Absolutely... The wise decision is to rent a simple apartment in the city, or a small house in the country, until you feel totally sure that you would like to move, and to what area. And make several trips.
The best way could be to start in a good but not the highest price hotel, in a central neighborhood, in which you can move around without a car, like el Cangrejo, which has the most variety of hotels in the area. For example, the Milan Hotel has a very competitive price, is very picturesque, has a little restaurant with good food, and is in the middle of stores and other hotels, in case you want to change later on. Close by there are lots of centers and cafes in which expats like to get together, and you can talk to them, and get ideas. This way, based on your best interest, you make your choice.
Also, do your homework before you live home, and bring it with you, like house or apartment prices, different areas, etc., etc. Ask lots of questions. Write to the Tourism Bureau at the Panama Embassy in Washington to send you brochures and more information. And when you feel absolutely sure, make the step.