Today, renting apartments in Panama is something that never stops growing. This is due to the conditions that the country offers to live, as well as its infrastructure and its possibilities. However, renting apartments is not always an easy thing to do. Next, we’ll give you some tips so you can navigate this search in the best way and achieve your goals.
Researching the real estate market
Many times, when you are going to rent apartments, the most expected time is to attend to visit the homes. Most people like that stage, where they can effectively know their possibilities and project the possibilities in different places. However, some processes need to be carried out earlier to obtain the best results. The first thing to do is to investigate. Investigate both the conditions of the country in terms of apartment rental, as well as that it can be paid. In this case, we are not only talking about monthly payments, but also about cases where a month’s notice is requested.
Once all the information regarding economic capacity is available, the area should be investigated. In this sense, it is recommended to do an investigation of the characteristics of the different areas of Panama to see which ones best suit the lifestyle to be carried and the specific needs of each person at each particular time. This also leads to researching the apartments available in those areas. The best way to do this is through professional real estate agents in Panama who can accompany and advise, having an extensive database of rental properties.
Know all the costs and conditions of renting apartments in Panama
Following the above, real estate agents are the ones who advise and help make the best decisions. They are also those who know the costs in terms of taxes and those that refer to the documentation to access the houses. It is important to go to these professionals to be able to know any cost that may not be so obvious, to do well the calculations when looking for an apartment rental in Panama.
In addition to the costs, it is very important to review the obligations that correspond to both the landlord and the future tenant. This includes everything from the preservation of the property to the contract renewal processes and who is responsible for paying for what services. All of this should be queried so that there is a trust-generating record in the tenant.
Responsibilities and maintenance
One thing that needs to be specified from the outset is responsibilities. Who is the person who should take care of maintenance activities? In this sense, it is very important to review the apartments well before proceeding to the signing of the contract, in case the property is deemed to require any maintenance before moving in. If this is considered, it must be requested by the owner. It can also be requested that it be written in the contract that the necessary maintenance will be carried out and who will be in charge of the payment of them.
Ask for renewal costs
When it comes to renewing apartment or property rental contracts in Panama, different situations can occur. Sometimes the renewal is done automatically. In other cases, there are specific costs for contract renewal. It is important to check all this before signing the contract, to avoid surprises after the initial rental time has elapsed.
Check for a termination clause
It is important that tenants can understand that the clause can be activated by both the tenant and the landlord. The standard notification time is one month for both parties. However, these times may vary depending on the negotiation of each particular case. The most important thing is to ask about it and be able to place the information related to the subject in the contract of the rental of apartments in Panama so that both parties can have it in writing.
Talking about services
Another aspect that should be discussed before the signing of the apartment rental agreement in Panama is what public services are concerned. These include light, water, and gas. In some cases, the services are in the name of the owners and it is the tenant who pays the monthly payments. In other cases, the owner cancels the services and tenants must reconnect. It is important to consult in this regard, since this activity may involve an additional cost, depending on the processing.
Ask about the apartment rent security deposit
What is commonly referred to as a security deposit is a sum of money that is usually equivalent to one month’s rent. This is given as collateral for the landlord. It should be noted that it is a deposit that is not considered as rent and is also not considered as payment of the last installment of the contract. It is an additional payment that the tenant makes and that the landlord must return after the contract ends, after a prior inspection of the property. In case of damages for the use of the property, the money of this is discounted from the security deposit.
Looking for apartments for rent in Panama? At MLS Acobir you can find real estate agents with extensive knowledge and experience to access the best properties for rent.