There is the need for quality housing, as the population of the cities in Panama continues to grow. The demand for rental properties is high. In order to benefit from this huge demand, both local and international investors like Adrián José Velasquez Figueroa are buying rental properties, especially in Panama City. Below are 8 tips to finding a rental property in Panama based on Adrian Figueroa Jose Velasquez’s analysis of the market.
The market value of the asset is one of the key factors on adrianjosevelasquezfigueroa.com. It is prudent to look for those properties that are undervalued to ensure that one gets quick returns and small mortgage payment. Employing the services of real estate agents is the easiest way through which one can find such properties.
Choosing the right neighborhood is critical. An investment can be good or bad, depending on where a given property is located. For instance, expensive buildings in low-income neighborhoods will not give good returns. In addition, one should also have a good grasp of the rental laws in the country.
A rental property should have access to public and private services such as schools, social areas, security, private parking and gym. These services are critical and will determine how fast your property gets occupied. Ensure that there is also reliable water and electric supply.
Before purchasing any building, one should visit the property and inspect the quality of construction. Individuals with little experience in the area should enlist the services of a professional to do the inspection. For investors who plan to live far from their rental properties, it is wise to have a professional rental property manager.
An investor like Figueroa should always remember that something big is not always better. With big buildings, it is always difficult to rent the property for an amount proportionate to its size. It is prudent to always do research on the potential income that a property can generate before investing in it.
The costs of public services such as water and electricity can increase rapidly and compromise your income. As an investor like Figueroa, you should always make sure that the tenants are responsible for paying for these services. This means that when their costs increase, you net income from the property is not affected. It will also prevent the tenants from misusing resources.
About Adrián José Velasquez Figueroa
Adrián José Velasquez Figueroa is a Venezuelan-born executive based in Panama City. He is known for his insightful investment strategies and marketing of Panama to investors. Adrián José Velasquez Figueroa holds several positions in Panama companies. He is a treasurer, director and president. He is also a mentor to many young leaders in Panama.