Buying property in general is a big decision. Buying property abroad – particularly in Thailand – requires careful consideration. This isn’t something that should be rushed. However, the extra time and research that you put in will be entirely worth it when you end up with a beautiful property in this wonderful part of the world.
In this article, we’re going to look at some of the do’s and don’ts when it comes to buying a house in Thailand.
Do your research
If you are working with a real estate agent, they will have done, at the very least, some basic research on the property. In any case, it is important that you do your own due-diligence as well.
Do take your time
You must set realistic time-frames to work toward. If you rush this process, mistakes will be made and then you could end up either out of pocket, or stuck with a property that turned out to be more trouble that it was worth.
Do know the law
While it certainly helps to work with a lawyer, you must do your own research. For example, did you know that foreigners cannot legally own land in Thailand? This makes buying a house incredibly complicated (though not impossible).
There are ways around this:
● A foreigner may own a land in Thailand in the name of a Thai company (at least 51% of shares are Thai owned, and 49% are foreign).
● A foreigner may own land through marriage to a Thai national (though it must be under your spouse’s name).
● A foreigner can acquire land through lease of property (for up to 30-years with the chance of renewal if agreed by the lessor).
Don’t neglect a title search
A title search is a thorough examination of the history of a property. When buying you must ensure that the person you are buying from does indeed have clear and legal rights to the land. It will also show if there are any existing mortgages or leases charged against the property, and you can find out more about zoning, environmental, and planning codes (e.g., if you wanted to make your home more accessible you would need the proper planning permissions).
Don’t buy without a lawyer
When doing business in a different language, culture, and legal system, you must always have legal representation. Failing to do so and attempting to navigate the complexities of the Thai market alone will be a tremendous risk.
Don’t buy without a real estate agent
When looking at houses for sale in Thailand, having a reputable real estate agent behind you is an essentiality. Not only can they communicate in the local language, but they can liaise with the seller, help with negotiations, and even look for other prospective properties that suit your requirements.
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