One of the most misunderstood countries in the world is Thailand. People in some countries believe it to be an offshoot of China, and others think that it is a third world hovel with little investment prospect. In reality, though, Thailand is a beautiful country that is filled with a rich culture, great beaches, and delicious cuisine. Travelers from around the world visit Thailand, both for business and for pleasure, and many choose to stay in the country after they have been there a few times. Thailand is also a wonderful place to own property, and no matter whether you’re looking for a little getaway on the beach for yourself or a good investment, there are a few things that you should know.
There are many restrictions put in place for foreigners trying to purchase a property in Thailand.
In Thailand foreigners are not permitted to own the land on which any piece of property sits, they are not allowed to purchase an apartment in a building where foreign percentage ownership of 49% already exists.
Warning! Danger!
If you do a little searching online you’ll hear about people who have invested money in Thailand but who have come up empty handed. Thailand is a rich culture filled with honor and respect, but as with any country, there are those who are only looking out for themselves. It is possible to be taken advantage of in Thailand, just like in any country, so it is a good idea to do your research and to take steps to protect yourself. One of these steps should be to hire an agent.
Agents
There is no doubt that when purchasing a home in Thailand, you should hire someone to help guide you through the process. An agent is the perfect person to do that. Not only will they know the language and help translate, they will also be able to help you make sure that you don’t get involved with any real estate scams.
Thailand is different than many countries in that lawyers are not often used. Homes are transferred and registered and only when there is a problem is a lawyer consulted. For this reason, many foreigners decide to invest in an agent. A well trained and experienced agent will be able to help walk you through the transfer and the documentation that is necessary to ensure a smooth shift in ownership. They will be able to speak with the government about filing and will handle everything for you.
Lawyers or No Lawyers
Even though most in Thailand do not use lawyers, feel free to consult one. In the worst case scenario it will be good to have a lawyer behind you, and in the best case scenario you will simply have the advice of another qualified individual. They can also act as a good mediator or translator between you and the home owner.
Where to Buy
One city that almost everyone is familiar with is Bangkok. Bangkok is a bustling capital that is filled with buildings and streets. If you want a city home that is sure to double in value over the coming years, this might be a good place to make a purchase. If you’re looking for a different scene, try Pattaya, one of the number one tourist destinations in the country. With great beaches and a booming tourism industry, property investment is a great idea in this area. Ayutthaya is also a good city to look to, as it was the original capital and is filled with beautiful architecture and statues.
The country of Thailand is something that has to be seen to be believed. If you are looking to purchase a home in Thailand, you may want to travel to the land first in order to get a good idea of the area that best fits your needs. |
