If you’re thinking of owning a property in Thailand, you may already have a long list of questions that you want to ask a real estate agent. However, we have extensive experience of the common pitfalls of buying property here and have shared our knowledge below with some of the questions you should always ask.
1. Is The Condo I’m Interested In Built To A Good Standard?
In the last few years the government in Thailand has tightened legislation on the quality of build of new condominium developments. However, it’s a smart question to ask to understand the longevity of your investment and understand any additional costs that may come your way in the future. Look for a Thailand real estate agent that offers an impartial view and is not tied to one developer, as they are likely to give you a much clearer view of the market.
2. Will I Own The Property Freehold 100% If I Buy It?
Laws in Thailand stipulate that foreign property buyers are able to buy 100% freehold condominiums if 51% or more of the development is owned by Thai nationals. It is worth clarifying the situation with the ownership structure and who owns the other condos in the development you are interested in for peace of mind and to gain a fuller understanding. It is very difficult indeed for overseas buyers to purchase land in Thailand. Therefore, if you are looking at purchasing a house, it is virtually guaranteed that you will only have rights to the land it is built on for a certain period of time (usually 20-30 years).
3. How Many Square Metres Will I be getting?
You could be forgiven for thinking that a three bed condo is likely to be a decent size, however, some things in the world of Thai property are not always as they seem. For example, the three bed condo you’re about to view may only be 70 square metres, which is more suitable as a one or two bed property. This isn’t too much of an issue if you are viewing the properties yourself but if you are buying off plan from afar then it’s an important consideration and one not to overlook.
4. Does The Property Come With The Décor?
When showing prospective buyers around a property in Thailand, some real estate agents fail to mention that the property in question does not come with the décor (furniture and other fittings). The décor can be used to entice you, and make it easier for you to imagine you’re living there. This isn’t the case for every property of course, but it wouldn’t hurt to ask. If you don’t ask, you may find out that you’ve purchased a completely empty condo, that has no fixtures and fittings at all.
If you want to get the best value for your money and avoid any potential pitfalls, it’s absolutely crucial that you ask any real estate agent the above questions. You need to look after your investment, even before you’ve parted with your cash. Asking the right questions could make the difference between buying a small property that has questionable safety standards, and no fittings, and a property that is everything you hoped it would be. Get it right and you can expect a healthy and predictable return on investment.
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