Real Estate for sale and rent in and around Suchitoto, El Salvador
Let me start by stating that I am by no means a real estate agent. That said I can tell you that over the past 10 years (of my 25 years living in El Salvador), several local property owners as well as several foreigners have asked for my assistance in both finding potential buyers and renters as well as finding properties for sale. It was not until one of my Salvadoran cousins asked if I was making commissions that I realized that I could actually make some extra money doing this and for the first two rentals and sales, I received nothing more than a nice Thank You.
Asking around I realized that in a way I had been taken advantage of by the local owners as it is common to receive from 3%-5% of the final sale price or in the case of rentals 1 month rent for a yearly contract(very different from in the US). In El Salvador, it is only the renter or seller who pays commissions, so the service I provide to buyers is virtually free and that it is also important to know others in the business, as it is also common to share these commissions with whoever finds a buyer. I now have several other friends in the business so when I asked for a property on the beach or in the other cities around El Salvador it is usually easy to put together a list of properties that meet the potential buyer’s needs.
I have also found a few reliable and bilingual lawyers, as it is the buyer who has to beware and have a good lawyer to make sure there are no legal issues, mortgages and that all local taxes are up to date before the property purchase is finalized. Again a bit different from in the US and other parts of the world, it is only the buyer that is responsible for these legal fees, as well as having to pay two local taxes. The fees (taxes) paid include a property transfer and property registration but again your lawyer would confirm and if desires arrange to make these payments as part of their services. A good lawyer will charge 2% of the sales price or a flat fee in that range.
Many buyers ask about annual property taxes and here there are none and a national/federal level only these when you buy and capital gains if sold with a profit. There are on the other hand local city assessments, which are based on the type of property, where it is located and frontage leant, street pavement, street lighting, etc. Just as reference, for my home in Suchitoto, which has a 13 meter frontage I pay a whopping $2.01/month, for a house we rent for students in San Salvador which has only a 7 meter frontage I pay just over $11/month, and up until last year when I sold I paid just over $6/month for a 960 square meter lot with no construction, again outside the city but within the San Salvador city limits.
Here the owners of rental and properties for sale have gained confidence and some owners ask for my assistance in looking for potential buyers and renters. Many of the locals do not in the speak English so I have offered to aid in communication of real estate negotiations for the English speaking community, investors those looking business opportunities and those that may be looking for a retirement home or long term rental property in Suchitoto.
Now after more than 10 years helping out in real estate helping both local owners as well as foreign buyers I have sufficient experience and legal contacts to assure that both buyer and seller are safe. Since early 2014, I now offer services for those interested in buying not only in Suchitoto but in other parts of the country as well. In early 2015, I aided two buyers find beachfront properties helping them find places in each of their budgets as well as setting up appointments and providing transportation as well as bilingual interpreting. The final sales always include finding a good bilingual lawyer to write up legal documents and investigate the legality of each property, and make recommendation for financial transactions.
I now charge what is common in El Salvador and paid by sellers a 5% commission on any properties I sell directly and now work with several real estate agents sharing this commission when they are the authorized sellers or when they help me sell properties in my hands. That said I always know fair property values and work with both sellers and buyers so that both parties received what would be considered fair value.
If you are looking to buy property in Suchitoto or perhaps interested in other parts of El Salvador please feel free to contact me, I do provide free of charge, information about values, security, tourism, business, legality for foreign ownership and extensive real estate searches both online and in local classified ads to help you find what exactly what you are looking for.
Homes for sale in and around Suchitoto, El Salvador
Property 1 has been on the market for years but it was just in Oct of 2020 that I became involved in the sale of the property.
Up for sale a large colonial style home in the beautiful and touristic city of Suchitoto. This property is located in barrio Concepcion on the main street, which heads towards the lake. The owners have rented the house to different people and organizations like the Casa de Mestiza cultural project, the hostel/bar/restaurant 2 Gardenias and more recently to the theater/school program of EsArte-Primer Acto. It is located just 1 block from the well-known hotels and Restaurants El Tejado and Casa 1800.
As of a couple of years the owners have had the house on the market, which boasts 10 bedrooms each with their own bathrooms, a large living room, another smaller multiuse living room, one other room/bedroom, a storage room, large and independent for the kitchen, roofed corridors and a huge central patio. Like the majority of large older house in Suchitoto, this property, is constructed principally of adobe blocks with a wood roof structure and red clay terracotta tiles. All basic services are currently connected (water, sewage and electricity).
This house would be perfect for a touristic business like hostel, hotel, Airbnb, B&B, restaurant, etc., as an investment property or as a resident for someone/family looking for a residence of this size. Like the majority of older house in Suchitoto (100-150 years old), it would cost a considerable amount to bring the property back to its original state and beauty.
The property has a total extension of 881 square meters (8729 sq.ft.) and we estimate the constructed portion to be close to 559 square meters (6017 sq.ft.), as it is only the large central patio (12×21 meters) which is not constructed.
The owners are currently asking $250,000 for this property but open to receiving offers in any reasonable amount.