Are you having difficulties purchasing a rental property in Panama? Well, we got you covered. Buying a property for rental purposes in Panama is one of the active investments that should be considered by entrepreneurs since it provides both long and short term benefits. According to Adrián José Velasquez Figueroa, this process can be daunting, time consuming and challenging if you do not seek assistance from property management or services of firm’s income. Getting information about Panama real estate and market rents is important because this enables you avoid common mistakes when purchasing a rental property. The following tips from Adrián José Velasquez Figueroa are essential in assisting you find a perfect property that will guarantee maximum investment income and make you a successful real estate investor.
Familiarize with Panama Rental Laws and Market Value
It is highly recommended that you understand all the relevant rules related to Panama rental property and this can be done by reading articles such as ‘Law Rentals in Panama’. Additionally, buying a rental property at a price below the market values will enable you earn a profit says Adrián José Velasquez Figueroa. It will also assist you withstand fluctuations so that if property values shift downwards, you are able to continue charging clients enough rent to cover for mortgage costs and in the long term when selling the property, receive profits. Consulting a broker on Twitter and conducting you own market research to familiarize with the costs is beneficial since this will give you a good starting point and direction.
Consider the Location, Quality and Size of the Property
Panama City has a real estate market consisting of high income, medium condominium as well as rental properties situated in mountains, islands and beaches. As an investor like Adrián José Velasquez Figueroa, you should decide on location that is convenient for you. It is also important to inspect the quality of materials used for the construction of the rental property you are considering to buy. This will enable you avoid cases of incurring unexpected costs. Some people tend to think that big is always better. However, this is not always the case, as an investor you should consider a property that can be charged a cost proportionate to its size. Other factors that should be considered include public service, management of the rental property and services provided with then rental property.
About Adrián José Velasquez Figueroa
Adrián José Velasquez Figueroa is one of the successful and prominent entrepreneurs in Venezuela. He has played a critical role in assisting businesses grow, improve economic conditions as well mentor young leaders. Apart from being an entrepreneur, Adrián José Velasquez Figueroa also serves in different positions including director. Treasurer and chief executive officer of five successful firms in Panama.