Just like buying a house, renting one also has its own advantages and disadvantages. The real estate market in Panama offers an enormous amount of apartments for rent with a variety of options to choose from.
Renting a house can be a great option for people on a low budget, people who don’t want to make a big investment like buying a house and there is no need to take mortgages and owe money to the bank. You just find an apartment that suits your needs and monthly income.
I have already discussed the myths about owning a house. You can find it here and here. If renting is your choice, here are some myths about renting a property.
1. If you buy a house it is yours. If you rent, you have nothing
Buying a house not only comes with a roof above your head. It also comes with a mortgage you have to pay, and until you are done paying it, the house isn’t really yours. It still belongs to the bank. On the other hand, renting a property, means you have a roof above your head, but that roof doesn’t come with a lot of money you have to pay back.
2. Paying mortgage and paying rent is the same thing
Definitely not true. First of all, in order to buy a house, you need to put a down payment which not everyone has. Another thing is, you need to keep in mind that the loan you took from the bank, has to go back to the bank… with interest! Different banks will give you different interest rates, but overall, in the long run, you would pay more money buying a house than renting it.
3. The landlord can access the property whenever he wants to
That is completely not true. As the owner of the property, they have the right to enter the property, but definitely not whenever they want to. If it is an emergency situation, probably yes. But if it is not, they need to let you know in advance and at a reasonable time.
4. Getting out of a lease is difficult
There is a common belief that once you signed the lease, you can’t break it no matter what. first, don’t sign a long term lease if you know you can’t commit to it. However, sometimes things happen that are out of our control and we must break the lease. Just talk to your landlord and explain the situation. You would need to let him know enough time in advance to he can find new tenants, and prepare that you may have to pay a fee for breaking the lease.
MLS Acobir, is the most preferred property list in Panama. If you want to find an apartment for rent in Panama use the MLS Acobir tool.