It is well-known in real estate, haste makes waste. Buying a property requires to plan and to think about it. This is all the more true when it comes to purchase abroad. Thailand is no exception. It is therefore recommended to be well-advised to avoid any disappointment. Here are a few tips and traps that you should keep in mind to get you started:
1/ Use the services of a professional real estate agent
In Thailand, as elsewhere, it is essential to appoint a real estate agent to avoid any bad surprise. Whether it is to purchase land, an apartment or even a house, a reputable and experienced real estate agent with a broad network will be able to help you find the right property at an enticing price.
Having an advanced knowledge of the local real estate market and its specificities, the agent will advise you on the best projects of the moment and those you need to avoid, but also on the urban planning rules.
As an intermediate between you and the seller, he/she will be preparing a property selection for you to inspect and negotiate with the seller on your behalf when comes the time to submit an offer. And as there are no agency fees, it is but one more reason to benefit from their services!
2/ Require legal advice from a reputable lawyer
There are no notaries in Thailand so lawyers are assisting customers throughout the real estate purchasing procedure. In fact, purchasing real estate in Thailand without the assistance of a lawyer would be regarded as reckless. In charge of the due diligence on the property but also of the property transfer, he/she will be able to advise you on the sales & purchase agreement's terms and conditions.
With regards to the leasehold transactions, he/she will be able to assist you in reviewing or drafting the lease agreement, ensuring the necessary clauses are inserted to protect you. It is actually also worth noting Five Stars works hand in hand with a property lawyer so we will be able to advise you and do the necessary follow ups during the entire procedure.
3/ Be savvy and astute enough to avoid property traps
"If it sounds too good to be true, it probably is not." Beware of incredible and very enticing offers! Certain promoters do not hesitate to propose very attractive terms and conditions or above-average rental guarantees in order to achieve their goals.
If it is a good quality property, purchased at the right price and in a prime sought-after area, then you will have no problems to rent it out or sell it, and that is the only true guarantee.
4/ Find out about the juristic office/ management of the condominium
Ask your real estate agent and lawyer to check the identity of the management company, the rules and regulations of the building, the financial health, the amount of the maintenance fees and the upcoming increases if any. For example, in Bangkok, some residences share their facilities with a hotel group. In such a case it is important to verify you have an access to common areas. But once again, you do not have to worry, your real estate agent is here to assist you.
5/ Always think about reselling
It is well-known, a good deal is achieved at the time of the purchase.The location, the standard of the residence, the condition and layout of the condo, the actual view, the future building constructions planned in the neighborhood, the access to facilities, the proximity to schools and shops... all these factors are decisive when you decide to rent or resell your property. Think about all these details before making your final decision, in order to succeed in your investment!
Thailand is one of the most beautiful countries in the world, so many people are understandably dreaming to live here. So that the purchase of your condo or house does not turn into a nightmare, just follow these simple rules!
Be cautious but remain shrewd, use the above tips as a guideline and contact a Thailand-based professional real estate agent. Since 2006, Five Stars Real Estate Agency successfully advises their customers throughout the purchasing process. Take advantage of their know-how, experience and network in order to make your investment hassle-free and successful!
