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Cuenca has been touted as one of the best low cost retirement cities for Americans, but it seems to be getting more expensive while Las Vegas costs have dropped dramatically in the last few years due to the real estate crash plus super high unemployment. You can now get very cheap condos that are not in the ghetto areas of Las Vegas.
Cuenca has the best weather and is super-mild year round since it is almost always in the 50's to 70's compared to freezing and windy winters and blazing sizzling hot summers of Las Vegas, but it is a very drastic move to move to Ecuador especially if you don't speak Spanish. I saw some condos in Cuenca listed on line that really didn't seem that cheap to me compared to US cities that have a depressed real estate market.
Has anyone compared both places as low cost retirement spots?
There is no comparison as far as out of pocket & monthly costs. I have been looking at the possibility of a condo or townhouse in Vegas. I have decided against it. To ugly a place for me. What am I going to do? Count air conditioners? Maybe I have become spoiled living so long in Alaska. A person I work with is looking for a second home in Vegas in the 250k range which appears to be a bargian.
I just purchased a beachfront condo in Bahia Caraquez, 3bd, 2 ba. for under 45k with all costs including my attorney. The price is not just where the bargin begins. My yearly taxes are under $35, yes $35, & the monthy dues are $50 which include water, sewer, & garbadge, 24 onsite security, elevator, swimming pool, common area for parties on top floor with 360 degree view of Pacific & Chone river.
My electric bill when I am not there is 76cents a month with a couple of extra dollars for the city. Under $3.
I am 49 and life is all about perspective. I am not 100% retired yet. But soon. the best deal in this economy is to have a small turn key place in Ecuador for cash & a small turn key in the USA at these rock bottom prices and interest rates.
Me & my wife are planning the following,
I have a beach front condo in Ecuador. Next is a nice larger place in Manta, Cuenca, Cotachachi, or Iberra depending on which place we like best. Then a small condo in the USA. Location will depend on where our 3 kids are living, and more important state & local taxes and taxes on retirement income.
A word of advice; If you want a real bargin in Ecuador dont buy from a foriegn real estate agent.
The american agent in Bahia has a place listed in the back of my building for $76k before fees. Mine was 45K with all fees in front. This is typical. I bought my place directly from a wealthy Ecuadorian .
These guys are creating an inflated housing bubble just like I observed in Costa Rica, and they did in Panama. They are just setting up shop in Ecuador so there should be bargins for at least the next 3-5 years. gunn@gci.net
I wonder if I am going to be forced to purchase Obama care at some point even though I wont need it
as quality medical, dental. & vision is so cheap in Ecuador.
What Ameridorian said is true. Living in other countries can be a real bargain. I looked into it extensively and then bought in Las Vegas. And I have lived in other countries so it wasn't as much of a change for me as it would be for most Americans.
I am not fluent in Spanish. I speak some and I know I would improve. But I doubt I would ever be comfortable with the language.
Most important to me was the ability to work. If I just have to have that new whatever I didn't budget for, I can get a job. If I get bored, I can work. If I need money, I can work. I can't legally work if I live in another country on a retirement visa.
Propane $3 Hot water and cooking
Water $3
Electricity $10
Telephone $40 Cellular + landline
Internet $55 Highspeed broadband
Cable TV $50 Direct TV
Food $150
Medical/Dental $25 Annual checkups + unforeseen incidents
Entertainment $100 Movies, bars, theatre, etc.
RENTER
Rent $350 Modern 2 BR apartment, 100 square meters
HOA Fees $35 Sometimes required by owner/landlords
RENTER TOTAL $385
HOMEOWNER
Homeowner's Ins. $50
Property Taxes $20
House Maintenance $30
HOMEOWNER TOTAL $100
AUTO OWNER
Registration $8
Auto Insurance $50
Maintenance $40
Fuel $25 Gasoline @ $1.48/gallon
AUTO OWNER TOTAL $123
TOTAL BUDGET
RENTER W/CAR $1, 044
RENTER W/O CAR $921
HOMEOWNER W/CAR $719
HOMEOWNER W/O CAR $636
OPTIONALS
Full Time Maid $150
Medical Insurance $60 Based on age 50
Mail forwarding $15 Makes (online) shopping from the U.S. a breeze
Propane $3 Hot water and cooking
Water $3
Electricity $10
Telephone $40 Cellular + landline
Internet $55 Highspeed broadband
Cable TV $50 Direct TV
Food $150
Medical/Dental $25 Annual checkups + unforeseen incidents
Entertainment $100 Movies, bars, theatre, etc.
