Panama offers a desirable lifestyle and opportunities for investing, working, and living, making it an ideal place for buying real estate. However, buying a home in Panama can be complex, and it’s important to think about key factors to ensure a successful investment and avoid wasting time. Here are some tips and guidelines for ex-pats looking to invest in a home in Panama in 2023 and the upcoming years.
Things to consider
Panama has a healthy and thriving economy that makes property values rise rapidly. However, you can still buy a home for a fraction of its price in the US or Canada. That said, prices can quickly increase if market conditions worsen, so take the time to do your homework before you make any offers.
It also helps to know the area when buying a home in Panama. The country is small, so it should be easy to get information.
Avoid fraud
Con artists and scammers are everywhere, including in Panama. That means you have to be vigilant by doing your research. Check the legitimacy of the seller and the offer, and arrange for a pre-purchase evaluation from a reputable and vetted third party. That way, you can determine if it's worth investing in that home and identify potential issues about the location or seller.
Don’t forget to ask for references and watch out for red flags, such as unusual requests, attempts to make you buy immediately, and suspicious behavior. Don’t hesitate to back out of a deal if it feels off.
Buyers and sellers must agree.
Buying a home in Panama requires both the buyer and seller to agree on the sales price, terms and conditions of the sale, and the down payment. Down payments are typically 10 to 30 percent. As the buyer, determine how to structure the sale, the payment methods, the notary and inscription fees, and the legal and registration expenses.
Verify the property
Make sure the prospective property has a title or can be titled. You can find records of titled properties in the public registry, which you can also access online. Look for a suitable mortgage, and go over Panama’s foreign investor protection laws to know your standard rights of land ownership.
Find a home from a reputable source.
Use a trustworthy real estate platform with legit and verified listings when buying a home in Panama. It can help you narrow down the properties you can purchase by location, price, or type.
About the Author:
Based out of Panama City, Panama Realtor is a duly licensed real estate company in the Republic of Panama. The firm represents properties throughout the ten provinces of the Republic and is committed to deliver a professional real estate experiences to all of its clients.
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