Browsing the archives for the Panama tag.

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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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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