Existing property vs. new build – it depends on what you want…

When deciding on a real estate investment in Panama, investors are faced with the choice between an existing property or a new build. Both options have their advantages and disadvantages that need to be considered. In this article, we would like to take a closer look at the advantages and disadvantages of both investment options and help you find the ideal property for your Plan B in Panama.

Existing Property

Advantages:

• “Teething troubles” are well known: An existing property already has a history, and any defects or problems may have already been rectified. This means you can be sure that you know exactly what you are getting.
• Fast visa application possible: For investors who want to apply for a residence permit in Panama, an existing property offers certain advantages. Once you are registered in the land registry (this process usually takes 2-3 months with our tried and tested process), you can start the application for the Friendly Nations Visa or the Golden Investor Visa straight away.

Disadvantages:

• Older equipment and technology: Existing properties may have outdated equipment and technology. Depending on the age of the property, additional costs may be incurred for upgrades and repairs.
• Higher maintenance costs: As existing properties are already several years old, maintenance costs can be higher than for new builds.

New building

Advantages:

• New materials and technology: A new-build property offers the advantage of up-to-date materials and modern technology. This can lead to higher energy efficiency and lower operating costs.
• Modern “lifestyle” concept: New builds are often designed with modern amenities and a contemporary living concept to meet the needs of today’s residents.
• Lower maintenance costs: As the building is new, there are usually lower maintenance costs as all materials and systems are still in optimum condition.

Disadvantages:

• Delays, developer risk, etc.: The construction of a property can be associated with delays and risks. Depending on the reliability of the developer and other factors, unforeseen problems may arise.
• Visa application during the construction phase only with Golden Investor Visa: If investors wish to apply for a residence permit during the construction phase, they must consider the Golden Investor Visa, as the Friendly Nations Visa is not possible in these cases.

Conclusion: The choice between an existing property and a new build depends on the individual preferences and needs of the investor. Existing properties offer the advantage of known “teething troubles” and a potentially faster visa application process, while new builds offer modern materials and technology as well as a contemporary living concept. When choosing the right property in Panama, it is important to weigh up all the pros and cons.

Our company has extensive experience and a professional network of specialists in Panama. We will be happy to assist you in deciding and selecting the right property in Panama. We offer individual advice and a customized all-round service tailored to the needs of our clients.

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FRAPAN-Invest

Klaus Happ’s company “FRAPAN-Invest” advises investors who want to invest in real estate in Panama. Furthermore, Klaus Happ will be happy to advise you personally on the subject of “Plan B in Panama”.

The real estate market in Panama is internationally one of the most interesting for investments. We would like to be your trusted local partner and assist you with the initial purchase. Additionally, we can take care of your real estate in Panama in a sustainable way.

Profitable, safe and beautiful:
Investments in Panama