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Property Renting in Panama It is no longer a secret that investing in real estate in Panama is a great option. But buying might not be right for everyone. If you are new in Panama or here only for a short duration, it is recommended to look for property on rent. As many people but property in Panama to serve as rentals, the chances of finding the right property are high with savvy searching.
Foreigners need to learn about their rights when renting property in Panama. Two laws deal with Panama property renting: •
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Panama Civil Code 1917: This code oversees private residential property where the rent is more than 150$, commercial and business use properties, educational purposes, and industrial use. Law 93 of 1973: This code of law oversees the urban area residential leases, renting a room in an apartment, sub-leases, and rentals of furnished apartments of the properties where the rent is less than 150%.
Property renting in Panama is different from property renting in other places as it requires a more aggressive approach. Here are six tips for property renting in Panama:
1. Ask referrals: Ask everyone you meet if they know about a rental property in your budget. It is the best way to get the referrals of property for rent this way. It will also help you get referrals for Panamanian real estate agencies that have rentals to manage. Asking everyone will also help you get a feel of the area so that you can decide where you want to rent. 2. Drive around: Rent a car and drive around looking for “Se Aquila” signs. Note down the number and take a picture of the property so that you can remember what the house looks like. It is crucial, as most of the rentals are not listed with the agents or on the Internet. In case you are looking for long-term rental, you can find the best deals and the biggest selection by discovering the non-internet listed listings.
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3. Find a reliable broker: The first step to find a rental property is to find a broker as only a good broker can be the difference between a total nightmare and a smooth rental process. You can check online or ask for references before you choose the broker. Let the broker know what kind of property you have in mind so that they can narrow down the options and find the perfect place for you. If possible, narrow down your search by having some neighborhood in mind. Tell the broker upfront what your ideal budget is and what is the maximum that you can pay for the perfect property. 4. View the property: Visit the property and see if it is what you want. Look for the condition of the property and fittings to ensure that it is worth the money spent. Check the neighborhood and look if it is quiet, is there any construction going on the area, or is there a noisy bar in the vicinity. These things might affect your daily life.
In the end, remember to sign the rental agreement and provide proof of having a bank account or having a job.
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