Читать книгу Cashing In On a Second Home in Central America: How to Buy, Rent and Profit in the World's Bargain Zone - Tom Hammond Kelly - Страница 24

So, you’ve decided to buy a second home in Panama, either for investment, retirement or vacation reasons, and you want to get in on the boom. What do you need to know?

Panama has a surprisingly sophisticated real estate market. Salespersons must be licensed to sell real estate in Panama, and the country has approximately 1,000 licensees. When working with Panamanian agents, first confirm that they are members of the local real estate association, or ACOBIR (www.acobir.com). Members of ACOBIR are some of the best in the country; they utilize a Multiple Listing Service and must adhere to a code of ethics similar to the code honored by the National Association of Realtors. ACOBIR also participates in the International Consortium of Real Estate Associations (ICREA), where all properties are also listed. A U.S.-based broker should be able to locate a reputable broker in Panama. It’s always advisable to work with agents who hold the Certified International Property Specialist (CIPS) designation (see appendix). These professionals are fully trained and have the knowledge and expertise needed to guide you through the transaction.

Some differences and other tips in buying real estate in Panama:

•Appliances are traditionally not included. These are negotiated separately and understand that you will pay extra for these. This must be factored into the home price. Appliances can be purchased at rates similar to those in the United States.

•The rental market tends to be weak in Panama due to high home ownership levels. Do not buy property in Panama with the expectation that you will make a decent rental income—yet.

•Financing is widely available for local and international clients. There are more than 70 banks operating in Panama, and most offer long-term mortgages. For foreigners, the usual terms call for a down payment of 30 percent, sometimes less, with mortgage terms of 30 years. Interest rates vary from bank to bank, yet Panama will come closer to equaling U.S. rates than any country in Central America— another benefit of the long-time American presence.

Lenders will require a full application form, a copy of your passport, a letter of reference from your bank, an income statement or job letter with proof of income, the last three years of your personal tax return statements, and fire and life insurance (also known as mortgage-life insurance) for 100 percent of the mortgage. Shop around for the best mortgage. While financing in Panama is readily available to foreigners, the process can be different.

•Several companies offer travel to Panama at deeply discounted rates. And, if you purchase a property, you are rebated a percentage of the trip. This is a low-risk way of fully exploring the country and looking at the variety of real estate available. The pressure level is low and not what you would find on a timeshare presentation trip. One firm offering the service is Prima Panama, Panama’s premier real estate and travel company. This company sells special “passports” that entitle you to “2-for-1” hotel deals, rental cars and other discounts. A VIP service at the airport makes you feel comfortable upon arrival and a 24-hour hotline ensures that English-speaking help is close at hand. This is an outstanding way to explore Panama’s real estate opportunities. (Visit www.primapanama.com. Realtors can enroll in a special program via www.primapanamaprogram.com).