listing Agent handled the title process for us. This included showing us all of the original paperwork, deeds, and mortgage payoffs from the Seller. Again, I strongly recommend that you have a reputable lawyer help you purchase real estate in Ecuador. You do not want to skip paying a lawyer to be cheap and wind up in a scam, being taken advantage of, or buying a lemon.
What is Escrow Like?
Not much happens after you make the initial deposit. Remember that there is no actual escrow or title company; there is simply a contract—really a promise to buy—between the Buyer and Seller. There is also no title insurance, as the property is recorded by the city or provincial government, which is accepted as fact.
However, that doesn’t mean there can’t be problems with the title, which is why hiring a lawyer is so important. For example, the Sellers of our condo had paid off their mortgage a couple of years ago, but it was still showing as active. They had to get paperwork showing that the mortgage had been paid off and that we wouldn’t be inheriting their mortgage. This happens in the U.S., too, but the title company and escrow are taking care of it for you. In Ecuador, if your lawyer isn’t, then you have to.
There is some paperwork to fill out, but not that much. You will get a ton of paperwork to read – all in Spanish. If you buy a condo building, much of this paperwork will revolve around the HOA, such as their finances, rules, and important news. The rest of the paperwork includes the paperwork from the previous sale, including their deed and property description.

Our Lawyer took care of all of the paperwork for us, reading everything and summarizing it on our behalf. I read a lot of it, as I can read Spanish way better than I can speak it. However, I felt 100% better knowing that a lawyer was looking over everything for us because, again, I don’t know what I don’t know. For example, one YouTuber tried buying a condo in Cuenca for short-term renting via Airbnb. However, his lawyer discovered that the HOA is against short-term rentals and wouldn’t allow it. That saved him tens of thousands of dollars by not purchasing an unusable investment.
One thing that was not mentioned to us by our Lawyer or the Listing Agent was property insurance. I got the sense that property insurance was not super standard in Ecuador. However, coming from the U.S., where property insurance is all but mandatory, I knew we had to get property insurance. We went through our insurance agent, who had previously assisted us in getting health insurance in Ecuador. He gave us two quotes, around $200 for the year for $80,000 of liability coverage. The biggest surprise? It included earthquake and volcano insurance (Quito is pretty close to a somewhat active volcano).
Close of Escrow Date
After we negotiated the price and made the deposit, an issue arose regarding the closing date when we went to sign the contract. Thirty days to close appears normal and is what is pre-populated on the contract. But the property happened to be tenant-occupied, which we didn’t realize until after we made the deposit. To the Listing Agent and the Seller, this wasn’t a problem. We’d close in 30 days, and then the tenant would have 90 days to find a new place and move out. In the meantime, he would be our tenant and pay us rent. However, coming from California, where tenants’ rights are super strong, we hesitated to own a property with a leftover tenant.
We spoke with our Lawyer and the Listing Agent and made clear our reluctance. There was definitely a context barrier – not a language barrier. They understood what we wanted, but they didn’t understand why. Our lawyer explained that in Ecuador, asking the tenant to leave as part of the selling process is handled through the local government. It wasn’t up to the tenant to stay or avoid his obligation to leave. The government would come to enforce it.

