Buying a home in another country can be a thrilling experience, owning a condo or a traditional home, whether in Thailand or elsewhere in the world, once you’ve signed on the line it can be a really rewarding experience. However, if you don’t have a solid investment strategy in place, things can quickly spiral out of control. For a better understanding of what you are getting into, here are some things that you want to know before making your purchase;
Be aware of the rules when investing in Thai property
Knowing the rules and regulations of Thailand’s property and land policies is absolutely crucial, things are probably done very differently to the country you are used to living in. The rules and regulations on purchasing property and or land might be something that actually changes your mind or puts you off. However, you should be aware of the rules well in advance of making any decisions.
The basics are, that, foreigners are not permitted to purchase land in Thailand. You can only do so if you are a Thai corporate employee or if you take out a 30-year leasehold. Another option is to buy a freehold condominium in which one or more Thais must own 51 percent of the property, unless the rules change then you will only ever own 49%.
Investing in property is a really significant financial decision, if you want to invest in Thailand real estate, you should look for areas with the most modern infrastructure. For example, Koh Samui might be a great place for a holiday but would you find yourself looking at Koh Samui Villas for Sale, which make for an excellent investment that will pay dividends in many ways. Popular areas such as Bangkok, Phuket, and Pattaya are fantastic places to invest, be sure though to also check out other provinces that are becoming more desirable and that are doing well financially, there could be an early in, to a future property value increase. Generally speaking, though, unless an area goes to complete ruin, then property is a reasonably sure investment, looking back over the history books it has always increased in value in the long term.
Exchange rates could make all the difference
When investing abroad, many investors overlook foreign exchange rates, which seems a little barmy to be fair and, despite the fact that your property may appreciate or depreciate in value based on the local market you’d think it would be top of the list. The ups and downs of foreign exchange rates can play a major influence to the value of your property and potentially cause losses in your entire investment. As such, you want to have your eye on exchange rates, the general economy and an insight to the future growth forecasts that are to be expected.
Social and economic variables
Before investing in Thailand’s property market, you should think about the cost of living. Once you’ve purchased your property, you’ll face a slew of costs, some may be unexpected if you haven’t done your research. Getting some advice from expats and locals before you look for a condo or house will be hugely beneficial. It’s also beneficial to be aware of neighbouring transportation options and medical facilities.