As a foreigner who is looking for a house for sale in Thailand, you will notice that there is a lot on offer – developers are building faster than ever because so many people are coming to Thailand to buy property. Most of them are looking to settle there after retirement but there are some who buy so that they can sell at a profit sometime later. One thing you have to decide is where you want to buy your property – there are many top destinations in this beautiful country so deciding where you want to settle may not be all that easy.
One thing you should know is that you will pay more for properties that are in the city. If you have a lot of money this is fine but if you are on a limited budget like most people you may want to look outside the big cities. Fortunately, there are many fine locations where you can buy great properties. If, for example, you Google “condo for sale Pattaya” or “condo for sale Samui”, two great places to live, you will find that there are many excellent condos that you can choose from and they come at an affordable price.
You may be wondering why condos; many foreigners buy condominiums in Samui and Pattaya for several reasons. First, you can buy it in your own name unlike a house or a villa that requires you to register a company – you cannot own it directly. Condos also tend to be cheaper because they don’t come with land. Many foreigners who want to settle in Thailand are also older and don’t need all the space that comes with a villa. In addition to that, it is much easier to resell a condo than a villa or a house.
There are certain important things that you should do before you buy a condo in either Pattaya or Samui:
• You must use a registered lawyer to facilitate the transaction. Many people lose money by dealing with sellers directly. A lawyer knows all the issues surrounding the sale of property in Thailand and they will make sure that you have a legitimate transaction in place. In addition to that, they will ensure that any contracts that you sign are to protect you.
• In addition to a lawyer you need a registered real estate agent. They are familiar with the area and they can lead you to the right property. Also, they will look at any properties that you have in mind to see whether they are defective. He will work with your lawyer to make sure that the property is properly assessed before you buy it.
• It is great6 to have a lawyer and a real estate agent but you should also do some research yourself. Look at the Thailand Real Estate Outlook online and the Glossary of Real Estate terms so that you can know the basics – when people know that you have some knowledge they are less likely to con you.
• Make sure that your lawyer does a property search to verify the title deed. There are many foreigners who have bought condos in Pattaya and Samui only to find that they didn’t buy from the rightful owner. This can be easily avoided if your lawyer does a property search. Make sure he checks for any liens or mortgages against the property.
• If you have a pet you should find out whether there are pets allowed on the property that you want to buy. There are some that don’t allow pets and this can bring in unwarranted complications.
• Be very about the final contract that you sign. Often, buyers will be given two contracts, one in English and another in Thai. The one in Thai can sometimes be different and will have less protections for the buyer. Make sure that your lawyer understands the document before you sign it.
• Sometimes foreigners lose money because early on in the transaction they are pressured to pay a deposit – the seller will say that if you want them to hold the property you have to give them a certain percentage of the sale value. Often, there are no documents that accompany this transaction which means that the seller can claim that he didn’t receive any money from you. If you are dealing with a legitimate seller they will wait for the transaction to be completed so that you can pay all the money at that point.
These tips should help you find the best condo in Samui or Pattaya for your needs.