RENTER
Rent $350 Modern 2 BR apartment, 100 square meters
HOA Fees $35 Sometimes required by owner/landlords
RENTER TOTAL $385
HOMEOWNER
Homeowner's Ins. $50
Property Taxes $20
House Maintenance $30
HOMEOWNER TOTAL $100
AUTO OWNER
Registration $8
Auto Insurance $50
Maintenance $40
Fuel $25 Gasoline @ $1.48/gallon
AUTO OWNER TOTAL $123
TOTAL BUDGET
RENTER W/CAR $1, 044
RENTER W/O CAR $921
HOMEOWNER W/CAR $719
HOMEOWNER W/O CAR $636
OPTIONALS
Full Time Maid $150
Medical Insurance $60 Based on age 50
Mail forwarding $15 Makes (online) shopping from the U.S. a breeze
Once thing I noticed when I was checking out Cuenca is that "high speed broadband internet" is really not high speed at all. Nothing like a cable modem in the US. Cuenca "high speed" broadband is just a step above dial-up. What that means is no music or video streaming, no video chat or video conferencing, no Skype, no watching of Youtube vides, no downloading of anything large. Only useful for basic email (no big attachments or photos) and light web browsing.
I would want to be able to communicate easily to the US without big phone bills, so this would be an issue and I would also miss online streaming to US radio stations and Skype video calls.
Crime and police protection will not be what you would be used to in suburbs of the US. Cuenca would not be total chaos and anarchy crimewise like some places like Caracas, where you can hardly get off the plane without being scammed within the airport terminal by corrupt officials and then car jacked on your taxi ride into town, but I read of tourists being robbed at gun point in Cuenca in broad daylight because they walked into the wrong shopping center.
Ther first reply mentioned $250K for a house in Las Vegas being a bargain. Maybe it was a bargain in 2006, but I have seen much lower than that. Small 1 bedroom condos in good neighborhoods are available for $50K. Some 2 bedrooms not much more. Single family homes are available in nice areas for less than half of $250K.
Here is a newer, financable 1 bedroom in a nice area listed below $50K:
When I first looked at Cuenca I thought pricing was cheap because it's cheaper than I live now, but when I looked around the US, I found that I could find nice condos in that same range in cities of other states and even much lower than I see on Cuenca real estate sites.
I saw this 2bed/2bath new construction condo in Cuenca listed for $57K http://www.cuencarealestate.com/Buy/395
That seems like an OK price for a 2 bedroom, but most on the site are much pricier. I have read others saying you could buy a nice condo with all the modern Western amenities you would be used to for $30K in Cuenca, but those seems to have gone away as Cuenca has been hyped on websites as the best place to retire overseas. On top of that, to buy in Cuenca, it is cash only. No 30 year 5% mortgages like the US. No homeowners insurance to cover rebuilding after fire or other disaster.
There is an unofficial Gringo tax buying property not knowing the area, language and local customs inside and out that will make it very difficult not to end up overpaying for whatever you get.
Another issue is that Cuenca is at some risk of a major earthquake. Earthquakes are infrequent in Cuenca, so it is not on their minds and they are totally unprepared and do not construct housing and other buildings to widthstand them. The brick and concrete buildings, even in brand new construction, will collapse and kill many.
As far as medical care, I watched a documentary on PBS that showed a woman who brought doctors from the US to Cuenca who volunteered to treat some poor children that couldn't get adequate care from local doctors. Doesn't sound like their healthcare is good.
Also, for people planning to retire, what happens to you when you get really old in a place like Cuenca and would be better off not living alone in a house or apartment, but in an "assisted living" facility where there are people always around to check on you and help you if you fall and will provide cooked meals etc.. Does "assisted living" even exist in Cuenca?
Great post ^^^. So many people seem to feel that they have to go outside this country to get a retirement bargain. Cuenca doesn't look like a great bargain to me. Sure, it's beautiful, but there are a lot of beautiful places in the US where bargains can be had in this economy. I live in Florida and it is unbelievable what one can buy here these days for cheap. And I agree about Cuenca being earthquake prone, I saw that on TV recently.
No way would I leave here, too many ifs, and as you said what happens when you get really old and need assisted living or at least people nearby to check up on you.
Once thing I noticed when I was checking out Cuenca is that "high speed broadband internet" is really not high speed at all. Nothing like a cable modem in the US. Cuenca "high speed" broadband is just a step above dial-up. What that means is no music or video streaming, no video chat or video conferencing, no Skype, no watching of Youtube vides, no downloading of anything large. Only useful for basic email (no big attachments or photos) and light web browsing.
I would want to be able to communicate easily to the US without big phone bills, so this would be an issue and I would also miss online streaming to US radio stations and Skype video calls.
Crime and police protection will not be what you would be used to in suburbs of the US. Cuenca would not be total chaos and anarchy crimewise like some places like Caracas, where you can hardly get off the plane without being scammed within the airport terminal by corrupt officials and then car jacked on your taxi ride into town, but I read of tourists being robbed at gun point in Cuenca in broad daylight because they walked into the wrong shopping center.
Ther first reply mentioned $250K for a house in Las Vegas being a bargain. Maybe it was a bargain in 2006, but I have seen much lower than that. Small 1 bedroom condos in good neighborhoods are available for $50K. Some 2 bedrooms not much more. Single family homes are available in nice areas for less than half of $250K.
