We asked top experienced property gents in Thailand for some assistance on compiling the following list of expert tips on Property searching in Thailand. This is what they had to say:
1. Do your research.
Make sure that you go to Thailand, especially if it has been a long time since you have travelled there. The landscape in Thailand is continuously evolving and it is important that you know which city, area or island that you wish to buy property on, as well as and learning as much as you can about the people and culture. Learn how to say 'hello' and thank you – it can go far into helping you be well-liked by property sellers, developers, government officials…etc
2. Know your budget
It is crucial that you know exactly what you can afford and buy how much you are flexible BEFORE you start looking at prospective properties. This will make your search way less painful for you and your real estate agent in the long-run.
3. Make room for flexibility in your budget
It is important to leave room in your bank account for taking care of the extra trimmings like fittings, fixtures, furnishings and insurance and legal fees. There are sometimes a few unavoidable extras and you should stay prepared for them so that they do not delay the buying process.
4. Know your location/area
Your love for the one week or two week ‘vacation lifestyle’ in Hua Hin, on Samui or in Pattaya does NOT automatically mean that relocating there for retirement or owning a permanent property there is a fit for you and your family. Seek out locals who have lived in the area for a long time and ask them the hard questions. Find out the ‘local’ truths about transportation, amenities, noise pollution and accessibility that the real estate ads might not tell you about before you make your decision. You can also use online forums or blogs to find out more about the permanent lifestyle of people who live in the area.
5. Seek the assistance of experienced property agents
Thailand’s property laws can be unsurmountable at times and it is important for you to navigate them with the guidance of an experienced property agent. Buying directly from an owner can bring complications and ‘hidden’ conditions that any experienced agent could catch and warn you about. A reliable agent would keep you fully updates with the progress of your property search and buying process every step of the way. They do all the hard for you!
6. Do the inspection personally
Always view the properties that you are interested in in person. And when you have decided to make the purchase – go and view it again just to make sure. It is also a good idea to take the property agent with you so that you can know that the property is all that was promised in the description and in the paperwork. Also make sure that you pay attention to the surrounding environment before you buy. The most annoying thing can happen once your property in completed if an adjacent property is built which blocks your view or casts shadows your terrace…etc
7. Sit back and let the experts do the hard work
This is especially important for those who are new to the property market in Thailand. You must try to avoid doing the negotiating by yourself with the property owner as you might succumb to some pitfalls, Your lawyer and real estate agents can take care of the negotiation in the best ways using their understanding of the market and the culture of Thai people.
8. Read your Contracts
Make sure that you find a law firm that can provide you with a version of your contract in English that you can read and read it…slowly and in detail. Find a friend to read it with you. Do not sign a contract that you do not understand. Your lawyer should verify that the Thai and English language contracts are the same before you sign. You must understand what fees are included and which are not, how much deposit is needed and if it is refundable and when the closing date is on your property.
9. Common Payment terms
Do not be surprised if you are asked to pay a deposit to seal the deal. Be ready to be asked to pay a 10- 25% deposit first and the rest of the price will follow in installments over the following six months to a year.
10. Have patience Always remember that
This is Thailand and the buying process includes legal paperwork and government procedures that tend to be time-consuming and sometime sluggish. You cannot forcefully rush the deal, no matter how much you may try. These processes will take longer that you may be used to but know that if you are patient, they will eventually take shape.
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