7 Tips For Buying A Property For Foreigners To Live In Phuket
Thailand is quite popular for buying real estate as it contains properties that are not too expensive. Some of these areas in Thailand include the big cities and the islands, such as Bangkok, Chiang Mai, Koh Samui, and Phuket. The tropical island of Phuket has fantastic sunshine, which makes it ideal for foreigners as a vacation or retirement spot, which you may have heard online through social media marketing.
Regardless of who you are, there is always some risk when buying property in a foreign country. Here are 7 tips and advice to keep in mind when buying a property in Phuket as a foreigner.
1. Hire A Professional Lawyer
When it comes to real estate, having an experienced lawyer is quite crucial for a foreigner. A lawyer will effectively guide you in understanding how the Thai real estate laws work and greatly reduce your risks. Along with the contracts involved in purchasing a property, they can also help you with the due diligence process. They will run a title search for you to get confirmation that the person you are buying from is legit and owns the land or property.
2. Understand The Law of the Land
This relates to the previous point but is a lot broader. Researching Thailand’s laws may help you confirm the lawyer you deal with is knowledgeable. Thailand’s laws do not permit any foreigner to own land, but they allow them to purchase properties. Keeping this in mind when you are considering buying a property.
3. Understand your Budget
This may seem obvious enough, but you should realize that there are hidden costs when purchasing a property. This can include any transfer fees, taxes, needed repairs, and lawyer fees. Additionally, you will need to think about the running costs for your property, such as utilities and maintenance costs.
4. Understand which area to choose
The island of Phuket consists of many areas and neighborhoods that have various characteristics that make them each unique. You should consider which location you would prefer to live in when buying a property, you would like to live in. If you love the beach and the sun, then consider buying one on the coast. If you want the city and nightlife, then consider buying one in town. If you like wildlife and nature, then consider the north of the island. Consider ambiance, development, traffic, and any other factors you think are needed when you choose to buy a property.
5. Consult A Proven Real Estate Agent
Right now, we are seeing a lot of buyers struggling because of the amount of misinformation they’re finding on the internet. This can be avoided with a good agent. This is why you must choose one with a reputation for being honest and knowledgeable. A proven real estate agent will be able to communicate harsh truths about the property you are buying so that you know all the factors involved before you buy the property.
6. Inspect the Property Yourself
This means carefully checking the properties for any damage or flaws that may need to be addressed immediately or in the future. Additionally, this means checking for hidden damage in the property, such as faulty plumbing or wiring used within the property. Check out the area around the property, too, so you can get a good idea of what you’re getting before you give a deposit.
7. Be Aware of the Property’s Potential
Getting a property at a fair price knowing the area has potential and the property will increase in value can help you get ahead of the market. A property with great potential will generally have a lot of future developments on the way that can make the area you’re living in even better to live in. If and or when you decide to sell the property, you can receive a good return and enjoy a sizable profit. This potential may not be immediately apparent, but be aware of any government infrastructure plans or improvements that will raise the value of the area, even if the area seems deserted.
The bottom line
Buying a property in Phuket as a foreigner can be an excellent opportunity and can end up returning great value for money. By understanding the tips and advice we have mentioned, and working with a good agent and good lawyer, you can greatly minimize your risks while at the same time maximizing your returns on investment. Phuket has a strong stable property market that can provide a holiday home that you can be proud of.