Thread: Buy or build ?

well we are going to buy a condo in panama city in feb 2009 and move to Panma. We own a ranch near Sevilla in Spain with horses and my girlfriend woul love to have something similar in Panama. My question is :

is it better to buy a farm and fix it up or should we buy big plot of land and build a nice house .

Gracias

Since you are from Spain, you'll be quite comfortable with the culture and language of Panamanians. That gives you the extra freedom... I think you can rather build a farm house rather than buying one...

I don't know about Panama but I can tell you some things in general from my own experience building a house.
1). VERY good, strong contract with the builder. Always use a lawyer and it has to be yours, not the constructor's. Pay close attention to details.
2.) NEVER pay in advance, the minute you do that your construction won't be a priority. We actually did this mistake and the constructor ended up running with the last part of the money, without finishing the house. Big, big mistake.
3.) You are going to be in a country where you don't know the market and prices. If you are going to supply your own construction materials/ team of workers you will need some serious local support from someone you can trust.
The fact you know the language is a big advantage, at least there will be no language barrier. from my point of view, I don't think I would ever do it again but if you are careful and have nerves of steel, building it yourself should always save a lot of money, in any country.

That's some good advice, also you might want to look at this thread for an idea of land value: http://www.panamaforum.com/business-...per-meter.html (The optimal price per meter)

Since you speak Spanish, it will definitely be easier to interact with locals. I suggest you try to find a contractor company online and buy a calling card, and ask for a quick quote. Then do some research on the properties there and see which option seems best.

Good luck.

the traditional panamanian farmhouse has 4 walls, a tin roof and block windows, no substance you can or want to build on...
far better to start all new, fullfill your dreams and build it in the way you like it.
i dont think, that the internet is an option to find the right people to build your house. you only gonna find a very few and veryvery upscale builders- the internet here is like in the 90s back home- so all the small companies are far from having a webpage....
calculate with 200$ the sqm in work, and you are on the safe side. (at least here on the countryside)
contracts are good, control is better!
greets
mick
www.hibiscusgarden.com

Originally Posted by hibiscusgarden

the traditional panamanian farmhouse has 4 walls, a tin roof and block windows, no substance you can or want to build on...
far better to start all new, fullfill your dreams and build it in the way you like it.
i dont think, that the internet is an option to find the right people to build your house. you only gonna find a very few and veryvery upscale builders- the internet here is like in the 90s back home- so all the small companies are far from having a webpage....
calculate with 200$ the sqm in work, and you are on the safe side. (at least here on the countryside)
contracts are good, control is better!
greets
mick
www.hibiscusgarden.com

Your post makes the most sense to me. The Internet in Panama would only be good to get generic information. I visited your web site. You have a very nice place in Lagartero. Once we get to Panama, perhaps we'll come visit and rent a room for a few days....and maybe longer if the pensionado visa provides a real benefit.

I was looking for a general "rule of thumb" (as a starting point) to follow when estimating the cost to build in the country per sqm. So...the cost to build a 250 sqm home would be about $50,000, assuming $200 per sqm.

We've been scouring the maps using Google Earth Pro, estimating distances around and north of Santiago...and then also various locales in Chiriqui. We want to get 1/2 to 1 hectare of land at an elevation beginning at 1,500 feet or approximately 450+ meters above sea level where the air is just a bit cooler. Tentatively, our children will either attend the Oxford School in Santiago...or we'll hire a teacher...depending on our final destination. At least, this is the way things look today.

Anyway...thanks to the original poster...and a big thanks to Hibiscus Garden in Lagartero. Mick, do you serve hefe weissen bier in your restaurant? (smile)

hi woogie!
of course we serve hefeweizen- we are bavarian!!!
and cuidado, the 200 $ per sqm is work only!!!! this includes paint, tiles, finishes.
this is just for you to know what to calculate.
building materials vary in their prices, and the price always depends on the standards you have.
to estimate your whole costs for building its good to count with 500$ the sqm (roofed area), this includes a good roof (no tin), mediumpriced tiles, windows, doors, and paint.
i wouldnt pay more- but as you noticed we are on the countryside, the closer to the city you go, the more expensive it is.
we are building a house with m2 (styrofoam with chickenwire) right now and this is a really recommendable material, especially for the roof! lots better than the concrete blocks.
if you wanna see some fotos of it, check "panamalemanes" on google, you`ll find our blog (in german) with pictures of the new house.
hope to have you as guests soon,
mick

Originally Posted by hibiscusgarden

hi woogie!
of course we serve hefeweizen- we are bavarian!!!
and cuidado, the 200 $ per sqm is work only!!!! this includes paint, tiles, finishes.
this is just for you to know what to calculate.
building materials vary in their prices, and the price always depends on the standards you have.
to estimate your whole costs for building its good to count with 500$ the sqm (roofed area), this includes a good roof (no tin), mediumpriced tiles, windows, doors, and paint.
i wouldnt pay more- but as you noticed we are on the countryside, the closer to the city you go, the more expensive it is.
we are building a house with m2 (styrofoam with chickenwire) right now and this is a really recommendable material, especially for the roof! lots better than the concrete blocks.
if you wanna see some fotos of it, check "panamalemanes" on google, you`ll find our blog (in german) with pictures of the new house.
hope to have you as guests soon,
mick

Thanks Mick...my wife and I looked at every foto at panamalemanes. Absolutely amazing. What a story in just the pictures. I'll bring my camera when I come...you can see some of my photos by googling "bothphoto"
ok...I'm way off topic in this thread...my apologies...

So...to all readers...follow Mick's advice..."Die homys und ihr Leben in Panama" are building their paradise with their hands.

I'm glad I know a bit of German.

Anyway, it seems like building is the way to go but of course it's going to have risks although if you bought something to fix up there's risks there too.

Best of luck and I'll be looking forward to see the pictures you take as I probably won't be able to make the trip as soon as I thought due to financial issues.