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Is It Time To Buy? – Real Estate
Panama real estate has been the subject of a lot of press, both good and bad. If you’ve done any research into the lively market in this country you have probably already encountered some ‘horror stories’ of scams, frauds and other tales of buyers getting burned by unscrupulous or just ignorant sellers. While there is a great deal to be said in favor of buying real estate in Panama, you would be well advised to keep in mind that this is still an emerging market that experiences growing pains once in a while. Some mistakes are just that–mistakes, others are intentional deceptions. What matters is that you, the buyer, educate yourself in every possible way so that you can make intelligent and profitable choices.
The first is that the banks need money. Banks are in trouble, they need money to survive. Not all banks of course. There are many regional banks that avoided this economic crisis we’re in by following sound business practices and lending money to people that could pay it back. The problem is that the responsible banks will still pay for the greed and bad practices of the big major conglomerate bank/finance companies. The way banks make money is by charging interest rates for money they lend. OK, simple enough. This contraction the economy is in has put most of these big banks in the red. The best and easiest way for them to become profitable (and pay back all that money they owe us, the taxpayer) is to make more money, and they do this by raising interest rates. Credit companies are already doing it.
What to Look for in a Gas Station for Sale
Location. Traffic & accessibility are the keys here. An ideal situation may be access off of a major highway with little or no competition. A busy street with good access from several directions is also highly desirable.
Convenience Store. A large convenience store will attract traffic. The bigger the better, in fact. Generally, all things being equal – a service station with a large convenience store will attract more customers than a similar one that has a small convenience store.
“Curb Appeal”. What shape is the gas station for sale in? Is it clean? Is it attractive and welcoming or is it run down, dirty and needing of some significant TLC? This is important. A gas station that is clean and welcoming will attract more traffic.
Neighbourhood. If crime is a concern for you (and it should be) some neighbourhoods are more prone to crime than others. Gas businesses can be targets for criminals so choose your location wisely.
Some Issues to Consider
Environmental Issues. Consult with an expert regarding the environmental issues surrounding a gas station business for sale. You may encounter issues such as contamination, tank lining and remediation. If there is an environmental issue to contend with you will want to know before you buy the business. Clean-ups can cost into the thousands of dollars. Investigate if there is any pending or past law suits or actions taken as a result of environmental issues. The new owner of a gas station may be held liable.
The last really bad inflation we had was in the 1970s and 80s. I remember my family paying 17% interest on the home we lived in. Back then it certainly didn’t bother me, that was my Dads problem. Now it will be mine. When the economy becomes inflated the Federal reserve is inclined to raise interest rates to try and tame it. Just as the Feds started to drastically reduced rates around 1999-2000 to stimulate the economy they will easily go the other way to slow it down. Inflation is coming. With all the money the Government and Fed have had to print and borrow in 2009, inflation will surely come around. Inflation happens when there is to much money supply. It reduces demand making money not so important, causing the price of goods and services go up.
Last, understand that the concept of putting funds into escrow is a relatively new concept in Panama Many, many transactions take place here every day that involve nothing more complicated than writing a check for the attorney to hold in his or her personal account pending the closing. If you are not comfortable with that, you may have to bear the cost of setting up an escrow account on your behalf and you should do so if you are in any way ill at ease with the rather casual way funds are sometimes handled in Panama. The vast majority of transactions go smoothly, though, and if you are happy with your relationship with your agent and your attorney, you may wish to skip the expense of setting up an escrow account
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