Are you thinking about purchasing a property in Thailand? Congratulations! It is by far one of the best investments you will probably ever make. Plus, the property will pay itself in a few years, so you won’t have to worry about it.
Nevertheless, buying a house abroad is never an easy task. You have to be careful during this process and consider several things to ensure you are not making a mistake. Here are some things you need to have in mind to be certain everything will go smoothly.
Can you buy property online?
Yes, you can definitely make this purchase via the Internet without ever actually going to Thailand. We know how this seems, and you probably think one would have to be crazy to go through with this. However, we do live in the 21st century, so you can easily check and ensure that every document is valid.
Next, you can schedule a live virtual tour. Make sure to prepare for this walkthrough. Take your time to inspect every detail that pops up on your screen. In addition, you should also write down a list of questions you need answers to. The last thing for you to do is close the deal. The process is pretty much the same. You have to make arrangements with the bank to ensure the transfer goes without any problems. Also, you will receive all the documents you need to sign and return online, and that’s pretty much it.
Collaborate with professional
It doesn’t matter if you want to buy a property online or spend some time in Thailand and explore different options because you will have to work with professionals. Our advice is to always choose a company from the area you are interested in. Why? Well, it will be very simple for them to find the right property for you, the one that meets all your requirements and is within your price range. For example, if you are interested in exploring Koh Saumi, you should contact conradproperties.asia.
Investigate the law
Furthermore, you are not technically allowed to own property in Thailand in your own name. Still, there is a way around this. First of all, according to the 1979 “Thai Condominium Act,” foreigners are allowed to own 49% of the units. Next, you can choose to lease the land. You can choose to lease an apartment or villa for 30 years, and after this contract expires, you can renew it two times, meaning that you can lease a property for 90 years total. Finally, if you are spouse is Thai, you can legally purchase it, although you will have to register it under the name of your spouse.
Decide based on the facts you have
When purchasing any kind of property, you have to be very careful and investigate several things. This task becomes even more critical if you want to buy land abroad. If you are going through this process, focus solely on the facts you have. This is especially important if the property is still under development. Yes, you can consider projects that are planned for the future, but you shouldn’t make a decision based on them, especially if they are not official yet.
Inspect the construction company
We understand that this task can sound a bit odd, but the truth is that it is crucial. This is especially true if you want to buy property in a foreign land and if it is still under construction. Unfortunately, the Thai construction industry doesn’t have a great reputation. Their professionals, at least some of them, are known for cutting corners and saving money on tools and material.
Obviously, this is not true for every company, but it is still something you want to investigate. In addition, this is a fairly easy task nowadays, considering that you can get all the info online within a short period of time.
Think about the location
What do we mean by this? Obviously, you will look for a place that takes your breath away. An area that can provide you with adventure, if that is what you need, or on the other hand, some peace and quiet. These are all valid things to consider, but you also need to be practical and think about the future. How easy or difficult would it be to sell or rent a property?
As already stated, if you plan on renting the house throughout the year, you should go with popular tourist destinations because there will always be someone interested in your villa or apartment. On the other note, when it comes to selling, you should do some research of the market in that area to see how the prices have moved in recent years. This way, you might be able to predict how the finances will act in the future.
Lastly, you naturally need to think about the overall cost of the property as well as the additional expenses. The main thing that will dictate the price is the location. If you are interested in buy a villa in a popular tourist destination, as we mentioned, you will have to invest more funds. Also, the price difference between a house and an apartment can be pretty similar in some parts of Thailand.
Even though the overall cost can be affordable and that real estate is always the best investment, you still need to set a budget. Save money for the house is not enough. You will also have to pay taxes, and quite possibly, you will have to invest additional funds in renovating and redecorating your new place. Due to all these reasons, you need to have a budget and make sure to stick to it.
Yes, one of the ways to ensure this happens is to work with professionals. Tell them about your requests and the price limit they have to meet, and let them find the best property for you. This way, you will save a lot of time, and also you won’t have an opportunity to fall in love with a villa you cannot afford to buy.