Searching for a property can be both exciting and stressful. Therefore, it is important to have adequate accompaniment. It is important to consider different options to choose the one that is most convenient for each at any given time. This time, we’re interested in talking about a question most people often have when they start looking for an apartment: new or used.

Which option is better?

 

The real estate market in Panama has been growing for some time. That leads to us finding a wide variety of options in the market today. In turn, Panama has become one of the best places in Latin America and the Caribbean to live, so foreigners arrive every year who want to move to this country and develop in it. That’s why the housing options are very spacious, both new and used.

What to consider in a used home?

Property conditions

 

When we choose to buy a used property, we are committing ourselves to its past. That is, with the people who have passed by, the lifestyle they have led and how they have cared for it. Although it is common to find properties used in excellent condition or that can be guided by fixing the problems that the house has, the truth is that a used property may have more marks of its previous life than a new one. Therefore, one thing to consider before going to a used property is the state of it, the arrangements it needs, whether it has structural problems and what investment would be necessary in this case. In addition, it is necessary to assess who is responsible for taking care of each arrangement.

Certainly, when looking at a used apartment, it is important to have the accompaniment of experts. These will help to know the actual state of the property, making a true report of the situation. It is the way to be sure of the needs of each property and what it will need next. For example, it is not the same if the property only needs aesthetic tweaks as if it has structural problems that require large repair works.

Current legal status

 

Another aspect to review on a used property has to do with its legal status. That is, it is important to ensure that the property is free from embargoes or claims from financial institutions. It should also be evaluated if there are people with ongoing processes regarding that home. This can be a very important risk for those who purchase the used apartment, since the investment may be lost.

Benefits of buying used apartments

 

If you are looking for apartments in Panama, going to used properties can be a good alternative. One of its main advantages has to do with price, which is usually cheaper. It is often considered that, if there is not a lot of money, the investment may be better by buying a home to reform than a new one. Another reason that leads many people to lean towards this option has to do with the good relationship between location and price.

If you have enough money to reform the apartment, the fact that it is used will allow it to be adapted to the taste of each person. In addition, used apartments often have the possibility to have them available immediately, waiting only a few days, which usually generates financial relief in those who are leasing. It should also be considered that, if the property is well located, after having reformed it, its price will increase, generating a higher profitability.

You may be interested: Tips to renovate a new apartment

Benefits of new apartments

 

If you are looking for new apartments, you are buying a property that will be fully supported by the agency. One of the main advantages has to do with the known access to a space without a history of misuse or abuse, being all new. In addition, new homes meet new standards of space distribution and decoration, so space is likely to be more comfortable and efficiently organized.

While this depends on each particular case, financial institutions often offer financing with deadlines and fees that are more convenient for new projects than for used projects. This is because they are considered to be safer investments. Also, searching for an apartment has the possibility to purchase it in pre-sale or under construction at a lower price, which also allows to agree with the company specific improvements or distributions at ease.

 

Looking for apartments in Panama? In MLS Acobir you will find the best options on the market, with the fellowship of more than 200 agencies and more than 400 real estate agents available.