Navigating Real Estate in Panama as an Expat or Retiree – Renting and Buying in the province of Chiriquí: how does it work? – A Complete Guide to Retiring in Panama (Part 3)
The combination of mountain towns, agricultural spaces and coastal regions of the Chiriquí province offers diverse lifestyle options for expats. But how do you decide whether to rent or buy?
With more than 16 years of experience helping expats and retirees, we can help you analyze your options for an optimal decision.
Am I retired, should I buy or rent in Panama?
- Renting: Offers you flexibility, lower upfront costs and no property management hassles. Drawbacks include potential rent increases and less control over your space.
- Buying: Can create long-term security, price appreciation opportunities, and greater customization. The disadvantages include a significant initial investment, especially if you apply for a mortgage loan as a foreigner or national over the age of 50.
Do I have to use a Real Estate Agent in Panama? How Much Does a Real Estate Agent Cost in Panama?
You don’t need one, but you might want to have one because it’s free! Many things can go wrong in the world of property transactions, especially as a retiree or foreigner, which is why people turn to real estate agents. In Panama, the one promoting the property pays the realtor’s fee, and the one looking for a property gets it for free. You save time since a realtor will find properties that are right for you and your budget (according to what you tell your real estate agent), and you save money since you don’t pay ANYTHING if you are the one looking for a property to buy or rent. We always recommend you go with a certified firm with a long history. With Prestige Panama Realty, you choose where to live, we take care of the paperwork! – Text one of our real estate agents, click here.
- In Panama, The buying and selling of properties can be done WITHOUT a real estate agent, it can be from owner to future owner, you will only need a lawyer if you are buying.
- If you are the tenant or the buyer, you pay nothing to the Real Estate agent. Their fees are charged on commission to the seller/lessor.
Renting as a Retiree in Panama:
What are typical rental prices in Chiriquí / Boquete?
Costs vary depending on location, size and amenities. You can find modest homes for less than $350 to $500 a month, while luxurious homes with mountain views can exceed $2,000 a month.
What should I consider when renting a property in Chirquí?
- Location and budget: When contacting your real estate agent (WhatsApp Here) tell him how much you want to pay and where you want to live, so he can schedule a day to visit properties with several options, from which you can choose the one you like the most.
- Lease terms: Clarifies the duration, renewal options and clauses related to breaking the lease. Who is in charge of legal procedures such as drafting a contract? Your real estate agent!
- Utilities and fees: Check what’s included in the rent and what you’ll have to pay separately.
Buying Real Estate as a Retiree in Panama:
What is the process for purchasing real estate in Panama as a foreigner/retiree?
- Location and budget: This part works the same for purchase or rent!
- Do you want to build to your liking or buy a house that already exists? Consider this and communicate it with us, building to your liking gives you freedom of design and selection of spaces, the first step would be to purchase a plot of land, after this we can recommend trusted Architects who can work to make your dreams come true.
- Payment Type: Consider if you need a mortgage loan or can buy CASH (depending on your nationality you may apply for a mortgage, however after age 50 or 60, the interest rates are usually very high.)
- Make an offer: Found a property you like? Price may be negotiable, ask your agent to make an offer for you. Remember that his goal is to sell, so he will do everything possible to get you the property of your dreams!
- Legal phase: Due Diligence + Closing and property registration. Of crucial importance, is a procedure that will not cause you stress since our company takes care of it. To expedite this process, please provide the documents requested.
- Move-in: Day to settle into your new house after receiving the keys!
Attractive properties for Retirees and Expats in Chiriquí:
Are you interested in learning more about this topic? Check out the other parts of our Blog!
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