What to consider before buying a Thailand property

November 29, 2016 Thailand

Thailand is a vibrant country filled with festivals, ancient ruins, numerous tropical beaches, and some of the most hospitable people you will meet. These factors make living in Thailand a breeze and the reason why it has an international appeal that can benefit the overseas investment industry. So whether you are looking for a Thailand property for your own vacation house or as a profitable international property investment, these are the factors you should consider before making any Thailand property purchases.

Understand what to consider before purchasing a Thailand property for your international property investment

1. Understand the restrictions of owning a Thailand property as an overseas investment

As a foreigner interested in a Thailand property, one must understand the restrictions.

Foreigners are not legally allowed to own land in Thailand, but they can either purchase a property through a limited company or have a 30-year leasehold. Apartments can be owned by foreigners as long as 51% of the building is Thai-owned.

You may read more about foreign restrictions on Thailand properties here.

2. Location is key

Whether or not the Thailand property is for investment purposes or personal ownership, choosing one with the perfect location is crucial. Do you want a Bangkok property that is in the middle of the city? You would want a Thailand property that has easy access to transportation, close to entertainment and business hubs, and other necessities you or your tenant would need.

3. Prepare a backup plan

Before starting any research on Thailand properties, you might already have a vision on how you want your property to look like. While having properties close to transportation can be appealing, they might not have the amenities you are looking for. So weigh in on the important factors you should prioritize for your property.

4. Research Thailand property developers

With numerous Thailand property developers in the market, you want to make sure that you are buying from a reputable company. It is always best to research these developers’ previous projects, reviews, style of work, and the Thailand properties they’ve already built.

5. Hire an experienced real estate agent

As a foreigner interested in overseas property buying, your knowledge on Thailand properties might not be as wide as a local real estate agents. Hire an experienced real estate agent who has been in the overseas investment industry for a long time and knows exactly what he’s doing. He will be guiding you through the entire process of acquiring a Thailand property.

6. Have your personal financial analysis

Before making any decisions on your purchase, it is important to analyse your finances. Don’t go over-budget. Know just how much you can spend and be sure you have extra cash to pay for emergency expenses. If the property is for investment purposes, you might not always have a tenant to pay for rent, so include these when planning out your emergency expenses.

Foreign property investments are not cheap, so let these guidelines help you choose the right Thailand property. Want to know more international property investment tips and buying guides for other properties in Asia? Visit Yazhou Property and our Facebook page  for more updates.

References:

Home Finder Bangkok

Angel Real Estate

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