Thinking of buying property in Thailand? Then don’t spend a single Baht until you read our top tips that will help you secure your perfect Thai property.
Whether you’re looking at purchasing property in Thailand for the first time or you’re an old hand at moving house in the Land of Smiles, it is always a good idea to have a checklist close by so you can make sure that you have everything covered.
Purchasing property in your homeland, let alone in a foreign country, can be a daunting task, yet the process of buying a house or condo in Thailand doesn’t need to be a difficult one, providing you plan accordingly and thoroughly explore all the options that are open to you.
Make sure you know exactly what you are signing up to and are fully aware of the commitment (both financially and personally) that you are about to enter into.
Know your budget
Before you start looking at the prospect of buying property in Thailand make sure you know exactly what you can afford and what you can’t. You may have found your dream property in Phuket or Koh Samui but if you are going to struggle to pay the final installment of the deposit then your dream home could quickly turn into a nightmare.
Thoroughly investigate the market
Although national trends in popular locations within the Thai property market can occur, it is always wise to look closely at prices and trends in the specific area of Thailand where you are looking to buy. For example, just because property prices in Samui are rising, that doesn’t mean that the same is happening in Hua Hin, Phuket or Krabi. Additionally, where properties in Hua Hin might have good re-sale potential, this might not be the case in Chiang Mai.
If you don’t have that much knowledge of the Thai property market, speak to someone who does – which brings us nicely onto our next point…
Seek specialist, reputable advice from an expert
This is especially true if you are a newcomer to buying property in Thailand. Buying direct from a private owner can sometimes result in a great deal for all concerned; that said, if you’re unfamiliar with the Thai property market then buying through a reputable property website or expert can provide the necessary guidance you need and help you avoid any potential pitfalls. Typically, a professional real estate agent in Thailand should be obliged to keep you informed at every stage of the purchase. They should also make an effort to ensure that the deal is completed within an appropriate amount of time and that everything is to your satisfaction.
If you want further information on buying property in Thailand contact the team at ThaiLivingClub.
Location, location, location
Make sure you properly research local facilities and transport links. Other facilities and amenities you may be in need of will vary depending on your own requirements. Close proximity to basic facilities such as supermarkets, restaurants and shops are also important. For families moving to Thailand, consider what the local schools are like, are there international schools in the area? What are the local healthcare facilities like?
It is also worth remembering that just because you visit Pattaya, Hua Hin or any other destination once a year on holiday, that doesn’t necessarily mean that the same place will be suitable for you to live there long term. To get a better idea of what it is like to live in a particular place, speak to the local expats, research online and keep up to date with us to get a better understanding of what a particular location is like all year round.
It surely goes without saying that once you’ve found a property that you like the look of, you should arrange to go and view it in person. Not only will this enable you to make sure that the property is as described in its listing but it will also help you get a feel of the surrounding area and neighborhood, which could potentially be your new home.
Never enter into or sign a contract that you do not understand. Always read the small print and certainly never sign a contract that is written in a foreign language! Before you sign on the dotted line, always make sure that two versions of the contract are provided e.g – English and Thai. Ask your solicitor to confirm and verify both versions and where needed, seek the help and advice of an authorized or independent professional translator.
Also make sure that you are clear on key points of the contract such as the deposit amount and payment schedule. Is the deposit refundable? Be sure that you know exactly what you are getting for your money. What is included in the price and what isn’t? Are there likely to be any extra charges? When is the completion date?
Plan for extra additions to your budget
Finally, don’t forget to budget for those unavoidable extras such as insurance, furnishings, fixtures and fittings. Make sure you set aside money for tax and legal fees too. It could be the case that your property is already furnished but you have ideas about extending or renovating it, maybe you want to add a swimming pool. Whatever your plan, always budget accordingly.