Thailand is a sophisticated tourist destination for people all over the world. This has helped the Thailand property market to continue its growth, with a number of foreign nationals choosing this country as their retirement location.
Bangkok properties in the middle of the city
You too can have your own Thailand property. But before making you purchase, understand the following steps in buying a property in Thailand.
1.Know the purpose of your investment
Before purchasing a Thailand property, it is best to know what this investment is for. Is it for rental income, primary residence, holiday home, retirement or capital appreciation? Determining the purpose will make it easier for you to understand the type of property you should be looking for.
Part of doing your research is also being able to narrow down specific location for your property.
3.Appoint a lawyer
There are two reasons why it is advisable to appoint a lawyer in this early stage of your purchase. First, your lawyer can give you advice during viewing, negotiating, and purchasing. Second, the whole process of buying a property can be made quickly in the presence of a lawyer. Although some buyers continue with steps 4 and 5 before appointing a lawyer.
4.Searching and viewing of a Thailand property
This includes working with property agents and discussing what to look out for when viewing properties.
5.Short-list apartments and condos
Evaluate and compare properties based on your preferences and investment objectives.
6.Make and negotiate offers
Making an offer and negotiating includes understanding all the issues that are likely to be discussed among developers or property owners.
7.Make reservations and deposits
Once you’ve chosen your Thailand real estate and have settled on a price, you will need to make a reservation and pay a deposit to assure the seller that the purchase is serious. With the reservation and deposit made, the seller will make sure to take the property off the market during the specified time on your agreement.
Other buyers skip step 7 and proceed with due diligence first before paying a deposit for reservation. This is also acceptable, but this risks losing the property if another interested buyer pays a deposit and reserves the real estate before the first interested buyer completes the due diligence.
But whichever comes first, due diligence is necessary when making property purchases.
Once due diligence has been completed, you and the seller can already advance to the signing of contracts, full payment of purchase price, and transfer of ownership.
10.Taking possession of property
The final step includes handing of keys, documents and guarantees. This is also the time where you as the purchaser must confirm and check that all details on the agreement remain on the property.
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