Tips To Follow Before Renting, Buying Or Selling A Property In Thailand

 Thailand is fast emerging as one of the hottest destinations to invest in property. The country has long been one of the world’s top tourist destinations, business hubs and strategically located for both business and holiday travelers.

Whether you plan to retire here, move here to work, would love to have a vacation home or want to catch the property boom at its peak, Thailand is a perfect choice.

Buying, renting or selling property in Thailand must be planned and executed well to avoid pitfalls and dud investments. Get the right advice and assistance from a reputed, trained, experienced and qualified professional. 

Tips Before Renting

Decide whether you want a long-term or short-term rental, the location, your budget and what facilities you’d like to have in the place. You have a choice of town-houses, semi/detached houses, apartments, condos, and villas. Shortlist a few likely choices and walk through the area to get a feel of the neighborhood. 

Tips To Avoid Renting Issues

• Establish the true owner because sub-letting is an offense
• Contracts of more than 3 years require legal formalities
• “Key-money” is a non-refundable part payment that provides the benefit of lower rental
• Apartments are usually furnished with the basics, but not a full kitchen
• You will have to pay for minor repairs under 1000 Baht. 

Tips Before Buying

Foreigners are not allowed to buy land. They can purchase houses, condos or apartments. Location plays a primary role in price as the real-estate sector is not regulated in Thailand. You can lease land for a maximum of 30 years. Check the title-deeds and condition of the place before the signing. 

Tips To Avoid Buying Issues

• Examine the title deed at the Land Department
• Never purchase without the help of a local, experienced and qualified estate agent and a lawyer who has expertise in property matters
• Thai laws may differ substantially from your own
• Retain all receipts/agreements
• Ensure you make a will regarding your property
• Research the plot and neighborhood

Tips Before Selling

Ensure that you retain the services of an experienced, qualified lawyer and estate agent before you sell a property. Keep a list of documents ready based on the type, ownership, there are no encumbrances to being sold. The buyer will need documentary evidence that all taxes have been paid up-to-date. 

Tips To Avoid Selling Issues

• Keep the property in good condition and suitable for viewing
• Stay in regular touch with your estate agent and lawyers
• Get the pricing right by consulting experts
• Ensure that you make a good draft sale agreement that covers all the relevant laws
• While selling apartments/condos, check what the association permits

Conclusion

Whether you’re buying, selling, renting or leasing property in dream-destination Thailand, ensure that you get the maximum value for your time and money. It’s crucial to know the current laws and regulations regarding your particular type of property.

There are several factors to consider before you sign on the dotted line and not all of us are familiar with the procedure that’s legally required in property matters in Thailand. That’s why it’s important to get the right advice and assistance from a proactive, experienced, qualified property consultant. You should also get a legal opinion so that your interests are protected.