Speaking to our lawyer made us feel a bit better about potentially taking on this tenant after the close, but we still felt uneasy about it. We kept asking to close after the tenant moved out. I don’t know if the Sellers were just being nice, we got lucky and the tenant found a property, or if everyone was tired of us complaining, but we closed just after the tenant moved out. Negotiating this part of the contract was weird after we had already agreed on the price and made the initial deposit. But it appeared that only we had any qualms about this; neither the Seller, Listing Agent, nor our Lawyer understood our problem.
Closing Day and Post-Closing
Closing day is rather exciting. Much like in Texas, but not in California, the Buyers and Sellers meet to exchange money and keys. We met at a local notary office, which is more akin to an official government office in Ecuador than just a notary public in the United States. Our Lawyer picked which notary office to meet at, and we found out why: it is the office he regularly uses. This was extremely helpful as he knew everyone, had everything lined up before we arrived, and we were in and out in less than 45 minutes – extremely fast by Ecuadorian standards.
This was the second time we met the Sellers. We initially met them at the Listing Agent’s office after we made the deposit and we came to sign the contract. Back then, we were pretty nervous and reserved, but this time, we talked to the Sellers as we sat next to them in the waiting room. They were extraordinarily friendly. They asked us a lot of questions and were just the nicest people. In fact, at the end, the wife gave Kevin and me big hugs.
At the notary, we and the Sellers had our Ecuadorian ID cards with us, along with a check for the purchase price less the $500 deposit. The check had to be a certified bank check, which we picked up that morning from our bank. After waiting about 30 minutes, we all got called upstairs and met with the actual notary. She showed each person the grant deed and took our ID cards (also voting cards if you are an Ecuadorian citizen). Then, each person signed and put their thumbprint on the deed. We gave the check to the notary, who wrote down the information and then handed it to the Sellers. The Sellers, in exchange, gave us the keys. And that was it!
Note that all other fees and closing costs are paid before or after this appointment. Our Lawyer had pre-paid some of the taxes, and then we paid him back, along with his fees, a week after closing.
After Closing
We didn’t move in right away because we were waiting for our furniture to be delivered. To account for any delays, we purposely booked our furniture to arrive a few days later than our scheduled closing. Since we already had an Airbnb booked for three more weeks, we felt we’d rather take our time than rush and have to reschedule everything.
Apart from the usual tasks of moving to a new place, there are a couple of Ecuadorian things to cover. The first is the electricity meter. We didn’t know then, but the electricity meter itself is not part of the condo. Fortunately, the Seller included it in the purchase, so we didn’t have to buy a new one.
But setting up a new electricity account is not just calling the power company and telling them we want to create a new account. Our Lawyer had to go to the actual office and file paperwork showing that we purchased the condo and that the Seller was transferring the meter into our name and ownership. We paid our lawyer $150 for him to do this task, as we did not want to spend our time in line and not truly understand what had to be done.
This process took a couple of months to complete. In the meantime, the Seller kept paying the electricity bill, and then we would pay him back. It wasn’t until month three or four that we had an electricity bill in our own name that I could pay directly. Now that the bill is transferred, I get the bill directly to my email account and pay directly through our bank account on our bank’s app.
The second interesting item is that the recordation process with the government to transfer ownership of the property also takes a couple of months. That is why the electricity transfer took so long; our Lawyer couldn’t transfer the electricity meter without proof we purchased the condo, and that couldn’t happen until the government officially recorded the sale.
Other than that, things are pretty similar to buying any other property. The HOA added us to a group WhatsApp chat with the other owners in the building. We also have a direct WhatsApp thread with the property manager as well. The building has 24/7 guards who have come to recognize us. We gave the guards a copy of our keys in case of emergency. The guards are friendly and recognize us, probably because we are the only Gringos in the building (there are around 80+ units).
Closing Costs When Buying Property in Ecuador
The costs of buying property in Ecuador were much lower than we were used to in the United States. First, remember that we didn’t get a loan, so there were no bank or lender costs. Second, we didn’t have the property inspected – generally a no-no – so we didn’t pay any inspector costs. Third, as we didn’t have our own Agent, we didn’t have to pay any Agent commissions. But we did have to pay our Lawyer.
The purchase price was US$77,000, and we paid our Lawyer 1% (plus $150 for helping transfer the electricity meter). Miscellaneous taxes and government fees added about another 1%. The deposit was $500, which went towards the final purchase price. There were small bank fees for receiving the wire from abroad and issuing a cashier’s check for the final balance (also known as a cheque de emergencia).
Furniture and Appliance Costs
It cost us around $4,500 to fully furnish the one-bedroom condo. This included buying a brand new refrigerator, washer, queen-size bed and mattress, two flat-screen 43-inch TVs, a reclinable sofa, a small dining table, two chairs, two work desks, and two office chairs. The property already came with blinds, an oven, and a cooktop. The bedroom had built-in closets, so we did not need to buy a wardrobe or a chest of drawers.
We purchased a lot of this during Black Friday, so we took advantage of some deep sales. We had considered buying both a washer and a dryer. However, our condo only has space for a stackable washer and dryer. If we did that, the dryer would block part of the view from the kitchen, and I didn’t want that. So we decided just to buy a washer and then dry our clothes on a drying rack.

We also spent about $500 on minor handyman repairs, including changing out all of the ceiling lights, recaulking the sinks and shower, and reinstalling the kitchen vent hood tubing. The handyman also repainted the entire condo for another $450. We repainted the condo bright white, except for two accent walls, which we painted dark teal.
Conclusion
Overall, we are thrilled with our purchase in Ecuador. Perhaps we got lucky, but it all worked out in the end, and we have a place to call home in Quito!
Very interesting article. What’s amazing to me, is buying a place and not doing an inspection!!! That would really throw me off-kilter. I really enjoyed reading this, but I enjoy all of your articles on your blog. You always have a lot of great information, facts, and details, plus your personal experiences are really interesting to read about!!!