How to Buy a Condo in Thailand
Whether it is the pristine sun-kissed beaches and the lifelike Buddha statues, or the tropical weather that caught your eye, Thailand is a country that is appearing more and more on the travel list of people. Moving away from traditional holiday and work destinations, many foreign nationals are now opting to settle down in this tropical paradise, with its low cost of living. And if you are one of those lucky people who have been staying in Thailand, perhaps investing in a condo in Pattaya of your own might be a good idea. But before doing that you need to consider a few things:
Fix Your Budget
First and foremost comes the money. Depending on the builders, size, location, and amenities, condo prices in Thailand vary greatly. With property prices going up steadily, an entry-level new condo, on the outskirts of Bangkok can set you back by around 1 million Baht. The same 22 square meter condo in central Bangkok means at least 2.5 million Baht. So securing financial clarity is important.
Foreign Ownership Legalities
Even though foreigners can buy property in Thailand, there are many bumps on the road to your dream home. All the money for the purchase of the property must be sent to Thailand beforehand, and in Thai currency. Only then can a foreigner register the property in their name. The building has to be governed under the condominium act, and foreign nationals can own only 49% of rooms in each development. So before buying property, ensure that these conditions are met for smooth sailing.
Reason for Buying
Before making a big commitment, it is worthwhile to be very sure about settling down in Thailand. You will also need to be willing to jump through whatever hoops that will eventually come up. It is usually a good idea to stay in a rented place in the country for a better grasp on things before opting to purchase something of your own.
Lawyers and Agents
In most cases, involving professionals generally tends to make the process easier to manage with fewer hiccups on the way. Agents generally make a commission from the seller only on the sale of property and often can provide the help you need in looking for the property of your choice. They also help people to get loans from the bank, freeing up time. Lawyers can be pretty useful when buying property in Thailand. When it comes to legalities, background checks, or other legal issues, a good lawyer or a firm can make certain there are no irregularities in the transaction.
Moving to another country and investing in a property can be daunting and overwhelming if not planned properly, and there is a lot to consider. It is best to look around, stay for around six months to a year, and talk to a few local professionals before settling down on a property to purchase. Once you have spent time in the country then you can