How to buy a condo in Thailand.
Sounds easy right? How to buy a condo in Thailand must be a simple process, correct? Well in general terms yes it is relatively straight forward. However, some considerations need to be taken into account. There are certain restrictions on foreign ownership, as well as maintenance fees and sinking fund payments. You may require to purchase your condo using a Thai company if the quota for foreign ownership is reached.
Before considering buying a condo in Thailand, you need to ensure you confirm with personal requirements first. That being you are legally permitted to enter Thailand (The Kingdom) under Immigration Law.
#1: Thai condominium Act. You must make sure that all title deeds are up-to-date and valid. Be sure to ask to see these documents before considering buying. If need be, take a photo and have the deeds checked by a legal representative. Ensure all due diligence is certified relevant to the development.
#2: Payment for the condo must come from outside the Kingdom. Proof must be provided demonstrating the source of income and transaction details from abroad. Failure to provide such evidence will revoke any purchase options.
#3: A maximum of 49% of the total units available in the development may be owned outright by a foreign national. Over this quota, then you may only purchase the condo in a Thai company name.
How to buy a condo in Thailand – Other Considerations.
It is effortless, especially if you are new to Thailand, to get carried away and fall in love with the country. However, before putting pen to paper consider these aspects. Yes, we all need a reality check at times. There are things you need to know.
#1; Is the property worth the investment. City centre locations drive a higher price due to location. In general, the units are often smaller to accommodate more units to offer. Do you need to live in the city center? Would a short 10-minute drive or taxi ride be the end of the world? It may save you thousands on inflated condo prices.
#2: Is your dream home removing common sense? Is the condo worth the price? There are many condo’s on offer in Thailand, don’t be swayed by a smooth-talking salesman. Be sure you are happy with the value of the apartment. Plan out how you will fit in all your worldly goods. The last thing you want having purchased a condo is to find you can’t fit in your 52inch TV. Plan out where everything will go first.
#3: Confirm when you are looking at a condo, especially a show unit, what you will be getting. Show Units are glorified for apparent reasons. Confirm what is included in the sale of the condo!
It goes without saying, you need to seek legal and professional advice before committing to any paperwork. Take your time and make sure the condo meets all of your requirements. Talk to people who already own condos in the same development is possible. Get a feel for what life is like living there. If you are looking for a property then why not use our FREE Property Finder Service. We will connect you with agents that have properties that match your requirements.