More than 300 residential projects located in 50 Ecuadorian cities were offered at real estate fairs in Guayaquil and Quito this month. An opportunity for those who balance their budget with the desire for their own home.

Mortgage loans become the best financial ally. The longer the payment term, the lower the fee, but the interest increases. The final costs are easily secured using a simulator or by performing a pre-qualification in the case of the Bank of the Ecuadorian Social Security Institute (Biess). Sellers must also provide this information to the interested party.

But there are details that sellers often leave out. Then the laws are fragile in their application, and ethics and empathy remain on the sidelines.

‘Financial advice is the first step to your dream home, we won’t give up’: visitors and families explore the real estate offer for 2023 and determine their financial options

After the down payment on the house is completed, buyers who do credit management in many cases only find out that they have to pay capital gains tax. This tax liability belongs to the owner of the property being sold, but there is a legal fence that should be included in the contract that the buyer is responsible for the amount. Ethically, it is necessary to inform about the problem from the beginning and for the client to make a decision. There are costs that, due to ignorance or careless reading of the contract, increase the values ​​that cannot always be included in the mortgage loan, since they are not considered by the financial institution, exceed the coverage of the house or due due to lack of ability to pay.

The dream of owning your own home first involves planning costs

Thus, there are a number of additional resources that the buyer must consider (pages 16 and 17) and which are preferably communicated at the time of the initial transaction.

Just as clear rules are requested from these columns in order to reactivate the construction sector as a pillar of the economy, empathy is requested for those who want to buy a house, and the least that can be requested is that they have complete information so that there are no unpleasant surprises when they expect to get their good. (OR)