So, buying property in Thailand for a foreigner can be a big challenge. That’s why it’s important to understand that this process ranges from simple to complicated. Our advice is to try to make it as easy as possible for yourself, and you will achieve that with adequate preparation. This preparation includes hiring a good lawyer, researching the process of buying real estate in Thailand, and you should especially focus on the law that affects you.
In addition, you must consider all other factors. For example, it is browsing real estate online, talking to sellers, negotiating and similar things. A lot can happen on the way to buying a property, so you need to plan every step well. Adopt some of our tips to establish a better organization.
1. Budget
It is important to set your budget because if you want to have a property in this place, you must be ready for the obligations. This refers to the financial responsibility that you will bear at a certain moment. That is why it is best to have a plan in advance about each part of the financing. This may be a great investment not to be missed, but you need to know which options you have and which one suits you best.
Remember you have several choices. For example, you can seek a loan from a local bank, short-term financing, etc. However, you will most likely have to buy the property in full. Because of all that, it is best to determine a realistic budget and only then start looking for your dream house.
2. Research
No matter what you buy, you must first research the market as well as other sources. When we talk about other sources we mean forums, companies, and other sites that provide you with additional information. This is especially important when making such a big step as investing in real estate. That is why you must, first of all, face their property law as well as your rights. Since you are a foreigner, a special law will apply to you. In that case, you need to know what you have at the very beginning.
Either way, the network is full of this information to help you gain general knowledge about property in Thailand. There are several methods that you will be able to use, but only if you know everything about them. Otherwise, you will be limited by the possibilities. This will help you establish some collaborations or go a step further. You will also have a better understanding of real estate prices as well as property types in certain areas. Certainly today everything is much simpler thanks to the internet. If for example, you want to buy a property in Koh Samui, this website will help you with that. And so you can find every part of Thailand.
3. Agents
Another important step you need to take is contacting a real estate agent. When deciding on this investment, you need to work with professionals in the field. Only he will actually be able to provide you with information that is useful to you. This way, you will have all the valuable information about a few important things. This applies to the real estate market, property law, etc. They will help you not to waste a lot of time on self-research.
Instead, you will save time, but also get expert advice on the best locations and other things that will satisfy all your needs. For example, they can offer you a list of the most popular properties or those that fit your budget. In that case, they are of great use to you when it comes to a good offer, because they will find it very easy for you.
4. Property review
We must not forget this. You also need to inspect the property as this is the next step on the road to the ideal property you plan to buy. This way you will really be able to estimate the look, size and determine other characteristics. For example, it refers to the condition and location. Our advice is to never omit this part in the whole process for several reasons.
Within that, pay attention to the size of the room that should meet the basic needs.
Also, do not neglect storage space. Today, anyone can have good photos online. In addition to a good photographer, there are many programs used for editing. So don’t believe everything you see, see for yourself. It would also be good to ask questions related to the date of the photos and similar things. Explore all the little details that will mean something to you in the future. We must not forget the environment in which the property is located.
Ask what services are nearby or how far away they are.
5. Negotiations
Our recommendation is to try to make an offer and negotiate. Only then will you begin the journey to the best deal. Everyone is doing this because they want to go below the asking price. Of course, stay objective during negotiations. The buyer must take you seriously, and he will only take you that way if your offer is realistic. It is important to keep in mind taxes and transfer fees at all times, because you will have to negotiate them as well. Mostly people expect to share these costs with the seller. The bad news is that you may have to pay the majority yourself. This will happen in a situation where the seller reduces the price.
Also, calculate all the fees, but your lawyer will probably do that. They are a big factor in the negotiation, because you have the right to ask for potential repairs.
6. Lawyer
Get a lawyer before you enter into negotiations. He will do his best to provide you with all the important information about certain properties that interest you. This includes a detailed check and review of the contract, legal procedures, understanding the process of buying real estate and many other things. He will give you the necessary guidelines, because this process can be more complex than you thought.
Conclusion
While this is a big challenge, there are ways you can cope and make a smart purchase. We hope we have helped you fully understand the process of buying a property in Thailand.
