How to Buy the Right Thailand Property
Investing in real estate in Southeast Asia, particularly in Thailand, has never been this good until now. As one of the fastest growing economies in the region, buying property in Thailand is considered to be a good investment. A lot of people, especially from the Western countries, are also looking into purchasing their own property whether to use as a retirement home or as a hotel to welcome vacationers.
Regardless of your purpose for checking the Thailand property market, here is how you can make sure that you get the right investment:
1. Look for the right property agent to help you
Asking for help from a property expert is always the best way to go, no matter which country you decide to buy property from. They know best how to communicate in the local language and they are also the most knowledgeable in terms of the geography of the area. Asking for their help will help you save valuable time and money and they can also help you choose the right property for your budget range.
2. Go through the proper legal process
You should remember that investing in a property involves taking out a lot of money, possibly your whole retirement savings. Surely, you would not want all this to go down the drain just because you chose to deal with the Thailand property market the illegal way. Make sure to have a lawyer with you always when dealing with legal papers.
3. Figure out the best way to own Thailand property
Foreigners are only allowed to own condominiums under their own names. If your interest is in buying land, you should first get a long term lease of land (not more than 30 years) to do that. Construction permit is also required before a house can be built on the property.
4. Investigate the title
Do not be fooled by very cheap land prices. Make sure that you do a title search first so you can trace who possessed the land first. Doing so will let you know if the property has occurred any interests from mortgage or liens. It may seem like a hassle to undergo but better that you do it first than pay for “hidden costs” later on.
5. Deposit your money
Once you and your lawyer have seen all the papers and are satisfied with everything, you may already make your deposit to show your genuine interest for the process to continue.
6. Review the contract
Once the seller presents the contract to you, review it with your lawyer and check to see if the terms and conditions will not bring you to a disadvantage. Check out the clause for penalty to see what happens if you are late with your payment for your Thailand property. Be sure that the terms are fair for both sides.
Buying property in Thailand need not be intimidating. As long as you have the right people with you and as long as you go through the proper legal process, it should not be long before you finally find your best match from the Thailand property market.