Top Methodologies to Buy a Condo in Thailand
It’s widely recognised all around the world that the use of estate agents is a normal and trusted method for property purchases. There are however a handful of guidelines to consider before purchasing a Thai Condominium. This is because local styles of business transaction and Thai regulations can vary considerably from your country of origin.
Reputation of the estate agent is the most important metric for any potential customer to determine before a purchase. The easiest way to examine this more closely is to politely request the last four or five transactions the estate agent completed.
The important details to determine beforehand are questions such as, were the transaction processes straightforward and simple, or did the client experience any estate agent dissatisfaction during the process? Another cautionary procedure might be to confirm how long the estate agent has operated their business.
In broad terms, the older the business the more it can be trusted to complete a satisfactory sale, however some of the older estate agencies are more experienced at squeezing the maximum commissions. A little research and homework before entering into a transaction with an Estate Agent is a wise investment of time to make.
Classified Ads on the Internet
Many Thai condominiums can be found for sale in the classified sections on the internet. Don’t be fooled into thinking commercial estate agents also don’t use classifieds, so unless you wish to deal with middlemen, you may want check if it is a private sale before meeting in real life.
Internet classified ads are a truly dynamic media space, so if a property has been on sale for an extended period, it’s worth investigating into the reasons why no sale has been made. When exploring a private sale through internet classifieds, try to develop a good relationship with a seller that is happier to deal with difficult questions such as what’s the real reason they are selling, what are the drawbacks to the neighbourhood, is the sale commission-free and any tough questions you may wish to ask.
If the seller doesn’t like robust questions then there may well be an angle on the Thai property that they do not wish you to know.
The Excellent Word of Mouth
Lots of people are shy to talk about their Thai property plans but a few discrete inquiries can go a long way. Thai properties are naturally area specific and so armed with a limited location list or a desirable neighbourhood, try asking around if there any properties are for sale.
You’ll be surprised how the least important people you know may be more informed than you could ever suspect. Have you considered a 7-Eleven, or even a local Mom and Pop store? Maybe they have someone they know selling a property?
It’s always wise to keep an eye open for electric poles or lampposts on footpaths, just in case a for sale fly poster is present. The main advantage is that these media apertures are completely area specific.
You might also want to consider posting on Twitter, Facebook and other social media portals. Check out some of the Bangkok or Thailand property groups on Facebook and ask if there are any condominiums available in the area you have decided to buy.
There are also many property agents available with a huge variety of properties for rent and sale on their websites.