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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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