Buying a Condo in Panama – A Guide to Help You Make Your Decision

Buying a condo in Panama is a great investment, retirement home, vacation getaway and a wonderful alternative to buying a house.  Prices are still very attractive in the condo market in Panama, especially when compared to housing prices in the same locations.  This makes entry into the real estate market very simple and easy.

Whether it’s a retirement haven or a vacation getaway, the condo route is definitely worth looking into.  Things like low maintenance, parking, recreation areas, social areas, security and the gorgeous locations add to the attractiveness of the condo concept.

In Panama, there are some great options primarily located throughout the beaches areas and in Panama City itself.  Do you want beach front, beach access, resort access, ability for entering a rental pool, ocean view, city view...  proximity to shopping, access, traffic...?  

There are so many exciting oppertunities and especially new projects which are under construction now and already selling quickly.  These projects under construction have excellent buying prices when compared to resales and definitely worth your consideration.  We can certainly take you out to view them to help you make up your mind and see what is available.  

All have their benefits and drawbacks, but all can cater to almost any buyer who is looking for specific amenities that come with or are located in close proximity to the condo project.

Here are some benefits of owning a condo in Panama

**  Low maintenance fees – often less than renting or paying a mortgage

**  Easy financing

**  Wide range of property types, prices, locations, amenities..etc.

**  Excellent way to build equity

**  Appreciation of capital

**  Make interior changes and enhancements to your unit

**  Security to look after the condo when you are absent

**  Outside maintenance is taken care for you

**  Very marketable asset when selling

**  Social aspects and community

Some Disadvantages

**  Sometimes less freedom with condo policies, rules and by-laws

**  You may pay for some amenities that you never use

**  Condo managers /Directors often vary in terms of effectiveness and experience

**  Noise and proximity of neighbours

When buying a condo in Panama, you should definitely do your research and using our skills and hands-on experience, you should be able to cover many, if not all of these questions to make your buying experience a fulfilling and rewarding experience.

Some things to find out

**  Is the unit competitively priced with others on the market?

**  Affordability?

**  What are the amenities offered?

**  Good resale potential?

**  Balconies with a view?  Are they accessible from the ground or adjacent units?

**  Fire protection and alarm systems?

**  What is included in the purchase?

**  Storage?

**  Parking and is it covered and secured?

**  Visitor parking?

**  Quality of construction?

**  Condition of unit(s), building and facilities?

**  Are there rentable units?  Ask this, because if you are looking for a quiet Zen space, you might have to find out if weekend renters come in and out and noise levels.

**  Design/size of the unit fits with your vision and furnishing tastes?

**  Management of property, how is it managed and has there been issues?

**  Restrictions, what are the building rules/regulations?

**  What are the monthly costs?  Fees?

**  Elevators (check space and speed) and stair access?

**  Expansion or development plans for the property?

**  Is the developer reputable, experienced and have successful past projects? 

And of course, the most important question…..
Can you see yourself/your family happy in this unit?