Here is a newer, financable 1 bedroom in a nice area listed below $50K:
When I first looked at Cuenca I thought pricing was cheap because it's cheaper than I live now, but when I looked around the US, I found that I could find nice condos in that same range in cities of other states and even much lower than I see on Cuenca real estate sites.
I saw this 2bed/2bath new construction condo in Cuenca listed for $57K http://www.cuencarealestate.com/Buy/395
That seems like an OK price for a 2 bedroom, but most on the site are much pricier. I have read others saying you could buy a nice condo with all the modern Western amenities you would be used to for $30K in Cuenca, but those seems to have gone away as Cuenca has been hyped on websites as the best place to retire overseas. On top of that, to buy in Cuenca, it is cash only. No 30 year 5% mortgages like the US. No homeowners insurance to cover rebuilding after fire or other disaster.
There is an unofficial Gringo tax buying property not knowing the area, language and local customs inside and out that will make it very difficult not to end up overpaying for whatever you get.
Another issue is that Cuenca is at some risk of a major earthquake. Earthquakes are infrequent in Cuenca, so it is not on their minds and they are totally unprepared and do not construct housing and other buildings to widthstand them. The brick and concrete buildings, even in brand new construction, will collapse and kill many.
As far as medical care, I watched a documentary on PBS that showed a woman who brought doctors from the US to Cuenca who volunteered to treat some poor children that couldn't get adequate care from local doctors. Doesn't sound like their healthcare is good.
Also, for people planning to retire, what happens to you when you get really old in a place like Cuenca and would be better off not living alone in a house or apartment, but in an "assisted living" facility where there are people always around to check on you and help you if you fall and will provide cooked meals etc.. Does "assisted living" even exist in Cuenca?
Quote:
Originally Posted by gypsychic
Great post ^^^. So many people seem to feel that they have to go outside this country to get a retirement bargain. Cuenca doesn't look like a great bargain to me. Sure, it's beautiful, but there are a lot of beautiful places in the US where bargains can be had in this economy. I live in Florida and it is unbelievable what one can buy here these days for cheap. And I agree about Cuenca being earthquake prone, I saw that on TV recently.
No way would I leave here, too many ifs, and as you said what happens when you get really old and need assisted living or at least people nearby to check up on you.
Great post ^^^. So many people seem to feel that they have to go outside this country to get a retirement bargain. Cuenca doesn't look like a great bargain to me. Sure, it's beautiful, but there are a lot of beautiful places in the US where bargains can be had in this economy. I live in Florida and it is unbelievable what one can buy here these days for cheap. And I agree about Cuenca being earthquake prone, I saw that on TV recently.
No way would I leave here, too many ifs, and as you said what happens when you get really old and need assisted living or at least people nearby to check up on you.
It's true Florida has some really great deals right now but the downside is you still have high homeowners insurance and property taxes along with hurricane season.Add to that the humidity,bugs and winter traffic with some of the worst drivers I've ever encountered.I've spent over 15 year back and forth in SWF and while it's a great place to escape the nasty N'East winters,there's no way I could live there. I think one concern for most is the increasing taxes here and the rising health care is why more are looking into other countries.Your money will definitely go farther abroad but before you pack up and move it's best to rent in the area for at least a year and make sure you can handle the change.Every place always seems perfect while you're there on vacation until you're actually living there.
It's true Florida has some really great deals right now but the downside is you still have high homeowners insurance and property taxes along with hurricane season.Add to that the humidity,bugs and winter traffic with some of the worst drivers I've ever encountered.I've spent over 15 year back and forth in SWF and while it's a great place to escape the nasty N'East winters,there's no way I could live there. I think one concern for most is the increasing taxes here and the rising health care is why more are looking into other countries.Your money will definitely go farther abroad but before you pack up and move it's best to rent in the area for at least a year and make sure you can handle the change.Every place always seems perfect while you're there on vacation until you're actually living there.
Different strokes for different folks - I was born here - DH and I love it here and are living pretty cheap - the only thing expensive is the homeowner's ins, but everything else equals out. I only run AC 4 months out of the year, and never need heat. I was only making a point about cheap property in Florida, there is cheap property all over the country, no one NEEDS to move abroad to live cheaply.
I looked into those deals in Florida that seem to good to be true. Many are. the fricken monthly dues are 500-800 a month. Many of the associations are red on paper and still having foreclosures.
Buying a condo in the market there can be very risky but there are bargins if a person has the time to spend. Checking the associations financials is a must before buying.
Those of us who intend retire in Ecuador do so for more reasons than just the financial benefits.
I love the culture, the food ( which is a whole subject unto its own), the exotic lifestyle and daily adventures ect..
There is something about being in a beautiful tropical place where time slows down or seems to stop. a walk on the beach, fresh seafood for lunch, and good conversations.
In the US, after I finally find a parking space and get skinned from having to pay to park, I can begin my beach walk with the hundreds of others.Its a different experience all together in Ecuador beach or inland.
Most folks here in the USA would not do well living in Ecuador. You have to think for yourself.
Its for people who do not want to live their life behind a locked door in fear, on the couch, and have their TV & media form their opinions for them on a daily basis.
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