Tips for Buying Propery in Boquete, Panama

By margieotl

Popular Areas in Boquete, Panama for Expats

Boquete has many different areas and each are popular for different reasons with different kinds of people. Some people prefer a gated community while others want to avoid that type of thing.

Searching for a Property in Boquete, Panama

I would recommend using a reputable agent! Highly recommend Lauretta Bonfiglio with Boquete Land and Realty and also affiliated with Casa Solution. Highly knowledgeable.

What Your Budget Will Buy You in Boquete, Panama

Becoming difficult to find anything (including small apartment or condo) for $100,000 or under. Small homes under $200,000 are becoming scarce. Homes are either Panamanian (often more rustic) or American standards. Many large houses on the market $500,000 and up. Too many people have come and built large homes and for the most part that isn't what people are looking for now.

Before You Buy a Property in Boquete, Panama

Use only a well known reputable realtor and have an attorney. If you hire professionals listen to their advice. We bought prior to moving here 2 1/2 years ago, and we bought sight unseen as it was an unusual opportunity. The process went smoothly, no issues. We couldn't be happier with our property and in retrospect we really got a great deal on a great property.

Legal Assistance

Lauretta Bonfiglio - Realtor - http://boquetlandandrealty.com. Felipe Rivero - Rivero Gonzalez Law Firm (Panama City & Boquete) - http://www.rivegolaw.com/

Costs Involved in Buying a Property

Our property is property tax exempt for a number of years still. There are sales taxes paid (I believe) by the buyer. There is no escrow, we wired cash directly to the seller.

Foreign Property Ownership

No.

5 Best Places to Buy Real Estate in Boquete, Panama

I am only familiar with Boquete. In my opinion I would only buy close to town. Some of the further out gated communities have a hard time on re-sales.

Steps in Buying Property in Boquete, Panama

For us it was relatively simple. Make an offer, go into contract (very simple contract compared to California!). Have inspections (if desired, many houses here are simpler than in the US, ie: no heating or air conditioning, concrete block construction, no sheet rock, so little in the walls, no insulation). Let your lawyer do his job (ensuring title, etc), close on the property. Have lawyer complete all paperwork regarding title, corporation papers (if home is owned in a corporation, very common practice in Panama). Enjoy your new expat life!