Tips For First Time Property Buyers in Thailand
If you are planning on buying a property in Asia, Thailand should be on top of your list.
The Thailand property market is currently booming and with a wide range of properties available, living a dream life, for most people, is becoming a reality.
The process of purchasing a property in this country is not that difficult. The primary thing that one should be aware of is that though as a foreigner you can purchase a Condo, you can’t buy a building plot. If you are a first time buyer who is looking for a place to call home, or a property to rent, use the tips below to find your dream property in Thailand.
Choose a good location
A majority of people don’t want to live in undesirable places or walk 15 minutes for a packet of milk. The location of the property will determine how simple it will be to lease or resell.
Tenants want to rent houses in nice neighborhoods near all the amenities. They need to be in close proximity to hospitals schools, work, shops, and recreational locations.
Thailand is one of the world’s top tourism destinations, which makes a property investment a good one. However, it is advisable to dig a little deeper before you close the deal.
Inspect the property
It’s easy to get swept away by the bliss of owning a property and forget to have the home inspection conducted before signing the deal.
Property inspection is an integral part of the property buying process that can save you a great deal of time and money. Once you find a property, don’t rush into signing the contract. Instead, inspect it to make sure that it is apposite as a leasing property and that it is in perfect condition.
One advantage of inspecting the house is the power it will give you to bargain for the lower prices.
Analyze the market
Before you purchase a property, you need to analyze the market and other properties nestled in the area. Property market in Thailand varies substantially by region. For instance, the property market in Bangkok is different from the property market in Koh Samui. It is important to track census records, and find out exactly why the area is or isn’t attractive to tenants.
There might be a nearby business or school that makes the vicinity ideal for those who want to rent a house.
Know your targeted tenants
Most people, especially first time buyers, purchase bigger houses thinking they are better rental propositions. Purchasing a rental property with four stories and twenty rooms is not necessarily your best bet. A smaller property might be a good option depending on the property market in your vicinity of choice. Different kinds of home attract different kinds of tenants and so it is vital to know which group of people you are targeting.
A retired tenant might pay less than a group of university students, but then the house might endure less wear and tear.
The above are only the basic tips to use when buying a property in Thailand. Plan your purchase carefully as reselling the house might be a headache.