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.
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.