How To Acquire Properties In Thailand
There are many factors that should be considered when buying a property in Thailand. All of these factors must be considered carefully before making a final decision into buying a property in Thailand’s real estate market. These factors include the type of property to be purchased, the price of the said property, where it is specifically located, the reason why one is planning to purchase, the quality as well as the workmanship involved and last but not the least, the legal processes that must be done in order to buy the property in question.
There is now an increase in the number of condominium developers especially in major cities of Thailand such as Pattaya, Bangkok anf Phuket. If you are a foreigner and planning on purchasing a property, a condominium is a recommended option. For foreigners, the condominium can be registered under their names if they want to. The title deed that comes with the condo is like that of a strata title. If you are looking for collateral in Thailand, the title deed may be used by the owner. In comparison to other countries, the maintenance fees of condos in Thailand are cheaper. Purchasing a condo is cheaper than acquiring a house with its own land. If need be, it is easier to find tenants for the condo unit considering the size as well as the location. Unlike selling a house and lot, resale of condominiums is faster and the process is more straightforward.
If you prefer to purchase a house or a villa instead of a condo, the benefits include a bigger living space, it offers more privacy than condos, the maintenance of the property will be solely controlled by the owner and the house continues to gain appreciation over the years. The only downside with purchasing a house and land in Thailand is that the process involved is not as straightforward as buying a condominium. A few years ago, it is common for foreigners who plan to buy a house in Thailand real estate to register a Thai company first before purchasing a land under the limited company’s ownership. Now there are other legal options such as lease, usufruct and superficies.