Whether you’re an expat looking to settle down in Panama or you’ve lived there all your life, it’s important to find the right home to fit your needs. The real estate market in Panama is quite affordable by our modern standards, but the market can be competitive in some areas where housing is in high demand. There are plenty of home rentals in Panama for you to choose from, but before you start touring your top picks, consider some of the advice below!
- Establish Budget
One of the biggest concerns for people relocating to Panama is the cost of rentals. Pricing in any locality isn’t negotiable and if you’re not yet employed or your purse strings are tight, it’s important to stick to an established budget. Even if a property seems like the home of your dreams, if you can’t afford it, it’s best to keep looking for a place you can reasonably pay for.
- Check Your Expectations
Home rentals in Panama are going to be different than what you’re used to if you’re an expat. Many people relocating to the country find that their expectations are completely unrealistic for the location, price, and the market. It may be hard to let go of some of the needs and wants on your list, but if you’re serious about finding a home within your budget, you need to know what you can expect for the price you’re willing to pay. A local real estate agent can be an invaluable resource to help you realize the contents of your list.
- Know What Location Has To Offer
Oftentimes, if you’re expecting the perfect location, you will need to go well above your budget to get everything you want. A home rental that’s close to city amenities but also has a great scenic view is going to demand a higher price tag than a home that’s farther away from the night life and shopping opportunities. The location is important if you need to get to work on time and you’re looking to improve your social life.
- Furnished Vs. Unfurnished
There are numerous home rentals that do come with furniture included, but many expats find that the furnishings are often not to their liking or increase the cost of the rental property. If you’re looking to settle down in Panama, it may make more sense to purchase your own furniture and take it with you when you purchase your own property. However, if you’re only relocating for a job or you’re just scoping out the local scene, a fully furnished rental, even if slightly more expensive than an unfurnished one, is indeed a more cost-effective option.
Moving to a new country can be a wonderful experience and it offers you the ability to meet new people. Of course, finding the right real estate rental to meet your expectations can be a bit harder than many people anticipate, so it’s best to start the search with realistic expectations.