Buying a property in Korat

Buying a property in Thailand involves many factors and a number of considerations need to be made before committing to purchasing real estate here. The most obvious starting point is to think about what property you are interested in and why you are buying it? Here is a check list of what to think about:

  • The type of property
  • The price of the property
  • The location of the property
  • The reason for purchasing the property
  • The quality and workmanship of the property
  • The legal processes involved in acquiring the property
  • Buying a condominium

Buying a Condo

Thailand's condominium developments are booming all over the country. Many foreigners who decide to purchase real estate in Thailand look at buying a condominium. Here are the benefits of owning a condo in Thailand:

  • Foreign buyers can own the condominium in their own name
  • The condominium is issued with a title deed similar to a strata title
  • Owners may use the title deed as collateral in Thailand
  • Maintenance fees are relatively lower compared to other countries
  • Can be a lot more affordable than houses with land
  • Easier to rent out due to its general size and location
  • Condo resale is faster and more straightforward compared to a piece of land and a house

Many foreigners acquire Thailand Real Estate either for residential purposes, (be it to work or to retire in Thailand) or as an investment in what is known to be an extremely dynamic and robust economic region.

Buying a House

Here are some of the benefits of buying a house:

  • Larger space for living
  • Greater level of privacy
  • Full control of maintenance of the house
  • Able to enjoy appreciation on the house

Buying a house or Thai villa in Thailand is not as straight forward as buying other kinds of real estate such as a condominium. 

Previously, some buyers have opted to register a Thai company in order to hold ownership. Once their Thai limited company has been registered, they use the limited company to hold the land. This setup can be deemed illegal and should be avoided at all costs. 

However, Thai property lawyers recommend the following legal structures:

  • Lease
  • Superficies
  • Usufruct

Buying Land 

There are different ways in which to own land. One method is through a leasehold villa investment. It is a favoured method because it is simple and straightforward. Foreigners can obtain full interest on a lease in Thailand for the registered period. 

This differs from purchasing through a Thai limited company where you have several shareholders who may have interests that may be different from yours. Also, a foreigner can marry a Thai and purchase land as a couple provided that certain legal provisions are observed.

Final Words

Buying a property is the biggest and most expensive purchase that most people ever do, and even though it is normally quite a simple process in our home countries, it is a lot more complicated for foreigners here in Thailand.

Our best advice is that you seek a very good lawyer with experience in handling property transactions for foreigners who will guide you through the process. Good luck!

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