 What’s important for Panamanians, when buying or renting real estate?Many persons can’t afford the cost that implies the purchase of a home or they prefer to wait and keep on saving.
On this matter there are few general rules and all kind of opinions. When the time to choose a home comes, some important dilemmas arise: Should I buy in the city limit or outside city limits?
Penthouse with balcony? Or a house with a nice garden? Do I like this neighborhood or I rather live in that other?
There are so many variables to be observed! The most important one as we said earlier is if is more convenient to rent or buy. Both options have their advantages that’s why is important to analyze your priorities and study what’s best for you.
Renting have some advantages:
Regarding the Renting option you can have access to a great house without having to worry about a strong down payment. The best locations, and the best facilities and more square meters. Renting is much simpler. There is almost no paper work, no need to request a mortgage and no property registration.
In other words it requires less commitment from you; If any damage or expense occurs beyond our responsibility (pipes, water leaks, new elevators installation etc) the landlord will handle them.
Renting haves disadvantages also:
Renting gives certain grade of insecurity ,regarding permanency. You will never know if the owner will need the place for newly wed son or daughter ; along with the community rules and regulations you will need to observe the ones of the landlord.(for example having pets in the house)
If you live the house before the contract expires you will be penalized.
Buying advantages:
Everybody wants to be the owner of his home, it gives tranquility and stability. You will be able to make all the improvements you want, knowing that it will add value to your property.
Buying real estate also has some disadvantages:
It implies a strong down payment and you will need to add some other expenses as the mortgage payment, and a lot of paperwork.
If any damage or expense occurs you as the owner will have to cover it.
What is really clear; is that every case need to be studied and a decision needs to be taken considering your budget
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