newbie cuple

Obviously, you should read blogs and forums like this to assess what others say, but no one can come close to telling you what you're asking. Some people do not "live" but only "exist" in Panama.  Some are happy living "like a Panamanian", others are miserable and miss their home country. Some have the financial means to bring much of their current lifestyle with them. Others do not. Only you can determine what your needs are and what your sense of tolerance (e.g., for poor, inconsistent service, for trash strewn roads and towns, for poor to dangerous streets and highways, less than stellar reliability of internet and power, etc.) and "adventure" are to make living in Panama worthwhile.  No one can tell you what matters most to you. What you can tolerate can drive someone else batty, and vice versa.

Try staying in places listed on airbnb.  There are lots of people listed there for whatever city you plan to stay in, myself included.  (Before anyone says anything - I DO have a business license to do so and pay the hospitality tax)  This way you can stay with expats or locals and ask questions and get a better feel for it.

Take a look at mcmoller.wordpress.com
This is my wife, Connie's Blog, and if you go back and start with the first one, you will see how we came to the decision to move to Pedasi, Panama this past August 1.
If you have any specific questions, you are welcome to email me.
There are many different areas, temperatures, convenience to shopping factor, expat population, etc.
Your best bet is to explore all the various places, then think about them and then visit your top 3 again, just to be sure. Then rent for 6-12 months, do NOT buy immediately, there are MANY houses for sale and some have been for sale over 2 years by expats that bought and then discovered they did not want to be here. Over 25% of those that move here move back within 2 years, most within a year. Just giving you the unvarnished truth. Most of all do not buy into a "Real Estate Tour" or a 3 day IL program in a hotel. That is not the "Real" Panama, just the one where they want to sell you what they have for sale.
Buena Suerta!

thanx so much for your honest comments...we are just at the start of our quest and your guidance and advice is what we are looking for...we will look at the blogs and other sources as we gather info...thanx again....I wonder how much of my high school Spanish I can retrieve?!!!

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I don't think I can add much to the good advice already given, but we've lived in David for a year. If I can answer questions about our life and this area, let me know or check my blog. http://blog.thepanamaadventure.com/  For us, it's worked out wonderfully and we are very happy. Everyone has to make their own decisions though about what they want and need, and go from there.

I agree, the tours are not going to give you the "real" feeling of living here, and you should rent first if you can find a suitable home.  Make a list of "Must Haves" then visit as much of Panama as you can.  No one can tell you where to live; you have to feel it yourself.  One thing is for sure; you will know it when you find it.
   Keep an open mind, savor the culture and be patient!  Most important; make an effort to learn the language; it makes a huge difference and the Panamanians will love you for the effort.