I know that a lot of you who read this blog are dreaming . . . of retiring, of “escaping”, of finding your own nirvana be it in Panama or some other exotic part of the world. And the past few weeks have been devastating! And you feel like your dreams are going down the drain along with the markets, your investments, your 401Ks, retirement funds, yada yada. And so you may be tempted to give up on the dream: don’t!
Panama, and even Boquete, doesn’t have to be expensive!
Yes, there are houses in Valle Escondido for sale for $1M and $2M. My house in Valle Escondido is for sale for $400K. There are villas and condos for less. But not everyone has to or wants to live in Valle Escondido or in the “downsized” yet huge retirement mansion. There are lots of other alternatives. There is a wide variety of housing opportunities available in Panama and also Boquete.
Yesterday while waiting at the dentist’s office in David (45 minutes away and our nearest “big” (well, for Chiriqui!) city, I was talking with a gal who retired here from the Central Coast of California. She’s renting out her home in Morro Bay and renting in Chiriqui. She’s thrilled with her cute, little three bedroom house she rents in one of the little towns between Boquete and David. She pays $250 a month rent!
I know of another couple who purchased a run down, tiny Panamanian home near the fairgrounds backing up to the river. It was about 600 sq ft on a narrow lot but with gorgeous river frontage, which of course can be a plus or a minus. They got a friend of ours, Brad Abijian who helped us design our house, to help them. They had an impossible $20,000 budget to remodel and expand this run down . . . really shack of a house. It’s just the two of them and they wanted something cozy but comfortable and weren’t looking for anything grandiose. They moved some walls around, pushed the back wall out and opened up the river view with a huge expanse of window opening onto a big deck. I walked through the house when it was under construction and it was surprisingly efficient without feeling cramped. Yesterday I drove by and was amazed at how really nice it is turning out. They will end up with a really nice, new home, about the size of a double wide mobile home, on a lot with river frontage within walking distance of town for under $90,000.
It is amazing what you can do with a little imagination, some paint, a little bamboo (really cheap here), and some plants (again, really cheap). I say that because there’s a place I pass . . . really a shed behind a bunch of commercial buildings . . . that I’ve watched with fascination as it emerges almost like a butterfly. First it was painted. Then bamboo trimmings went up. Then some really interesting exterior lighting. Now some home made concrete planters filled with plants. And with a little imagination you see a shed emerging as a funky home! It doesn’t have to cost a fortune, take years, or wear you down with hassle and frustration.
There are lots of places in Panama yet to be “discovered” by expats where you can be the “first in” and buy in before all the real estate agents arrive and the prices start soaring.
So don’t give up on the dream!
Speaking of plants . . .
With all the hassles of getting our house construction finished, the electricity working, the cabinet doors on, etc., my wife doesn’t understand why I am also taking on the landscaping, trying to get at least part of it done before I leave on the ZUIDERDAM November 8th. Well here’s why: quite apart from the aesthetics, if I get plants in the ground this week, I’ve got 60 days of the rainy season left. I can stick almost anything in the ground and know that it will grow if it has two months of rain. After that, I might as well wait until the next rainy season to plant anything.
And it’s fun! Yesterday I returned with the back of my pick up filled with plants . . . for $30!! Heck, back in California I’d pay $30 for a single plant! So, to give you an idea, here’s part of what we’ve done in the past week outside . . .
Obviously, a work in progress! The grass plugs grow quickly and in a month or so the area will be totally covered with grass. Moving that palm was fun! Three of us managed to dig it up and load it onto my pickup!
Equal time . . .
OK, I’ve been knocking Sarah Palin lately, so . . . well, here she is in her own words . . .
Remember in school when someone who didn’t read the assigned reading is called upon to comment?
2 responses so far ↓
Susan // October 13, 2008 at 11:12 am
I read your blog daily from Arizona. We made our first trip to Panama in June of 2007 already determined to move there. After visiting Panama we were even more determined to move. We placed our home on the market in August 2007 and we’re still waiting for it to sell. We’ve dropped the price over 20% in that time. We visited Panama again this year and we didn’t want to come back to the US. Last week, watching the stock market take a dive, I was very frustrated watching my pension drop it’s value by 14%. I needed encouragement today and luckily the stock market is up.
We are planning on moving to Volcan where our money might go a little further. We didn’t really visit Boquete long enough to get a good feel for it. Since one of my good friends from Arizona may be moving there, we will check it out further before making a decision.
I try to keep up with what’s going on down there on a daily basis. I’ve read a lot of good and bad and we’re still very determined to make it there.
Karen Coppes // June 30, 2009 at 10:49 pm
I’d like to know the names of some dentists in David. We’ve been going to Mexico for dental but since we are considering a trip to Panama and David in particular, maybe we can do just as well there.