Thailand as a real estate property market is rich with condos available for foreigners to purchase. With a vast number of options to go through, buying property in Thailand can be a time-consuming task. This is especially true for foreigners who don’t know the lay of the land and are still figuring out ways to save time while buying property in Thailand.
Saving time while purchasing property in Thailand is especially important for foreign investors and other buyers looking for a quick deal without the muss and fuss. Listed here are the top 3 ways you can save time while buying condos in Thailand as a foreigner.
Tip #1 –
Get Your Facts In Order About Types of Condos for Sale
Reading up about the differences between various commonly used terminology beforehand will help you save time on learning the terminology later and it will also avoid confusion and misunderstandings that might occur due to not knowing about these property types.
Depending on your budget and the purpose of buying a condo, you may be given two options. The first is bare shell property, the second is warm shell property. In a nutshell, bare-shell properties are condo units that are in the final stage of construction, with completed architecture and with basic amenities for fittings within the property. Usually, such properties are larger than 20,000 sq meters and are ready to furnish, but not as yet ready to move in. Bare shell properties may be freehold or leasehold real estate as well as condos or commercial spaces for offices and warehouses.
Warm shell properties on the other hand are most likely sold in the form of condos as freehold properties, and at times villas, townhouses and other types of leasehold properties. Usually, such properties come with basic paint on the wall and fixtures for plumbing, lighting and other utilities. Such types of real estate listings usually are lesser than 2,000 sq meters and are not furnished. You can learn more about the differences between bare shell properties and warm shell properties here.
Freehold property is an umbrella term used for properties that can be bought and sold to and by foreigners. Condos are the most popular types of freehold properties, followed by condotels. Leasehold properties are properties built on Thai soil and land that cannot be legally bought by foreigners but the land can be leased out for 30 years at a time. You can also learn more about the differences between freehold and leasehold properties here.
Make Time To See Multiple Properties On the Same Day
The easiest way to ensure that you save time while property hunting in Thailand is to book a cab for a day and stop at 3 or more chosen properties before you sign the contract and put down the token amount. For buyers on a budget that wish to travel at the speed of light, continue using the BTS Sky Train to get you from point A to B in no time. The MRT train system is another option to travel to various destinations quickly and on a budget.
While making a plan to see properties having a checklist of points can help. For instance, buyers who are on a budget should consider points such as,
- What is the total price of the condo including the 10-20% token and all government fees?
- Does the property have a clear title deed with the land department? Would there be any additional costs to getting this information and how much would it cost?
- Is the deposit amount refundable if you cancel?
- Is the condo in a good neighbourhood, and if you have kids are schools accessible easily from your condo?
- What is the distance between the condo to your workplace and what are the modes of transport available?
- Are there safety measures implemented inside the complex such as grills on windows, and security guards?
- Are there common amenities such as swimming pools, gymnasiums and recreational spaces in the complex? If yes what would be the maintenance charges for these amenities?
- Is the condo ready to move in or will you have to spend an extra amount to furnish it? Have you considered condotels if you stay in Thailand for no more than 2-3 weeks a year?
- Does the condo developer have any plans for developing around the condo unit you are buying? Are all the environmental and building codes in order for you to purchase the Thai Condo unit?
While making a plan to see luxurious properties sky may be the limit as far as prices of condos go, getting the best bang for your buck is always a good idea especially if you want a hassle-free experience. The next time-saving tip can help you get a smooth and pleasant experience right from the start to the finish.
Delegate By Choosing a Real Estate Agent to Act On Your Behalf
Trying to do everything by yourself is one of the most common mistakes committed by first-time property buyers in Thailand. While trying to save money, many buyers often feel real estate agents are expensive as they charge a commission based on the percentage of the sale.
In an attempt to save the commission amount, foreign buyers often forget that they are in a land with rules that are very different from their own country. They also forget that there may be another issue, which is a language barrier as many Thai property sellers are not well versed in English, and may not be able to understand fluent English as well as accents.
More importantly, by delegating property hunting through private unlisted property choices, buyers can focus on other parts of the purchase process such as organizing funding. They can also focus on completing the deal as smoothly as possible especially if the real estate agent can help them do a title check with the land department. Ideally, the title check for any property has to be conducted thoroughly before the initial token is put down and any paperwork is signed by the buyer.
There are many legalities involved in buying property in Thailand, as Thai laws are not very foreigner-friendly. An instance of this would be Thai properties such as condos can only be sold to foreigners if the money for the purchase as well as taxes and government fees come from abroad in your home country’s currency and are paid in Thai Bahts through your account in Thailand. There is a list of such laws that only real estate agents know to handle and work around to help you purchase the condo of your dreams for you and your family.
A real estate agent can also act as a liaison between you and the seller, introduce you to reliable lawyers to create the needed sale and purchase agreement and get the property title deed in your name.
If you plan to purchase a property as a gift for your newlywed spouse, then consider reading up more about gifting Thai condos to your spouse here as well as find a real estate agent who has expertise on the topic.
Hiring A Reliable Estate Agent Is The Best Way to Save Time While Purchasing Thai Property
In the last few years, the Thai property market has seen an influx of buyers as well as real estate agents that connect foreign buyers to luxurious condo developers. While choosing a real estate agent with a big brand name seems like a safe bet, this is not always the case. Both commitments to delivering on time and provide the best-unlisted properties are the hallmarks of choosing upcoming real estate agents trying to establish their name in the market.
Choosing a reputable real estate agent is crucial to your success as a first-time or even tenth-time property buyer in Thailand. Real estate agents such as Silk Estate have both listed and premium unlisted properties for sale. Contact Silk Estate today to purchase the best Thai luxurious condo with the confidence of quality and the best service in the Thai real estate sector.
Saving time and effort while purchasing property in Thailand has never been easier, choose Silk Estate and enjoy the view from your new condo or luxury villa with confidence every step of the way.
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