The property value of buildings in Thailand is increasing day by day. The cost of property rose by 20 percent over the last three years in major cities such as Bangkok. This is the reason most foreign investors are interested in investing some money here. If you are one of such investors, you should know some basic tips on how to buy real estate in Thailand mentioned here.
Ø Look for Properties that Interest You
The first thing you need to do when seeking the right Thailand Property is to look for properties that interest you. Visit the websites where you are allowed to view different properties from different angles and know their prices. Once you get an idea of what kind of property you want, you should search for its prices and select a few that meet your budget.
Ø Talk with the Sellers
Have a few meetings with the sellers of the properties you have shortlisted and talk about the potential sale. In these meetings, you need to mention what you expect from the property like price rise in the near future while the seller would mention what it expects from you like what payment schedule you need to follow. These meetings will also have some room for negotiation as the price will be decided by both you and the seller.
Ø Know the Laws
The property laws of Thailand are different from any other nation. So, you need to make the time to read about all the legalities before investing your money. In case the legal jargon is confusing you, you can always hire a lawyer or legal expert to lend you a hand. If you are short on time, you can ask the lawyer to take care of the legal end and just provide you with regular reports.
Ø Learn About Ownership
One of the best ways for a foreigner to own property in Thailand is to sign a lease agreement that lasts for long. You should be smart and apply for a construction permit. It will ensure that you build the house in your name and have a secured long-term lease as well. In case you are buying the property in partnership with another person, like your spouse, you should ensure that a lease is written with the option to reassign it to another person. This option also comes in handy when you plan to sell the property to earn a profit later on.
Ø Do Title Investigation & Make a Deposit
Once you are sure that you want to buy the property, you should do title investigation to ensure that you have the right to access the property and the property abides by all the regulations. Once that is over, you should provide a deposit to reserve a property. Remember, the money deposited can’t be refunded so provide a deposit when you are 100 percent sure.
Ø Review the Contracts
After you have provided the deposit, the seller will usually make contracts in conjunction with your legal expert. Go over each clause of the agreement to ensure that it meets your expectations and isn’t unfair to you.