Thailand is a great destination to consider buying a holiday home. With so many beautiful landscapes, vibrant cities and quiet towns, there is something to suit everyone. A skyline view condo in Bangkok, a beach bungalow or a villa in some of the most beautiful natural setting are all possible when it comes to buying a holiday home.
While there are so many great options here in purchasing property, you must always be a discerning buyer. You need to consider not just the fact that you want a specific kind of property, but you’ll also need to navigate the landscape of payment options as well as foreign methods of business transactions and legal approvals.
1. How much do you want it?
Before you buy a holiday home, consider how much you really want it and how much you will use it. How much enjoyment will you get out of it each time you stay there, and how often can you visit? If you can’t visit it often, will you be able to rent it out when you’re not there?
2. Consider the costs
There are many costs that may not be so obvious when you look at the bare figures. If you are in a development, the prices of maintenance, taxes, association fees, lawn care, garbage collection etc. may be spelled out in your contract, but if you buy a villa you may need to factor all of those costs in on your own. There’s also the financial question of how expensive will it be to get there? If it’s a costly trip, do you expect to be able to frequently afford it? What about furniture? Pots and pans, bed linens, accessories and technology entertainment?
If you are certain you want to buy a home, create an exhaustive list of all the costs that will be associated with it and compare them to your debt-to-income ratio. Your income, debt, credit score, and down payment amounts will all contribute to how much you can actually afford. Know what to expect so you can be stronger in your property price negotiations.
3. Prepare for a big down payment
If you are a foreigner looking to buy a property in Thailand, you need to put down a very substantial down payment. Oftentimes you need to put down at least 40%, if not the entire thing. Make sure you are prepared with a good amount of cash in hand before you even think about buying a second home in Thailand.
4. Find a good lawyer
When it comes time to buy a home anywhere in the world, but most especially in a foreign country you will need to make sure that you have someone review your contracts. It is best to find someone who can speak and read fluently who will be able to comb through and go over it in detail with you. There are many things that can go awry when it comes to producing real estate contracts and if you are the one purchasing a property, you don’t want to take any chances.
5. Find someone you trust to watch over it when you’re not around
As a foreigner, chances are that there will be long periods of time throughout the year that you are not at your second home. Think about who will watch over it for you while you’re away, before you buy anything. The last thing you need is to be chained to a home that you can’t take care of and have no one trustworthy enough around to help you if you need it.
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