Purchasing an overseas property can be really exciting. Whether it’s a Thailand property or other foreign property, owning a condo or Thai home can be a fulfillingexperience. But things can easily go downhill if you don’t have a proper investment plan.
For a better understanding, we share with you this Thailand property guide which talks about 5 important things to consider before you buy a Thailand property.
Why do you want to invest in a Thailand property?
Thailand’s capital city is one of the favoured locations for property investment
Before starting your investment plans, you need to know why you want to invest. Be clear about your purposes of purchasing this investment property. Will the property serve as a permanent home or an investment vehicle? Once you know why you want to buy a Thailand property, then you can decide on the location and type of property.
Be aware of the regulations in overseas property investment
One of the most important things to consider before the purchase is to know the rules and regulations of that country. You are buying a property from a foreign land. Rules can be different than those of your home country.
Having said this, you should know that foreigners are not allowed to buy land in Thailand. You can only do so if you are part of a Thai company, or by acquiring it through a 30-year leasehold. Another alternative is to purchase a freehold condominium where 51% of the building is owned by Thais.
Is there a financial opportunity?
Pay attention to the possible financial opportunities bestowed by your Thailand property
Real estate investment is a critical financial decision to make. If you are on a lookout to invest in Thailand property, you must choose locations with the most advanced infrastructure. Popular areas like Bangkok, Phuket and Pattaya are great areas while other provinces are also flourishing financially, therefore giving investors more options to invest.
Keep in mind of foreign exchanges
Many investors tend to overlook foreign exchanges when investing overseas. Although your property can gain values in the local market, the ups and downs of foreign exchanges can still affect you and probably incur losses in your overall investment.
Consider economic and social aspects
Cost of living is an important factor to consider before you invest in Thailand real estate industry. There are many expenses once you’ve acquired your investment asset. Before you find a property, it will be helpful to get some advice from expats and locals. . It’s also helpful to know about the transport services and medical centres nearby.