As mentioned in previous articles, Thailand does allow foreigners to acquire land for residential and commercial purposes. This is only possible, however, in special circumstances. Provided that you meet the criteria for acquiring real estate in Thailand as a foreigner (without having to incorporate a company or marrying a local), how do you go about selecting a residential property in the Kingdom?
Here are some tips to remember when scouting for residential properties in the Kingdom of Thailand. The exchange rate could be favorable to you as a Westerner, and you might end up having a lot of options on your plate because of the budget involved. Keeping these tips in mind, however, could help you out in narrowing those options considerably.
Big Doesn’t Always Mean Good
Having a lot of space doesn’t always mean it’s advantageous to you as the property owner. What you need to look out for is how much space you actually need. If you plan to live in the property by yourself, or in the company of one or two friends, you don’t need a very big property for that. However, if you’re planning to retire with your family, you’ll need to find a lot of space for them, but not too much that you’ll have excessive extra space that you’ll have to maintain, and spend money on.
Some Perks May Not Be Worth It
For the sake of artistry and personal expression, some people may be tempted to purchase a purchase with a huge front yard and a beautiful fountain in it. However, that’s a perk only a few could actually afford. That’s because the fountain will require periodic maintenance from you, and will force you to bleed extra dollars or pounds from your monthly budget.
The lesson here is – take into consideration the amount of money that you will need to spend in the entire property every month for maintenance. You may be able to afford buying the property for cash with your hard-earned savings, but can your monthly income take on the added expense? It’s all about understanding your cash flow, knowing your strengths and your weaknesses
Location, Location….
The mantra that runs in the mind and mouth of every real estate agent and broker around the world holds true for you as well when choosing a property to invest in. It depends on what you want. If you’re looking for relative peace and quiet, you can pick a property that is at least a half-hour away from the central business district.
However, because you have needs that need to be answered, you should also balance that need for seclusion with the need to be within easy access of essential services especially hospitals.
When acquiring property in Thailand, you will certainly encounter legal considerations that might be difficult for you if you’re not well-versed in the local language. For this, you’ll need a legal advisor who can speak both Thai and English. With a legal advisor on your side, you’ll be able to avoid the headaches that come with trying to understand the legal considerations in a bid to avoid serious repercussions from your investment.
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