Here are 7 things to keep in mind when buying a property abroad in Thailand
Do you want to buy a property in Thailand, but aren’t sure where to start? Congratulations! This is one of the most valuable investments you can make. The property will be paid off in a few years so there is no need to worry.
However, it is not easy to buy a house overseas. To avoid making a mistake, you need to be cautious. These are the things that you should keep in mind to ensure everything goes smoothly.
Is it possible to buy property online?
You can make this purchase online without even visiting Thailand. This is how it seems. We live in the 21st Century, which means that you can check every document and verify its validity.
Next, schedule a virtual tour. Prepare for the walkthrough. You should take the time to examine every detail on your screen. You should also make a list with questions that you want answered. You should not close the deal. It’s pretty straightforward. To ensure that the transfer is smooth, you will need to arrange with the bank. You will also receive all documents that you need to sign online.
Work with professionals
You can’t buy property online, or travel to Thailand to explore other options. But you need to be able to trust professionals. We recommend that you always select a local company. Why? Why? For example, if you are interested in exploring Koh Saumi, you should contact conradproperties.asia.
Investigate the law
You are technically not allowed to own property here in Thailand under your name. There is an exception to this rule. First, foreigners can own 49% of units under the “Thai Condominium Act” of 1979. You can also lease the land. A villa or apartment can be leased for 30 years. After that, the contract can be renewed two times. This means you can lease the property for 90 years. If your spouse is Thai, you may legally buy it. However, you will need to register it under your spouse’s name.
Make a decision based on what you know
You need to be careful when purchasing any type of property. If you are looking to purchase land overseas, this task is even more important. Focus on what you know and only take in the facts as they come. This is particularly important if your property is still in development. You can look at projects for the future but don’t base your decision on them.
Examine the construction company
This task may sound odd but it is vital. This is especially true for property you wish to purchase in another country or if the property is still being constructed. The reputation of the Thai construction industry is not great. They are known for their ability to cut corners and save money on materials and tools, at least in part.
This is obviously not true for all companies, but it is something you should investigate. This is also a simple task, as you can find all the information online in a very short time.
Consider the location
What does this mean? You will seek out a place that captures your attention. You want an area that offers adventure if you are looking for it, but also some peace and tranquility. All of these are valid points to think about, but it is also important to be practical and plan for the future. What would it take to rent or sell a property?
If you intend to rent the house all year, it is a good idea to choose popular tourist areas as there will always be an interested party for your apartment or villa. You should also research the local market to find out how prices have changed in the past years. You might be able predict the future financial situation.
The cost
You must also consider the total cost of the property and any additional costs. The location is the most important factor that will determine the property’s price. You will need to spend more money if you want to buy a villa in a popular tourist area. In some areas of Thailand, the difference in price between an apartment and a house can be quite similar.
The overall cost of real estate can be very affordable, but you need to establish a budget. It is not enough to save money for the house. Taxes will be due and you may need to spend additional money on renovating or redecorating your new home. You need to set a budget, and stick to it.
Professionals can help you make this happen. Let them know what you want and what price range they can meet. Then, let them help you find the perfect property. You will be able to save time and you won’t fall in love with a villa that you can’t afford.