Panama Real Estate Tips: 4 Things you need to know when building your dream home

Panama, Real Estate

panama-real-estateIf you are planning to build your dream home in Panama, we have listed below some things that you need to do. This is not a step by step guide but a list of must-dos to achieve your goals:

Find the best location

Panama is a perfect setting if you love the love the ocean, warm weather, mountains, and cheap cost of living. While you might struggle to find an affordable beach house in California, Hawaii, or Europe, Panama is a great destination for retirees or those seeking investment properties.

Hire the right professional

Once you have found the ideal location for your property, you need to find a contractor to build it. Do your research and find a contractor that you can get a long with, someone who listens, and offers affordable choices for you. Work well with your contractor and try to stay within your budget. Ask for recommendations and make sure they can build your property on schedule..

Save some money

Plan for the purchase of the land and construction of the property well ahead of time. Save up and organize your funds. Take into consideration the pensions you will receive, the proceeds from selling your old home, among others. Seek the advise of a financial planner so you will be focused on achieving your goals. When the construction starts, make sure you are within budget, stick to the original plan, and minimize any additional cost.

Design your home

A lot of people building their dream homes find fulfillment in designing their own homes. You can research the internet or start with simple drawings. Discuss the details with your contractor to make sure you have the must-haves for your new home in Panama.

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5 Things to consider when moving to Panama

Moving, panama home

Are you planning to move to Panama? Below is a round up of useful tips for you:

Local customs that you need to be aware of

If you need to make a big adjustment to any of the local customs, that might have to do something with how everyone arrives fashionably late when going to an event. A schedule event does not start around 45 minutes to an hour and a half later. There are also family or personal practices that you need to be aware of. Most families have second homes near the beach where they spend their Sundays. Christmas is celebrated on its eve and not every December 25th.

How to meet new friends

Making new friends in Panama is quite easy. The locals are very friendly. You can meet a lot of people at different events, nightlife spots, and on the beach. Panamanians love going out in large groups and frequent the same places. The expats here also attend most events at their embassies. There are also a lot of cultural events sponsored by different groups.

What to bring when moving

In case you are so attached to your bed sheets, then by all means bring them. Excellent quality bed linens are quite hard to find or very expensive in this corner of the globe. This is also true for undergarments. If you love the outdoors, you do not need to bring the heavy camping gears. All you will need will be the hammock and and the mosquito net if you decide to spend the night under the stars.

Finding a home before moving

It will be wise to look for home before moving to Panama. Try to reach out to your employer or friends so you can have a place to stay at that will be comfortable, suit your taste and budget. You can also ask your employer for referrals and connections so you can find a property you can purchase. If you have friends who are moving out of Panama, ask if you can get purchase their place or arrange for it to be rented by you.

Opening a bank account

It can be frustrating to open a bank account if you don’t have a Panamanian ID. It will take weeks and you need to send reference letters from banks back home to establish that you are responsible to manage your accounts.

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Panama real estate: Great investment in a retirement haven

Real Estate

santa_clara_beachPanama might be small in ters of size but it is considered as among the best places where you can spend your retirement. This is mainly attributed to its warm climatee, retiree programs, and picture perfect beaches.

Environment

The country is a small counry that links South and Central America located in between the North Pacific and the Caribbean. Panama City is its capital that boasts of rich history and a balance between an environment of modern skyscapers and rugged mountain ranges. Add to that a thousand castaway islands.

Residency

The government of Panama has also done a lot to attract investors and a mature clientele. If you will be buying a property in Panama, you can also apply for permanent residence after a year of residence visa application. Once approved, you can already enjoy the country’s pensionado program.

Benefits

The pensionado program is among the best in the world. The benefits include 50% discounts for entertainment; 30% for fares on trains, buses, and boats; 25% discount on utility bills; 20% on doctor’s charges; 15% on hospital charges; 15% off on eye and dental services and the list goes on and on.

Shopping

If you love shopping, Panama has some world class stores that sell well-known brands in the U.S. and Europe. It will somehow make you feel at home while adjusting to your new setup. You can find familiar brands of ice creams, pancakes, hams, among other international products. The clothing lines you love are also there so retiree fashionistas will enjoy.

Jobs

If upon retirement, you still want to put your entrepreneurial skills to use, you can do so in Panama. It has a pro-business environment with good infrastructure, affordable work force, and well thought of regulations.

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Panama real estate: Five tips when purchasing a rental property

Real Estate, Rental

panama-rental-propertyIf you are planning to purchase a rental property in Panama, it can be quite challenging. Remember that this is not a passive property. The process can be quite daunting unless you hie a property management specialist to handle everything for you. You need to be familiar with the real estate market in Panama so you can avoid errors when you are looking for a good investment. Here are some practical tips to help you prepare for your big financial move:

Get it below market value

Buy low. That is the name of the game so you can make most of your profit. Getting a property at a low price will give you some space for your mortgage payments. The low price will also serve as your cushion in case the market fluctuates. Research and consult local real estate experts.

Location

You need to know what you want to buy and what will be your purpose. There’s a ton of options from condos in the metro or rental properties on mountains, islands, or along beaches. Panama City is a good place to look at. The rental prices here are high and is aimed at serving the influx of tourists to the country.

Rental laws

You need to familiarize yourself about the rental laws of the country. You need to know your responsibilities as a rental property owner in Panama.

Construction

The building process may vary. You need to ask locals or consult an expert what will be the best move for you. Do you need a property that will be built from the ground up? Do you want to get something that you can fix? You need something that can be used and profitable as soon as possible but you do not want to spend on a property that will cost a fortune to fix.

Management of the rental property

If you are not living in Panama, you need to decide who will manage your property. You need to make sure that regular checks will be made. Make sure how fees will be transmitted. And make sure that any important matter will be relayed to you the soonest possible time.

