Thai Property Buying Tips For Young Expat Buyers

Young expatriates can benefit a great deal by investing in Thai real estate industry. In view of the fact that property prices tend to fluctuate, it is advisable to know the recent prices. In order to have an idea of the fair market price of a property it is advisable to compare the seller's price with the sales price of similar type properties (i.e. duplex, town house, single family homes, etc.), within the same community or neighbourhood.

Before proceeding with purchases, particularly of re-sale properties, regardless of age, it is important to get an independent property valuation. This will go a long way in detecting any problems with the property, such as wiring defects, damp and subsidence. Furthermore, a property valuation seeks to highlight possible boundary disputes.

Property developer/seller

If you are buying your property from a developer, it is important to know their record of accomplishment. In addition, it is important to know how long they have been in business. Ask for a list of references and contact a few of these previous buyers. This will help you know the experience of these buyers in the hands of the developer. Before committing yourself to the purchase, take the time to look around for similar properties.

Location

The location is an important factor when choosing property. Take the time to research the transport, local amenities and facilities. The majority of expatriates tend to gravitate towards properties located near airports that allow budget airlines. Proximity to basic amenities and facilities, such as shops, restaurants and beaches are other important factors. Talking to a few people living in the neighbourhood you will get a better understanding of their experience living in that area and learn about the crime rates.

Tax laws

It is important to know the prevailing tax rates before investing in Thai property. Consider the capital gains and inheritance laws, to know who automatically gets to inherit the property (your children or spouse). If you took up a mortgage on your property, the mortgage may reduce the inheritance tax liability because a debt remains on the property. Furthermore, if you rent your property, you may be liable for tax.

Extras

It is advisable to consult with experts who understand the property industry in Thailand- such as, solicitors, architects and surveyors. They come handy in making an informed decision and avoiding major financial blunders. It is important to remember bills do not end at the consultation fee and seller's asking price, but also include taxes and insurance, which need to be paid to the host country.