Buying your first property is one of the most important steps in your life. So you do not pay to learn, avoid these 7 mistakes:
1. Not calculating the real budget
The property price is just the beginning: consider closing costs, taxes, insurance, maintenance and moving expenses. Rule of thumb: your payment should not exceed 30% of your income.
2. Not checking your credit history
Banks check your score before approving the mortgage. Review your history at least 6 months before applying and fix errors in time.
3. Skipping the inspection
Never buy without a professional inspection. Leaks, electrical or structural problems can cost you thousands later.
4. Ignoring maintenance fees
In buildings with amenities, HOA fees can be high. Always ask for the exact amount.
5. Not verifying the legal documents
Before signing, confirm the property is free of liens and the seller has the title in order.
6. Falling for love at first sight
Visit several properties, compare and sleep on the decision. Emotion clouds judgment.
7. Not negotiating
In Panama the price is negotiable. Research similar properties in the area and make an informed offer.
