How to buy real estate in Thailand
Whether you were questioned: how to buy a house by the sea, where to come on vacation all your family? You are not alone asking me about such. Many of my tourists dream of buying an apartment or a house on Phuket. I will say honestly, such a purchase has long been reality, far from just dreams. Buy a house or apartments in Thailand just. Need to know key moments and trusting professionals.
Features of the purchase of real estate in Thailand
Thailand attracts foreign investors with different factors. Stable economy, sustainable state, high standard of living among Asian countries, developed infrastructure, good ecology by the sea – this is an incomplete list of advantages. Every year, more and more foreigners invest and become owners of villas and apartments in Thailand: on Phuket, Samui, in Pattaya and Hua Hin.
Purchase of resort real estate has both cons in comparison with other countries. In Thailand there are no additional incentives for the purchase of land. Foreigners do not provide loans schemes as in Europe or America. But these disadvantages hold prices for ownership. In Thailand, there are no sharp jumps and real estate prices. Investors are protected from pyramids and scam, as in the American real estate market.
Property in Thailand is a profitable investment. Your home or apartment can be used as a source of income. Real estate rental for rent until you use it, brings annual profit.
Search for real estate
By analogy with independent tourists, some believe that it is necessary to search and buy a house or apartment in Thailand. So it will be more profitable than through the agent. Unfortunately, this is not so! Start looking for something suitable you can. And I do not recommend making deals without realtor and lawyer. In Thailand there is a lot of pitfalls. Only a knowledgeable realtor will tell all the advantages and disadvantages of the object. A competent lawyer will help check the contract of purchase, dealing in Thai legislation.
When you appeal to the agent, it is important to accurately designate your request.
- What is your budget?
- What number of rooms in the object you are interested?
- What area suits you?
- What type of real estate is interested in: Apartment or Villa?
- What is the purpose of the purchase: permanent accommodation or investment?
The agent will offer you several options from different developers. Rely on his experience and knowledge of the region. A good agent will tell all the advantages of getting benefit from buying.
Agent services in Thailand in the primary real estate market, as a rule, pays the seller. It also provides a contract for sale and legal design of the transaction, that is, registration in the Land Department. You can ask for help to an independent lawyer in order to check and control the cleanliness of the transaction. In the service agent, legal assistance is not included. The agent more controls the fulfillment of the obligations of all stakeholders and helps negotiate during the transaction.
If you buy an apartment or a house in a Thai project, which does not offer a free lawyer and agent, all expenses for their pay on their own. The same rule concerns the purchase of real estate on the secondary housing.
In Thailand, on the primary market, you can buy an apartment or a villa under construction. When buying an object under construction, you get additional income from money investment at the initial stage of construction. The difference between the square meter at the zero stage and the price in the candidal house is usually about 25-30%. With modern pace of construction, the term from zero to complete readiness is approximately 18 months.
One of the advantages of buying housing in the resort is the opportunity to rent a property for rent through a project management company or independently. This is one of the real prospects for the return of nested money. Often, price charts for real estate and rental prices do not go parallel courses. With the fall in real estate prices, the price for rent goes up, and it smoothes the risks of the investor.
Real estate and payment
The procedure for making the purchase of real estate simple and takes just a couple of hours. After the purchase object is selected, you pay the deposit. The standard deposit amount of 30-150 thousand baht is usually made in the developer’s office in cash or by translating to the account.
Next stage – Design and signing a contract with a developer. Then the payment of the first contribution for the apartment, after which the contract comes into force. The initial payment is usually about 10-50% of the apartment price.
After payment of the deposit and the first scheduled payment made up the payment schedule. In each case, it is coordinated individually. Your schedule can be monthly, quarterly or attached to different construction stages. Translation you do as in the case of initial payment. The final and last payment is usually 10-30% of its cost.
Buying real estate in the secondary market is somewhat different and is usually less popular due to the lack of installments of payments in most cases.
Purchase and sale contract signed in Thai or English. The contract only in our is not of legal force in Thailand. The following points are prescribed in the contract:
- Buyer and seller data,
- Description of the object,
- Prepayment size,
- Terms of execution of the contract,
- The procedure for paying taxes on the transaction.
Prepayment is a pledge of payment under the contract and confirm the intention of the buyer. If the payments of the cost of real estate under the contract does not occur, prepayment is not refundable. The term of execution of all obligations under the contract, payment of the value of real estate and transfer of property, is determined individually and does not exceed the month. The last payment is often paid when placing real estate ownership rights in the name of the new owner directly in the Land Department. After registration of the transaction, the buyer receives a chhanget – certificate of ownership in Thai.
Online purchase of real estate
To buy a house or apartment not even be in Thailand. The most favorable projects are sold at the stage of pit or even before the construction. Agents show you brochures, talk about the object and conduct an excursion in the showroom. Such showrooms developers are decorated separately that buyers can see an apartment or a house in reality.
In the Real Estate Agency Lemandon, all realtors work both directly with buyers and remotely. First you write off, the agent recognizes your wishes, offers objects and tells about their advantages. All information on the apartment or house comes to your post. In the process of selecting the agent shows you a complete review in the showroom, the selected object. Legal verification and contract conclusion are also held online. Read the article as the entire purchase process passes.
Online support and sale of real estate in Thailand not every agency. I recommend contacting the professionals of Lemandom agency. If you have any questions, you want to get acquainted with the real estate market of Thailand, write Mary Mashkin by phone +66 854 729 005 (Wyber).