Posted by Maria Arias on July 18, 2017 | Real Estate Advices | 0

From Renter to a Homeowner

Have you thought what is better?  Pay rent every month or if you should become a homeowner. In this article we will tell you how becoming a homeowner can help you in the long-run, instead of paying a landlord or leasing office rent every month. And we know that purchasing your first home can be challenging.

Important Factors to consider 

Determine if you are able to afford such a big purchase and be sure to think long-term. By thinking long-term, contemplate what location you can see yourself living in for a while. Factor in distances to work, schools or any other route you will be taking often.

Don't go Big

Starting with a single house or smaller multiple-dwelling unit is a good idea. Single-family residences are the easiest properties to buy when you're looking for investment property. Condominiums usually require a larger down payment and monthly association fees. Is recommended to choose an initial property without high-maintenance features such as elaborate landscaping.

Invest in somewhere you know

The location is the successful business. Buying in neighborhoods you know well or have carefully researched is smart move. A home that seems to be a steal might be priced lower because it's in a neighborhood most people wouldn't want to live in — for example, with higher crime or poor schools. Read our article to know the best neighborhoods in Panama. 

Consult Professionals

If you decide to manage your property, you'll probably want to consult a real estate lawyer to get a solid lease and learn the rights of tenants. It's important to get references and check properties when choosing a management company.

Buying a property in Panama