Tips for Floridians buying a second home in Panama
There comes a point in life where it’s simply time to invest. There’s a bit of money saved up and you’re looking at a good way to both acquire more and have a great vacation out of the country. And, if you’re considering Panama, you really can’t go wrong. There are plenty of real estate listings in Panama which you should look at in order to choose the best property. After you’ve got the easy choice of finding the best Florida long distance movers to help you move to Panama. Though, in the process of moving from Florida to Panama and purchasing a property, you really should know the rules of the game, right? Introducing the most important tips for Floridians buying a second home in Panama…
For starters, are you sure that you should be buying a second home in Panama?
This might seem like a silly question at this point. But, it’s best to be certain. Buying property is going to be expensive, no matter the location. And, while the idea of a summer home in the exotic part of the south might seem a good idea, there is a thing called buyer’s regret for a reason. Hence, consider these questions before getting started on the search engine.
What is your second home in Panama going to be for?
This might be an obvious question which will make you scoff. But, don’t dismiss it. Instead, take a paper and sit down, writing all the reasons for the purchase. Think about these things:
• When buying a second home in Panama are you looking for a vacationing place? – In other words, how much time do you spend away from home per year? Do you vacation out of state a lot? Do you spend your winters wishing that your home is in a warmer place? Then, our tips for Floridians buying a second home in Panama have worked in your favor already!
• Are you purchasing property in Panama as an investment? – Do you plan on renting your second home in Panama when you’re away? Have you read the ins and outs of renting in Panama?
• Do you actually need a second property? Consider carefully how much time you will be spending in this other home. If you find that you’ve actually got no time for the property, what’s the point of transferring your things from storage units in Florida to a new ‘storage unit’ in Panama? Think about the costs of owning a second home, as well.
Is Panama the right location for your vacation house?
When you’re planning on purchasing some property, you ought to carefully consider the location. Hence, let’s talk about the perks of Panama for a bit. First of all, it’s a safe country, close to the USA. Also, it uses US dollars as its currency. Sure, you may need to learn some quick Spanish, but, this shouldn’t be too much trouble for a Floridian, right? Panama is also a country with stable economy and democracy. There hasn’t been much unrest there recently. To top it off, it’s a great place for an investment in realty, as it will increase in value in the future years. There are no natural disasters to endanger you and your family. Earthquakes and hurricanes are a rare thing there. If you and your family are nature lovers, Panama might just be the small piece of paradise you’ve been looking for. There are plenty of opportunities for outgoing types, other than the wonderful beach. And, the weather is just perfect all year round. Finally, even if you’re a businessperson looking for a second home to relax in while conducting some online work, this may be the perfect location. Panama has more high speed internet available than the USA!
In our tips for Floridians buying a second home in Panama, there are also some pointers on the actual buy
Buying property is usually pretty straightforward. It’s mostly a process of deciding to purchase, getting a good realtor, finding Panama real estate listings and finally buying. However, there are always little paper things along the way which make your happiness dwindle, right? Well, here are some things you should know about buying a second home in Panama…
Buying a property in Panama for dummies: A step by step guide
As we’ve already mentioned, purchasing realty in Panama is both affordable and legal. Hence, it’s a pretty attractive investment. So, if you’re among the Floridians buying a second home in Panama, here is a step by step guide:
1. Get a good realtor – they should know the market. Since you’re buying property in a foreign country, we would always advise hiring a good broker who is up to date on the different properties in the desired area. They should be able to tell you, honestly, all the pros and cons of different properties.
2. Get a lawyer – they need to know the business. Your lawyer should be familiar with this side of the business and have no trouble gathering all of the necessary documents for your purchase. Let us remind you that, while Spanish is the official language in the country, there is no law against your contract being in English. So, if you don’t want to miss a small print on the bottom, have the papers in a language you’re more comfortable with.
3. Is it clean? – the lawyer should know. If you’ve got a good and honest lawyer they should be able to tell you if your future property is clean for sale or not. If it is, it’s time to get the cash ready.
4. Get your checkbook – it’s time to purchase. If you’re going to buy your second home in Panama, you should be aware that, besides the lawyer, broker and property, there are a few more fees. Be prepared for the property transaction fee (about $1000), public registry title transfer fee ($250-$350), incorporation fee (about $1000) and a 0.5%-1% transaction fee. And in case you’re looking to apply for a loan, it’s not much different than in the USA, so you shouldn’t have too much trouble.