Whether you are well-versed in real estate or you are buying property for the first time, when navigating the property market in Thailand, it’s worth taking the extra precaution. That’s not to say that buying property in Thailand is unsafe, however, when doing anything in a foreign country that involves a substantial amount of money, it always pays to be thorough.
In this article, we’re going to share some beginner tips for navigating Thailand’s real estate market with ease…
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Find a highly reputable real estate agency
Don’t just roll with the first real estate agency that you come across. Before doing anything, spend some time shortlisting some reputable candidates and read their reviews and testimonials. Social proof will be a great way of separating the wheat from the chaff and ensuring that the real estate agency that ultimately represents you will have your best interests at heart.
This is all the more important if you are a novice investing in real estate.
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Secure legal representation
We strongly recommend that you seek legal representation before you do anything in a foreign real estate market. The Thai real estate market in particular is highly complex—particularly when it comes to foreigners owning certain property types outright.
Similar to finding the right real estate agent, put in the time and be prepared to invest accordingly in a decent lawyer with experience in property.
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Think carefully about what, where, and why
What kind of property are you interested in purchasing? Where would you like to live / is it an up-and-coming neighbourhood? Why do you want to buy in Bangkok? These are very important questions. Before you can sign anything, you really need to make sure that you are purchasing the right property for the right reasons in the right place.
For example, if you want to buy a property and flip it for profit in a few years then you have to thoroughly research Bangkok, follow trends, and look for neighbourhoods that are on the rise.
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Understand your rights in terms of remaining in the country
Are you purchasing in Thailand to rent the property out as a holiday home? Are you buying your forever home and planning to retire? Are you looking to invest more in the country? Before doing anything, you need to understand what your rights are with regards to remaining in the country.
For example, are you eligible for a retirement visa? Or perhaps you are investing enough in Thailand to qualify for the Thai Elite Visa?
Be certain that you thoroughly understand your rights before proceeding to make a purchase.
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Brush up on inheritance laws
It may be a long way off and something you don’t want to think about, but when buying property in Thailand you need to understand where you stand in terms of inheritance. What happens if and when you die? Will your property automatically be passed onto your next of kin? This is one of the most important pitfalls to avoid when buying real estate in Thailand.
Conclusion
All in all, buying property in Thailand can be an incredibly fortuitous experience. The quality of property you can buy for such an attractively low investment is awesome compared to most Western countries – thus making it easier for people to get onto the property ladder.
If this is something that you are interested in, we recommend looking at the houses for sale at Patio Rama 9 to get more of an idea as to the types of properties that are available to purchase in Bangkok, Thailand today.