Adrian Velasquez Jose Figueroa, a prominent entrepreneur in Panama, asserts that any prospective investor should first acquaint themselves with the real estate industry in Panama and market rents in order to steer clear of several mistakes during the acquisition of rental property. By adhering to the following tips, you can be sure of maximizing your real estate investment.
1. Buy under market value
It goes without saying that acquiring a rental property under market value should guarantee a hefty profit on tumblr.com for you especially if you’re using mortgage for financing. You can supplement your market research about property values by using the services of a broker who is familiar with rental property values in Panama.
2. Property Location is key
Where do you want your rental property located? Because of the high demand for rental properties, real estate is expensive in Panama City compared to the rest of the country. Popular neighborhoods for short-term, high-end condos to rent on Twitter that target foreign tourists, migrants, managers and business persons include Punta Patilla, Casco Viejo, Punta Pacifica, El Cangrejo and Avenida Balboa. For long-term rentals, the best locations include Crab, El Dorado, Bella Vista, and sections of San Francisco.
3. Acquaint yourself with the regulations of Panama rental
It is prudent that you acquaint yourself with the pertinent regulations governing rental property in Panama. For additional information, search the article “Laws Rentals in Panama.”
4. Provision of important services
In order to attract and retain quality tenants, you must provide a number of facilities and services akin to or even better compared to other rental properties across Panama City. These include a swimming pool, gymnasium, private or street parking option, round the clock security and social areas.
5. Observe high-quality construction practices
When remodeling a rental property in Panama, work with a developer who has a good reputation and excellent work portfolio on adrianjosevelasquezfigueroa.com. Additionally, employ the services of a registered house inspector to ascertain that your property investment is fit for renting.
6. Rental property management
If you are not planning to live in Panama, it’s better to hire a reputable property management company to manage the rental property investment on your behalf.
7. Bigger doesn’t always equate to better
Consider the market trends in order to determine current property market demands and act accordingly. Rather than focusing on the square footage of the property, focus on the number of rooms, stories, whether it’s furnished or not, and what sort of services are provided that match with the current market demands at http://adrianjosevelasquezfigueroa.webs.com/.
8. Cost of utilities
The cost of monthly utilities like electricity and water will vary based on the usage of each tenant and service provider charges. Therefore, make sure each tenant pays for his or her own utility bills.
About Adrian Jose Velasquez Figueroa
Adrián José Velasquez Figueroa is a renowned businessman and resident of Panama since 2011. He holds an executive position in 5 different companies in Panama. His success in the business sector has seen him give something back to the Panama community, by mentoring the young people of Panama in realizing their potential.