Renting an apartment in Panama is an exciting endeavor. The beautiful country is bordered by Costa Rica, the Caribbean, Colombia as well as the beautiful Pacific. Panama City, for example, is a favorite place that has more than 3 million people. People move to Panama for various reasons. It’s a great place to refresh and to retire.
What are some tips one should follow when renting an apartment in Panama?
1. Do You Want To Rent Or Would You Rather Own?
Before you decide to pay rent, you should determine if renting is something you wish to do. The benefit of renting is that as a tenant you pay money every month to one company, and they handle the upkeep of your property. Or, would it serve you better to own a condo or a single-family home? There is no investing when you rent. However, with a condo or a home, you are making an investment that can grow over time.
2. What Is The Neighborhood Like?
As with all locations, there are good areas and not so good areas. Before you rent and sign a yearly contract, make sure the neighborhood where the apartment building or complex is safe and clean. If you instincts tell you that you are in an unsafe place, don’t rent in that location. Trust your instincts.
3. What Are The Schools Like?
Many people who move to Panama are retirees or people who do not have children at home. However, if you have kids, how will you handle their education. Also, can you afford the education? For example, there are private schools in Panama that are good but pricey.
4. Are Utilities Included?
If the cost of your rent includes utilities, such as gas, water, and electricity, that could help you determine if the amount of the rent is for you. Rent that doesn’t include utilities is more money that you will need to pay for the apartment.
5. What Is The Laundry Situation?
If you own a home, for example, chances are you also own a washer and dryer. The same can’t be said for apartment renters. What is the laundry situation? Are there washers and dryers located in a designated part of the apartment building? If not, how close is the nearest laundromat? Laundry is an important consideration because our daily lives include the clothes we wear.
6. Study The Lease
Some companies that rent to tenants allow tenants to rent by the month. However, many leases are for every six months, and many more are one-year leases. How does the rent structure fit with your budget? How long do you plan to stay in the apartment?
Renting in Panama can be a pain-free endeavor if we don’t rush into it and if we follow some critical steps. As living in Panama grows in popularity, more and more people will be renting apartments or buying condos and homes to take advantage of all that Panama has to offer.