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Real Estate Tips: Buying properties in Panama

buying property, Real Estate

If you are planning to get a property in Panama, here are some real estate buying tips which may come useful:

No need to hurry

Panama’s real estate scene is a buyers’ market ad there are no bidding wars like what you will see in the United States. Check out as much properties as you can before deciding what you want to purchase. If you are looking for properties on an island or in the rural areas, check the property out during the rainy seasons to know if the area is swamped. You can rent for while to know the area well and see what best suits your needs.

Titled vs ROP

When you have the title to the property, this means that you own the piece of real estate while ROP or Right of Possession gives you right to occupy the land. You really do not own the land with an ROP and you cannot use it as collateral for a loan or tag it as an investment so you will qualify for residency visa.

Squatter claims

Under the laws of Panama, squatters have certain rights so you need to make sure that you can avoid such complications when you purchase a property. Make sure you inspect the property carefully to avoid squatter claims in any part of your prospect property.

Real estate agents

Like in any other country, there are different kinds of real estate agents. You can meet honest and very nice agents but there are also of the opposite kind. Take note though that real estate agents in Panama follow a different kind of rule book if you are from another country. Make sure that you understand every part of the deal you are signing for.

Real estate lawyer

Before signing or closing any contract for a real estate in Panama, make sure you consult a lawyer who can review everything and advice you if you need to be careful about the transaction.

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Best locations in Panama where you can get an investment property

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The laws in Panama are very lenient towards foreigners who want to invest and stay for good in their country. Here are some suggestions on the best areas where you can get a good Panama real estate investment:

Punta Pacifica

Bank account permitting, you can pour in your money to this premium residential area in the heart of Panama City. The constructions are still on going but you can expect the best development which includes a world class hospital, a big shopping mall, private schools, hardware stores and other amenities that you may wish for.

Playa Panama

This beach forms part of the Pacific Coast of Panama. During the past several years, the stretch of beaches along this coast has been experiencing heavy development. Just a few minutes from your possible ocean view property are resorts like Vista Mar, Decameron, Coronado, and Beuneventura.

Gamboa

Gamboa is part of Panama’s reverted areas. It is about twenty minutes from Gatun Lake which was once the biggest man-made lake in the world. If you want some seclusion and privacy, you can make your Panama investment here. It is famous for its jungle and wildlife. It is home to the Gamboa Rain Forest and have several areas designated for bird watching.

A few minutes from Gamboa, you will be able to see the Summit Zoo and Botanical Gardens. Here you will be able to see a pair of harpy eagles, considered as one of the biggest birds of predation in the world. There are also wild cats, monkeys, and giant tapirs.

Cerro Azul

Cerro Azul is just half an hour from the Tocumen International Airport. Given that the weather is good, you can see both the Pacific and Atlantic Oceans from Cerro Azul. The properties being developed are around 2,500 feet or more above the sea level. The weather is excellent and the landscape picturesque.

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Panama real estate for sale – where to start looking?

Panama, Real Estate

First accept the compliments for your exquisite taste of living in style, after all who could possibly pass up a chance like this to get their own piece of paradise? So now that you know where you want to be, that brings us to what would be the deepest desires of your heart.

Trust us, we know what would make you feel like a king, after all don’t you think you are worth it? We do!!

Now comes the hardest part of the job, where to start looking. We have a whole range of treats to feast your eyes on. So what may we offer you? We have cool condos, fantastic farmhouses, attractive apartments, beautiful beachfront real estate and cozy country houses or anything else that is born from your imagination when it comes to living in style. Just let us know and we will do what ever necessary to make sure your dreams become a reality.

So, why don’t you give us a call and tell us what you desire and let us make your life complete by adding the missing pieces to your life and make a masterpiece of it in the Republic of Panama? Don’t waste your time searching for paradise, let it come to you!!

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Moving to Panama – How to Find a Home?

Emigration, Home, Panama, Real Estate

Panama is a good place for US citizens to invest in real estate, have a retired life or to do business. Panama’s Residency Laws, Investment Laws and Real Estate Laws are very friendly towards foreign citizens.

To buy a new house and moving there it is necessary to obtain the services of a good attorney and a reliable estate agent. Houses and plots in Panama City are much cheaper than those in any major US or European city. It is better to visit the place and see for yourself the place you propose to buy. The reliability of the estate agent must be confirmed by independent sources especially when you are not familiar with the place. Remember there are fly-by-night estate agents also. If you can get a good attorney he will take of the inspection of title deed, transfer of money, documentation and registration of transfer of property and all the legal needs.

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Boquete Panama Real Estate

Boquete, Panama, Real Estate

Boquete PanamaWondering where Boquete is? Nice try, it’s the not so small and not so big town in the western highlands of the Republic of Panama where the grandeur and splendor of Panama can be experienced first hand. At a height of about 1,000 meters above sea level, the climate you see here is pretty cooler than the much warmer parts of the country.

The best part, thanks to its natural environment you can live in harmony with nature. Boquete being the natural choice of many retirees from North America not only has a climate that will make you fall in love with the place but it also has a cost of living that is quiet affordable.

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Beach Real Estate in Panama

Beach Property, Panama, Real Estate

Haven’t you wanted to stroll on the beautiful beaches with golden grains of sand watching the sun set by the Caribbean or the Pacific? If you haven’t so far, it’s never too late to start. Why spend a fortune on getting your dream house by the beach in the United States when you can get one on the isthmus connecting North and South America?

Beach Real Estate in Panama

Yes, you can get the house of your dreams which is not only the best real estate investment but you can also retire and spend the best part of your life watching the sunsets every evening in the Republic of Panama where the splendors of Latin America come to life!!

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