There is little doubt that Thailand is one of the most beautiful countries in the world with pristine natural surroundings, fabulous beaches, lush greenery, terrific climate all through the year and a marvelously friendly local population. Truly, Thailand is a tourist haven, ideal for backpackers, just as it is for luxury travelers.
And if your love for Thailand is such that you wish to stay there on a more permanent basis, not just as a frequent tourist, it makes a lot of sense of buy property in Thailand. Buying property in Thailand is as easy as it gets. The Government of Thailand is very business friendly and welcomes foreign investors in Thai property. Most of the property laws in Thailand are very friendly to the foreign buyer.
But before buying property in Thailand, it is important to thoroughly investigate the real estate market here. You should be very clear about where in Thailand you want to buy a property because property prices vary in different regions of the country. Property prices in Pattaya are rising fast, but in Hua Hin and Krabi, they remain largely stagnant. Phuket and Bangkok are the priciest property markets in the country, and a house bought in Chiang Mai has excellent re-sale prospects.
Also, just because you loved a Thai city as a tourist doesn’t mean it’s a great place to live as well. Talk to the local expat community, do your research online and find out how the living conditions are in a particular city before buying property there.
There are certain important things to consider such as the proximity of the property to supermarkets, hospitals, public transport and international schools. If you have kids, you should always look at buying property in an area with an excellent international school.
Before buying property in Thailand, it is very important to be very clear about what you are getting into, and to be perfectly aware of your budget and to stick to it at all cost. You may find a really great deal in Bangkok or Phuket, but if you miss out on your last payment, you end up losing both the property and your money – which is a truly horrible situation to be in. So before buying a property in Thailand, you should be very sure about your capacity to make the full payment.
While signing a contract for the property, it is important that the contract should be available both in English and Thai language. Refuse to sign the contract if it is only available in Thai and demand an English version. Hire a solicitor who has excellent experience in the Thai property market and knows English very well. If required, hire a translator as well, to look into the transaction documents for you and to translate the same word by word.
The contract should be very clear about the deposit to be made and the payment schedule. Also, it is important to find out if the deposits are refundable or not. Be very careful if the deposits are non-refundable.
Cost of Buying Property in Thailand
Apart from the cost of buying the property in Thailand you won’t face too many extra expenses. The property transfer fee is just 2% of the value of the property. You will have to pay the Stamp Duty as well, which amounts to just 0.5% of the property value. Finally, you may have to pay the Withholding Tax, which amounts to 1% of the value of the property. Contact us today to buy an overseas property.