Foreigners purchase Thailand properties to serve as their retirement home, vacation house or a property investment. And just like any foreigner buying property in Thailand, there can be drawbacks when you buy overseas property. To steer clear from these pitfalls, here’s a list of things to avoid when buying property in Thailand.
A modern residential property in Thailand
Failure to conduct due diligence
Due diligence is necessary in financial transactions such as buying property in Thailand. Before you purchase a Thailand property, it is important to check the developer’s profile and history. This will ensure that previous buyers are pleased with the quality and period of construction. If you don’t have the resources or time to check the history of the developer, a local lawyer near the development can help you in checking the development, the information of the developers and their performance history.
Buying property in Thailand without a lawyer
It is likely that foreigners buying property in Thailand may go through a different process when purchasing a property in their home country. Although considered risky as this might lead to possible loopholes, foreign buyers may acquire a Thailand property without the help of an attorney.
Buying a Thailand property involves money, contracts and other legal documents. Hiring a lawyer can be a big help especially for buyers that are unfamiliar with the country’s language, legal system and purchase process. A lawyer can give advice as you go through the whole legal process and prevent problems in the future.
Purchasing a property investment in a mismanaged project
Due to the booming Thailand property market, there have been several new property developers joining the scene and are in search for foreigners who want to find overseas property. These new developers usually offer more affordable prices and are more flexible to cater to your needs. However, they may not have the proper experience to manage such projects which can possibly lead to delays or problems.
Reputable and established property developers are publicly listed companies. They are backed up with years of experience, expertise and financial stability. Before hiring a developer, do your research on their past projects to see the quality and style of their work and ask the people they’ve worked with to see if they are the suitable developer for you.
Not considering the surrounding area
You think you’ve found the perfect location for your property in Thailand? Watch out! Some developers in popular areas are usually eager to build a new development right beside a recently finished project. This may lead to a year or two of construction noise next door. Blockage of view may also be a problem if the new project is to be built right beside your property.
Not having a Last Will and Testament
Having a Last Will and Testament in your home country and in Thailand prevents dispute and stress to your family. When you buy overseas property, have signed the contract and made the initial payment, your property in Thailand will already be part of your assets. It is a practice that in an unfortunate event that any foreigner dies in Thailand, the government will ask the family of the deceased for a copy of the Will and Testament. When you’ve prepared your Last Will and Testament, this can stop disputes in your family and proceed with the necessary procedure peacefully.
Enjoy your Thailand property when you avoid these mistakes. Meanwhile, you can visit Yazhou Property blog for more guidelines in buying property in Thailand. You can also check out Thailand properties for your property investment in our Facebook page .