5 Factors to Consider in Buying Property in Thailand

Thailand is one of the most countries visited in Asia because of its diverse culture, hardworking people as seen on their floating markets, pristine beaches such as Pattaya, delicious cuisines, majestic temples, and the ancestral houses in their neighbourhood. Aside from these, many real estate developers are planning to develop condominiums and other properties in the Thailand property market in the coming years because the demand for it is high due to the increasing population and in the land of smile’s economic growth. People who are currently choosing a Thailand property are very ecstatic to own one because of its usual incredibly low cost yet a decent one. So, here are five factors to consider when buying property in Thailand.

1. Readiness. In buying a property in Thailand, one must be able to discern if he or she is ready to buy a condominium in Bangkok because there is a strong demand for condominiums in Thailand especially for foreign investors. It is better to invest early than wait for another housing project development because chances are, prices will be too high because the demand for homes will be high in the coming years.

2. Visiting model houses and units. Once decided, it is better to visit the community where your house is situated to know the current situation in the area. Sometimes, model units tend to appear as majestic as they are in brochures but are different during the actual. Also, visiting the place will familiarize you as to where the market, schools, temples, and the nearest transportation station in the area. It is very important to do an initial inspection for water and electrical system in the area to check if they are working properly.

3. Deal with licensed brokers and realtors. It is better to deal with licensed brokers and realtors especially if this is your first time to purchase a new home due to the nitty-gritty process involved. Licensed realtors are more knowledgeable in explaining the financial aspect of home developments such as pricing, paper works, negotiating, and deals. They are also knowledgeable about the different housing trends and are more likely to tell you if you can afford paying the monthly dues based on your current financial situation.

4. Selecting a bank that will help you finance your home. Homebuyers should be very careful in choosing the bank that would help them in their loan. It is best to study the promising for different banks because it should be aligned with your needs and your current financial situation. Some lenders want to finish their loan early so they opt to have a high mortgage monthly.

5. Hire the service of an appraiser. If you are already decided to buy the unit, a service of a skilled appraiser is of great help. An appraiser is a skilled professional who assesses the value of the property and its contents. This will help in determining the real estate tax to be paid upon the purchase of the home. There are appraisers who specialize in condominium, commercial, or residential properties. Having your property assessed will be of use especially if you are planning to get insurance for it.