The real estate sector in Panama is something that has not stopped growing over the last few years. Its stable economy and constant development make the country one of the best alternatives to invest in the sector and look for properties. That’s why we want to tell you about everything you need to know to access properties in the country.
How to buy a property in Panama?
Buying an apartment or a home can be a complex process, as there are many things to keep in mind. In addition, it is a very important and decisive decision. Therefore, one of the keys is to have a plan that allows you to make a smart decision and access the most appropriate property.
What you need to know about acquiring property
Here are some things to keep in mind when searching for properties in Panama:
- Investing in real estate in the country has one of the highest transaction rates.
- Panama’s real estate market has long been growing with real estate projects and opportunities for all tastes and needs.
- The country offers important options for foreigners who want to live in it.
- There are significant financing opportunities to access the right property.
Requirements to buy properties
Requirements may vary on a case-by-case basis. However, in general, these are the requirements that a private sector employee must meet to purchase property in Panama:
- A letter of work
- The CSS tab
- A card
- Proof of payment
- Job stay
As far as the public sector is concerned, workers should have:
- Work letter
- Staying in employment
What to do before buying a home?
If you are looking for properties in Panama, there are certain things to do. The most important are:
- Having a clean credit
- Spending time searching
- Find a real estate agent
- Acquire the necessary documentation
Having a clean credit
Before proceeding with the search for financing for the acquisition of a property, it is important to know about the conditions from which it is part. In this sense, it is important to ensure that there are no unpaid financial commitments or debts that can complicate the process.
Going to a lender is a great opportunity. It will not only advise on the different financing options, but will also allocate the credit based on each person’s actual income, taking into account their ability to pay. You are also a person who will provide valuable information about risky behaviors.
Spending time searching
Searching for a home is something that takes time. It is essential not to be won by the anxiety of concluding everything quickly, since this can be counterproductive. It is recommended to spend time analyzing the market, geographical areas, its opportunities and thus finding the most suitable property.
Find a real estate agent
The real estate agent is a fundamental part of this process. He is the person who will know well the different areas and characteristics of the real estate market in Panama. In addition, it is the one who will have knowledge regarding different real estate projects, their opportunities and who has training to accompany the whole process and carry out the best negotiations. At MLS Acobir we have more than 400 highly qualified real estate agents who will accompany you throughout the process so you can access the best property for you.
Having the necessary documentation
Finally, to carry out the process in the best way, you must have all the documentation. In this sense, the real estate agent will also help to know what information is needed and how to acquire it so that the transaction is carried out properly and neatly.
You may want to read: Why do MLS Acobir real estate agents make a difference in Panama?
Frequent mistakes when buying property
If you’re looking for apartments in Panama or homes, anxiety often plays a bad trick. Therefore, we will talk about the most common errors in this process and that should be avoided.
Not being part of the decision
For many people, finding a new home is a really stressful thing that can lead to discomfort. But we have to think it’s the place where we’re going to live or invest. That’s why it’s very important to be part of the decision. In addition to the knowledge of the real estate agent, the criterion itself must be added to find the right place and avoid further regrets.
Not going to pre-qualification
Being pre-qualified is a very important thing, since it is what gives a general idea of how much can be borrowed in a financial institution. It is a prior approval that means that a lender has verified the person’s information and has agreed to provide a certain amount of money.
Buying homes at a very high price
Another common mistake has to do with buying homes that cost 50% more than neighboring houses. Many people, when they have the ability to access the money, may be tempted to buy the most expensive house on the block or the most expensive apartment in the building. However, we must keep in mind that the prices around it can weaken the price of the property, reducing the chances of revaluation in the future.