1. Decide and prioritize. Where would you consider you live? Is it an island or a farm, a house in suburbs or an apartment in the middle of the bustling city? Think about it what you really want, don’t think about the profit.
2. Remember that no matter what you chose, it will not be perfect. For example, Panama is a beautiful country, but there are many things that it lacks and there are not as good as they in your own country. Do not expect too much and remember that the grass is always “greener on the other side”.
3. Do not take decision too fast. Even if some guys at the cocktail party under hot tropical sun are telling you that this is your last chance to buy this hot piece of property, do not rush with your decisions. Check the information, think about it, take your time and only then decide.
4. Don’t play cheap and hire a trustworthy company to check the property thoroughly. Yes, you will spend additional money, but it is a small price for a good sleep and guaranteed “clean” property.
5. Before you buy anything anywhere, rent an apartment and spend one or several months nearby. What may look perfect from a first glance, later may unveil its hidden disappointments. With some you may find your peace, but some may turn out unbearable. Besides, a better deal may come along.
6. Trust your feelings. If you sixth sense is telling you not to settle down here or there, don’t do it. It is common that people underestimate what their intuition is telling them, falling for pretty picture, which later may result negatively.
7. Get legal and tax advice. Consult with local experts about the immigration policy, lease or purchase of property, taxes, labor laws, work permits, as well as local customs. The money you will spend on such advice is significantly small comparing to the price you may pay by making a mistake listening to incompetent people and sources.
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If you have any questions about real estate in Panama, please contact us.
