October 2nd, 2010
If you are not a professional investor in the Real estate industry but are considering buying a house in Thailand, asking yourself the following questions may be of great importance.
Personal questions before buying a house or condo unit
- Do you want to live, move, have a second residence or just invest in Thailand ?
- How much you can afford to pay for the property.
- Do you need a loan?. If so, can you get it from your own country ?
- Are you prepared to live in a “Thai style” area so to speak, or only in neighbourhoods where English-speaking people and Western food joints can easily be found ?
- What size does your house need ?
- What are your most important parameters when choosing your residence ? E.g. closeness to specific locations, convenient access to Public Transport routes, high quality materials, neighbourhood, facilities, surroundings,……
- Can you prioritize these parameters or rank them according to their importance ?
- Which of these parameters would you be willing to forgo in case of having to.
Important things to know
The answer to the above questions will depend on your personal circumstances and probably your own good judgement. In my opinion they are immensely important but not enough to buy successfully a property in Thailand. Furthermore you will need good and independent information. This information will help you to be informed of the market situation and how to deal with legal requirements, as well as take proper precautions when dealing with sellers, Real estate agents or lawyers. The following are important points to keep in mind before starting the process of searching for a house or condominium in Thailand.
- Legal requirements and methods for acquiring Houses or Condos in Thailand.
- What are the costs and taxes involved.
- What is the property market situation and trends in Thailand
- The impact of foreign exchange markets on the cost of property
- What will happen to my property if I pass away
- How to get a loan, in case you need it
For a foreigner is not easy to obtain a loan in Thailand to buy a house. In case of being granted this loan will likely be provided through a branch abroad, usually in Singapore, and in a foreign currency such as Dollar, Yen or Euro. An alternative is applying for a loan in your own country. In this case lenders will not probably accept your new Thai house as collateral.
Thai Baht Exchange Rate
This is a nice and informative post for the people who wants to buy house in Thailand. Many foreigners also wants to buy a house there because of it’s natural beauty. If they read this post, they will be aware of their requirements.