In the wake of China’s weaker Yuan and soaring real estate prices in neighbouring countries such as Singapore, more and more investors are flocking to Thailand for great real estate deals, says the World Property Journal. Top choices in the country include Koh Samui, Phuket and Chiang Mai along with Pattaya and Bangkok. If you have plans to retire to a picturesque locale or simply want to live in a city that seems so alive, Thailand’s cities have much to offer. Here are a few tips to make searching for the perfect home in paradise easier for you:
Hire a local agent
No one knows Thailand’s real estate market like a local agent. So hire one. If this is your first time buying a home, then you have all the more reasons to get professional help. With the assistance of an expert, filing forms to negotiating better rates and terms can go that much smoother and faster. You have someone to guide you every step of the way which is supremely convenient.
Take your time
Buying a home is a huge financial responsibility and one you need to be certain of before you sign on the dotted line. So don’t rush through the buying process. Be sure this is what you want. Examine the decision from every possible angle. It’s not going to be easy to take this back once you have started down on this path so be sure of your decision.
Go for a rental
If you love the idea of moving to the country in general, then try it out first with a rental. That way, you have no legal ties to bind you in place in case you want to pack up and go live somewhere else
Use an online property listing
Sites like DDProperty offer house listings of different types, sizes and locations. With an online listing portal, checking out available properties—wether for sale or rent—is simple and easy. You can even get a gauge on the average ballpark in areas you’re interested in.
Research on property laws
Know as much as you can about the property laws. That way, you know what rights you’re entitled to. On the other hand, that also means you’re fully aware of the requirements that come with buying a home so you can put that list of requirements together that much faster.
Consider long-term consequences
Living in a tiny house might be good enough for you now. But what about in the future? Can you see yourself living there for years? If you have plans to start a family, buying a studio unit or 1-bedroom bungalow might not be in your best interests. Go for a standard 2 bedroom or 3-bedroom house. That way, if you do need to resell the home in the future, you have more chances of finding a buyer.
Generate a list
Make up a list of all the properties you liked. Then set about narrowing that list down. Compare costs, distance from your office, space, among other things. You can also put together a list of the features you want in your home. Can’t live without a shower? Or want a garden, a balcony, a big kitchen? Put all those down. So when you start shopping around, it’s easier to figure out which ones match your requirements. All you need to do is glance at your list and you’ll have a pretty good idea which ones are a good fit for you.
Home or Land?
You should also consider the pros and cons of buying land where you can have your very own house built or buying a house that’s already been completed. If you have the funds to finance building your own home, then go ahead. If you want to save up, though, going for a home that’s already been completed is still an excellent way to save up on costs while you fulfil your dream of being a home owner, at long last.
Hire a lawyer
There are a lot of documents to be drawn up and signed when you buy a home. A good lawyer can help you keep on top of everything that needs to be drawn up or signed, from a certified copy of the certificate of incorporation to the power of attorney, if needed.
Know the costs
You’ll need to set aside a lot to cover the costs and fees associated with buying property. These include legal costs, payment for your real estate agent’s services, the withholding tax along with the stamp duty and even the registration fee. Familiarise yourself with all the costs, says the Thai Embassy. That way, you’re sure if you have enough to become a home owner or if you need to wait it out for a bit more.
Living in Thailand can be a dream come true. Follow these tips to make sure that dream doesn’t turn into a buyer’s nightmare.