The process of picking a new home in Thailand can be both exciting and daunting at the same time. How do you go about choosing the right home for you?
The first step in the decision-making process is to consider your budget, working out a purchase price you can realistically afford. This is particularly important for first time home buyers. It helps to talk to a local banker or home loan specialist, as they will calculate how much you have to set aside as a down payment, how much of a home loan you are able to get, and the monthly payments you can afford. These professionals should also be able to give you the run down on how to apply for a home loan in Thailand.
Once you have identified a price range (and potential lenders), consider the different types of homes available in the market. Couples and smaller families might prefer a condominium – there are plenty of units, both old and new, in the market with a range of amenities to complement urban lifestyles, including fitness facilities, a swimming pool, and proximity to mass transit systems, retail venues, supermarkets, restaurants and schools. Home maintenance is minimal as a juristic person or condo association looks after all the building’s common spaces for a monthly fee.
Single-family homes may afford more space and green areas, but they are increasingly difficult to find (or afford) centrally located houses in Bangkok that have a garden. Most new houses are clustered in large-scale developments on the outskirts of the city. Townhouses are an alternative to condos for those set on living in a multi-storied house in the city. These structures can be tucked away in sub-sois or on main streets; there are both older structures and new developments scattered throughout the city.
Next, balance your housing needs and budget in the various neighborhoods you’re considering. Take a thorough walk around the area, and consider whether there are streets or sois that are better than others. Look at the direction and flow of the traffic at various times during the day. Some questions to ask include: If you drive, how difficult will it be for you to commute to work or to send your child to school in the morning? Does the area seem relatively safe at night? Do motorcycle taxis service the soi?
To facilitate the house-hunting process, make a list of things that you are unwilling to compromise on. That can help you narrow down your options. Don’t forget that no house is perfect, and there are going to be factors that simply don’t click with you. Trust your intuition. Also, it’s a good idea to engage an agent from a reputable company that specializes in the area you want. Based on experience, they will have a more complete feel for the neighborhood, know the pros and cons of various developments, and can help align your budget and lifestyle needs with the most perfect home for you.
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