A question I’ve been asked many times and I’ll take this opportunity to mention just one of the reasons. At a later time, I will post more reasons, more locales and more opportunities.
After landing in Quito and enjoying a very comfortable ride in a Mercedes bus, surrounded by awesome beauty of the northern Andes Mountains, I arrive in Cotacachi, Ecuador. Cotacachi has become one of Ecuador’s most active expat communities in recent years. Many foreigners, mostly from the United States, Canada and Europe have chosen to relocate here to enjoy the great weather and lifestyle.
It’s a small, mostly indigenous town with a strong sense of community. In Cotacachi, you can find good, fresh food, beautiful scenery, and some of the best leather-craft artisans in the world.
I found myself in a quaint little restaurant surrounded by low wooden ceilings, heavy doors, hand-painted alcoves, and Beethoven’s 9th playing softly in the background. The wait staff was perfectly attentive and my pizza perfectly topped with just the right amount of cheese and sauce. Had I not known better, I could have thought myself in Rome.
It’s a town I’ve grown quite fond of over the years. Plenty of other international residents love it as well. The weather is a major draw, with average temperatures running between 50 F and 72 F every day of the year. The beauty of the highlands of Ecuador is equally attractive to new residents. New residents as well as visitors alike, stand in awe of the beauty of the Cotacachi valley, with its looming, long-dormant volcanoes on either side. And of course, the town itself is a center of interest with leather crafts, restored colonial buildings, and plenty of friendly faces and great food. Whether you’re dining in little European-inspired eateries or sampling some of Ecuador’s delicious street fare, it’s a delight for the senses.
With its great appeal and growing number of expats, you can find some fantastic deals on real estate. There’s also a real opportunity in rentals due to a majority of expat residents looking to rent. But most are not looking for just any old rental; they want something with the North American amenities to which they’re accustomed, such as hot water throughout, indoor laundry facilities, high-speed Internet and a large, comfortable kitchen with plenty of storage. You can find such homes in Cotacachi that can be converted to rentals and which can provide a healthy yield. Most homes for sale or rent in Ecuador, come either partially or fully furnished.
Just a block from Cotacachi’s main drag, sits a condo development where an 1100 square-foot, two-bedroom turnkey condo listed at $105,000 can be found. You’ll have everything you need in place to turn around and rent it. Your tenants will enjoy building security, landscaped gardens, and volcano views. If you desire to rent it out, as many of owners do, you can expect $600 per month which will give you a 6.9% annual return.
Just about five minutes from town in a taxi, you’ll find Mount Cotacachi and another condo development with upscale units which give you uninterrupted views of the opposing Mount Imbabura. Asking price for a furnished two-bedroom unit is just $97,500. Again, if you should want to rent out this unit and ask just $600 per month, you’ll bring in a nice 7.3% yield.
Another example is a three-bedroom, two-story home at the edge of town on a quiet street for $80,000. From this home, a 10-minute walk will get you to the local produce market with all the fresh produce one could ask for. The local supermarket, the hospital and Cotacachi’s best private school are also about a 10 minute walk. Another plus is the fact that you won’t have to worry about those high property taxes that you did back in the States. Most homeowners in the area pay less than $50 per year in taxes.
Great deals can be found, even if you have no plans to rent it out yourself. All you need to do, is put in a little time doing your research and look around. You can find nice quality housing that is a fraction of what it would cost you back home.
You may want to experience life in Cotacachi with a home for yourself, where you can enjoy walking the town’s tiled sidewalks, partaking in the public fiestas, and shopping for quality crafts and … enjoy the lifestyle of Ecuador.
