Thailand is one of the most exciting countries for investment right now, with a strong and growing economy that is likely to keep going the same way. For many people, Thailand would already have been a dream come true. Full of fantastic people, gorgeous beaches and countryside, and with lively and bustling cities, there really is something for everyone. Without the proper guidance, it can be a bit tricky to know how to buy your first property in Thailand. To give you a little assistance, here are a few tips to help you get on the property ladder today.
1. Know the rules
There are strict rules about foreigners owning land and property in Thailand, and it is imperative that you know what you are doing before you buy anything. In general, foreigners cannot own land or buy houses other than condominiums. You can own one or more condos with relative ease, as long as 51% of the project remains in Thai hands. If you are looking to buy a single story house or other type of property, think about getting a condo instead, for simplicity. Alternatively you can check out some of the other ways a foreigner can buy property.
2. Think about the future
It is helpful to think about the long run before you commit to your condo. If it is just for personal use then of course the most important thing is that you are happy. If you think you might rent it out or sell it on at some point, it is worth considering what other people might want. Extra amenities like a pool or tennis court, plentiful outdoor space, or any other kind of distinctive feature could help your condo stand out and hold its value.
3. Get in early
Like many things in life, it is better to get in earlier rather than later. Going for a new-build condo is often the better choice, offering you more control over what you will end up with. There are generally plenty of options in regards to décor, furnishings, and even sometimes the layout. If you can get in early on a project, then you can usually get first dibs on the best units they have available.
4. Consider the entire cost
There are many benefits to going with a condo, from peace of mind about security, to the knowledge that others will maintain the area for you. You will have to pay some kind of upkeep fees though, and there can be other costs associated with your condo as well that you should take into account. It is, however, still likely to cost less, and be far easier than any other kind of property deal.
5. Take advantage of the experience of others
From reviews and information, to getting yourself a good real estate agent, it really is a good idea to take advantage of the experience and expertise of people who have gone through the process before. Why not learn from their mistakes and their successes to help you find the best property for you?