Buying pre construction property is quite common and even popular in many countries, including Panama. There are many benefits, like to moving into a brand new house. But before buying pre-construction property, there are a few things to pay attention to in order to prevent a disaster:
1. Know the developer
Before you decide on buying or not, you will probably see beautiful renderings of the building: gorgeous kitchen and living room, imagining yourself next to the pool on the rooftop. Don’t fall for that. These things may look real in the renderings, but that doesn’t mean it will look the same in reality.
Do some research about the other projects that developer has done before. You can go online and search for photos of completed projects. Search for reviews from people who have already bought pre-construction property with this developer in the past, and if possible get in touch with one of them and ask them questions regarding the unit they bought. Was it delivered on time? Did they deliver what they were supposed to deliver?
2. The stage of the construction
In Panama, a developer won’t start construction until they have at least 40 percent of the project sold. If a developer is trying to sell his project for a while but only a few units were sold, there is a chance that the developer won’t even start the construction. Best thing to do is to try and get a sense of how many units have been actually sold. In addition, try getting information about the development schedule, so you won’t make plans to sell your house earlier than expected.
3. Be prepared for surprises
Moving into a brand new unit is exciting, but since you are the first person to move in, you need to be prepared that not everything is going to be flawless and you should expect to have deficiencies. You are covered in the guarantee so the developer is responsible to deal with the deficiencies you listed.
4. Get to know the area
Snooping around the area of the location of your new home could save you major problems later. Pay attention to traffic and repeated noise patterns in the area, like parties or buses passing by day and night. Also pay attention to any general issues in neighborhood. The developer isn’t going to just volunteer that information to you and it’s not his responsibility to do so, so it’s better to go and investigate the area yourself.
MLS Acobir, is the most preferred property list in Panama. Please contact us for all of your Panama Relocation and real estate needs.