Buying a property in Penonomé is an excellent investment due to its strategic location and economic growth. Here are some tips and tricks to facilitate the buying process.
Know the Real Estate Market
Before purchasing, research the real estate market in Penonomé, focusing on these aspects:
- Location: Penonomé is a rapidly growing city in recent years.
- Available Properties: Options include land, houses, apartments, and farms, depending on your needs for housing, investment, or tourism.
Budget and Financing
- Clarity in Budget: Determine how much money to invest, including additional costs like taxes, notary fees, and attorney fees.
- Financing: If you lack the necessary capital, Panamanian banks offer mortgage options. To obtain a mortgage, you must present stable income, a credit history, and mortgage insurance.
Property Search
- Local Real Estate Agencies: Local agents can simplify the process as they know available properties and can guide you through the paperwork.
- In-Person Visits: Visit properties to assess conditions, area infrastructure, and surroundings.
- Title Verification: Ensure the property has legal title and is free of liens or debts through a real estate attorney.
Buying Process
- Purchase Agreement: Once you choose a property, sign a purchase agreement where both parties commit to completing the transaction within a specified time frame, leaving a deposit as a guarantee.
- Property Inspection: Inspect to avoid surprises after purchase. Check the condition of the building and basic services like water and electricity.
- Hire an Attorney: An attorney will assist in reviewing the contract and other legal aspects.
Signing of Public Deed
Once both parties agree, sign the public deed before a notary; then register the document in the Public Registry to complete the property transfer.
Taxes and Additional Costs
- Transfer Tax and Notary Fees: The buyer pays a 2% tax on the property value. Notary costs vary based on the transaction amount.
- Appraisal: Required if financing through a bank.
- Property Tax: Properties in Panama are subject to property taxes; some may be exempt, such as social interest housing or properties under special regimes.
Useful Tips and Tricks
- Invest Near Developments: Look for properties close to developments or infrastructure projects; these areas tend to increase in value over time.
- Negotiate Price: If the property has been on the market for an extended period.
- Patience and Caution: Don’t rush your decision. Compare options, take your time, and evaluate variables.
- Review Urban Development Plans: Investigate city or regional growth plans to ensure that future public projects won’t affect your property.
Foreigners
- Property Rights for Foreigners: Panama allows foreigners to buy properties without restrictions in most areas, except near borders or national security zones.
- Investor Visa: If your investment exceeds $300,000, you may qualify for an investor visa allowing legal residency in the country.
Conclusion
Buying a property in Penonomé is a decision with significant long-term benefits.
What do you think about this topic? Are you interested in real estate in Penonomé?
If you would like more information about properties in Penonomé, you can schedule your appointment here. We will be happy to assist you.
