‘8’ Questions to Ask When Buying a Property in Thailand! When it comes to buying a property in Thailand, every investor must have to conduct massive research and ask questions to themselves for finding a property on the right location. Sometimes, investors find themselves in the wrong hands of swindlers and illegal sale agreements. This is even more of a risk when buying overseas. When deciding on buying, you must protect yourself from future headaches by covering all our bases. In addition, it is also recommended that never rush into the decision-making process. Buying property in any land can be confusing because there are lots of questions rising in mind about the quality and authenticity of properties.
There are countless projects, a number of developers, and a huge conflict of information about the ground realities. So, how can you make a highly mature and informed decision while purchasing property? Let’s have a look at the following.
‘8’ questions to Ask When Buying a Property in Thailand
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What is the Outline Process of Purchasing Property in Thailand?
Foreigners are able to buy 100 % freehold property in Thailand if it is condominium type property. But, as a foreign investor, land and houses are only available in Thai name and Thai company name. The total floor area of a property is split into two parts., from which the 51
% will come under the actual owner, called Thai name and 49 % foreign name. If 49 % of the foreign quota is available in the building, only then the foreign nationals can buy property in their personal name without any restrictions. A typical deposit requirement is between 20 – 30% for off-plan purchases. So, it is recommended that visit and see the location of the property before purchasing.
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How to Spend Money While Purchasing Property?
While purchasing a property in Thailand, foreign buyers should be careful with the following payment process to register the property successfully. According to Thai law, foreign buyers can transfer their money through the standard international bank from any overseas bank into Thailand using a foreign currency. The land office needs a “Foreign Exchange Certificate” from the receiving bank in Thailand on the day of title deed registration as proof to ensure that the money came from overseas. In addition, giving a small booking fee to maintain a unit is acceptable by cash or credit card in the showroom.
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Is Buying a Property in Thailand Really the Best Option?
Before buying a Thailand property, it is recommended that consider the relative benefits of renting as compared to owning any property. Furthermore, it is also necessary to keep yourself aware of the responsibilities that come with maintaining your property. Think about other properties that might be a better fit. If you have a family, then a standalone home in a more suburban area might be more ideal than a condo in the heart of Thailand. Houses will offer better value for money but foreign nationals will require to commence a company with 51% Thai shareholders. But, owning a condo is a much more attractive way because it is risk-free ownership. It is easier to resell a condo than a house, so there is more flexibility in the opening strategy for the condo.
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How Long Will I Stay in Thailand?
Generally, it is a good idea to purchase a property if you plan to stick around in Thailand for a long while. This applies to both buying a property to live in yourself or to rent out. Managing a property from a distance is difficult for anyone. If you are living in Thailand or working for a company or government entity, then you can purchase a condo or any other property in Thailand. If you are someone who moves from place to place but want to purchase a condo to function as home when you are in Thailand, then you can maintain the property if you have a Thai contact who you trust completely to take care of things while you are gone.
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How Do I Know About Property?
For buying reliable property, it is essential to collect local knowledge, investigation and experience. If you are willing and view properties in Thailand, then, you will see the different projects on offer with your own eyes. Before purchasing a property, do thorough due diligence on all your projects in order to put them to market. There are a number of buildings that offer a 2-year warranty for the interior of your unit and shields all the owners for the future.
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Are You Done Your Due Diligence?
How much time have you spent researching market trends and updates? It is recommended that hire an experienced realtor that is able to forecast the long-term value of the property. Make sure the property has a homeowner’s association and determine their every rule and regulations. If you are not capable of complying fully with the owners, then you may be in for some disputes later on, and potentially even legal action.
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Do You Consider all the Costs?
There are several costs in property ownership outside of the actual price of the units. Insurance is important to shield the property from the disastrous damage caused by fires, flood, or other disasters. In this case, the Sinking fund is necessary funds placed out by the condo homeowners association for major repairs in the condo development. It includes average monthly utility bills like water, internet, electric, and many
more. If the property is already furnished with such things, then you will be able to save a higher cost.
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Is My Deposit on Thailand Property Refundable?
Generally, the deposits are non-refundable but it all depends on the project. In some cases, deposits are practised to keep units in a pre-launch sale before the price is discharged. When the price is discharged on launch day, the buyer has the choice to proceed with lease payment or have his booking fee refunded.
Bottom Line Buying land in Thailand can be a little tricky. But with the presence of knowledge and real market trends, you can hire a reputable agent. These agents will help you in choosing the right property and offer a reliable deal in every step. When using the services of such agents, buyers are guaranteed of a variety to choose from, and the fact that they buy from sellers who have title deeds means they are genuine. Once a buyer gets all the answers to these above-mentioned questions, they can elect a property which is safe and assuring.