Understanding the dynamics of real estate in Thailand

0
830
phuketrealtor

Summary: Over the last two decades Thailand has emerged as a favorite destination for real estate investment. The panoramic seafront locations of Thailand have been attracting property buyers from all over the world who are keen to buy beachfront villas, condominiums and residential apartments in different parts of the country.

Content: Real estate investors in Thailand generally want to purchase a property either for a long term stay or for vacation rentals to generate handsome income. When you search Thailand property for sale, you will find several investment options to buy a home in this tropical paradise. The islands of Phuket, Koh Samui and Krabi offer excellent value for money properties matching your requirements. The real estate investors in Thailand can expect generous returns on property investment in the years to come as the demand is ever growing.

If you are seriously interested in purchasing Thailand property then you need to do a thorough research and have good knowledge of the real estate market. It is recommended to hire a competent real estate agent who can educate you about the rules of ownership and legalities involved in buying real estate in Thailand. There are several real estate websites that offer top of the line properties in Thailand and once you choose the property of your choice it is advisable to visit the preferred location and check out the property you want to buy. It is important to check the facilities you want nearby such as local market, schools, hospitals, access to the highway, public transport etc.

Before you invest in Thailand real estate you should be clear about your purpose which could be investment, vacation or retirement. Hiring a good real estate agent makes sense as he will show you the properties which meet your requirements. You should also be clear about how many rooms you want, what kind of a view you want, what your desired floor is and what appliances you want. You should have a clear cut budget in mind as this will allow you to fine tune your property searches. In Thailand the resale of real estate includes the sale price as well as the taxes and costs of the transaction. Only the transfer fee which is 1% of the value of the property is not included. Once you have chosen the property for investment, your real estate agent will assist you in the process of negotiating the selling price and making an offer to the seller. The selling agreement takes the form of a sales contract in which the seller agrees to sell his property to the buyer in exchange for a deposit from the buyer equal to 5 to 10% of the value of the property. Once you sign the selling agreement it confirms your commitment to the seller.

You can transfer funds in foreign currency from a foreign account to a Thai bank account only. Payment terms depend on the type of property you purchase. Finally the signing of the deed of sale makes you a full owner of the property and the title deed will be given to you by the Land Department on the day of the transfer of ownership and will allow you to exercise your rights as owner.