Most of us opt for renting apartments in some point of our lives. Although it is often for short term and not for long term, there are several factors that can make or break the experience of renting a property.
Tenants face a myriad potential dangers when it comes to renting apartments, just as prospective buyers when looking to buy. It is important to review these elements thoroughly and make clear who bears what responsibilities.
A contract is legal responsibility, and even if the property owner can make certain concessions beyond what is in the contract, they can also use it to make the law rigidly enforced. So make sure you’re satisfied with the terms and clauses of the contract and not only the apartment, its appearance and price.
In the last quarter of the year, specifically in December, the number of people opting for a Panama City apartment rental is quite high. For example, many expatriates come to our country because of the relocation of their businesses, and need a place to live. That’s one of the main reasons when looking for apartments for rent in Panama City.
In our article today, we tell you what are the best areas to live in Panama. Depending of the area, the price of the buildings varies: Some are more expensive than others and you can start to see what area suits your needs in a better way.
Apartments for rent in Panama City – Gogetit Tips
Here are some tips to follow to ensure a happy stay in the rented property:
1. Research
Before starting the search process, make sure you know how much you can really afford. It’s not just a case of monthly payments. You can expect a broker acting on behalf of the owner, ask for a deposit (usually a month’s rent) and a month in advance. Once you know your budgets and real economic capabilities be sure to thoroughly research the area you want to live and apartments for rent availability in the area. A good start is the apartments for rent in Panama section of Gogetit, where brokers and individuals publish for free their properties for sale or rent.
Our handy guide will help you when moving. Choose the most suitable real estate broker, tailored to your needs and your budget.
2. Hidden Costs
The real estate agent working on behalf of the owner, will probably ask banking and legal documentation and references. In some cases this documentation is a cost, not counting the time it takes and trouble to obtain by the bank or any other entity. Be sure to consider how to move your belongings from your current home to the new. Consider storage time in a third place while negotiating the new apartment and signing the new contract.
3. Terms and conditions
Be sure to check the respective obligations of both landlord and the tenant for the maintenance and upkeep of the property. Contract renewal processes, and who pays for what services. Remember to check everything with the broker and save e-mails for future reference. In Panama, for example, the tenant must pay every 4-5 months maintenance of air conditioners. All these things are best to talk and put them in writing.
4. Maintenance of property
Be sure to specify how the responsibilities are shared. If you think that the property needs some maintenance, be sure to request it before signing, or at least ask for it to put them in written in the contract that it will be done and who should cover for it. An alternative is to negotiate less rent until any problem is solved.
It is often forgotten to review kitchen appliances and other devices which are included in the apartment. Also specify in the contract who covers these devices in case of damage or loss.
5. Cost of renewal
Ask if there is a cost for contract renewal or it is done automatically at the end of the first term. Be sure it will not be a surprise after the expiration of the initial term agreed.
6. Utilities and services
Be sure to discuss the contracted public services. Electricity, water, gas. In some cases they are assigned to the owner and the tenant pays the monthly bills. In other cases the owner canceled the service and renters should make the reconnection which is an additional cost depending on the contracted entity.
7. Termination clause
Check if there is a termination clause. It is important to understand that it can be activated by both the lessee and the lessor. You do not want to be in the position when the owner asks you to leave the apartment with a week in advance. A month is the standard notification period for both tenant and landlord, but these times vary by negotiation. The important thing is to put everything in the contract.
8. Security Deposits
It is usually a sum of money equivalent to one month’s rent that is given as security for the landlord. This deposit does not count as income and should not be used or considered as payment of the final monthly payment of the contract. At the end of the lease the landlord must return the security deposit to the tenant after inspection of the property and if there isn’t any damage by the use of the property attributable to the tenant.
9. Insurance
It is unlikely that the owner will pay all content and is usually only his / her belongings. Check what it covers. It should at least cover the building. It is worth finding the answers before signing his contract.
10. Inventory and moving
As part of the contract, there’s an inventory of what it contains. You must review one by one the things listed. The inventory is used at the end of the contract to attribute responsibility for damage to things that must be replaced and who should bear those costs if any. This is one of the points where most disputes are thus generated. Do not overlook to talk openly about this during negotiations and with your landlord to clarify any assumptions. Do not be afraid to take photographs on the walls, rooms, carpets, furniture to put on record the condition that they are delivering the property. Having taken the photographs send them back by e-mail to the broker for future references.
What most people seek in a building in Panama? If you have not taken the decision yet, you can be interested in our analysis based on a recent article where people living in Panama, tells us what more searches and considers important when moving to a building.
If you’re looking for information on apartments for rent in Panama, we invite you to enter in www.gogetit.com.pa.
Creative Director at Latam Digital Marketing – He has worked for more than 5 years for brands like Samsung, Wingo Airlines, Amazon, L’oreal, Reebok among many others for all Latam.
A part after completing an MBA at Macquarie University – Australia, is dedicated to the creation of start ups. After several visits to Silicon Valley and connections established at City Co-founded www.gogetitleads.com.
# 1 Digital Marketing Agency with focus on Real Estate in Latam. Currently works with the largest construction projects from Canada to Chile; Connecting the right buyers with your clients’ projects.