Buying a property in Thailand should not be taken lightly. Unless you’re ready to see your money thrown out the window, then you can go into the process without research.
Real estate will always be a tricky investment. You need to look into the pros and cons of committing to the property. You need to determine your reason, in the first place, why you are buying the property.
Many foreigners decide to purchase a Thailand property for their retirement. They see themselves using the property as their second home. There are also those that look into it for investment purposes.
If you know people who have already taken the leap investing in Thailand real estate, you’d likely gather useful insights from them. Make sure to watch out for horror stories so you can avoid them yourself.
Here are more mistakes you’d want to do away from.
Failure to Conduct Title Investigation
Even if it is love at first sight, don’t show it just yet. Do the right thing first and verify whether the property is listed at the Land Department.
Also, you’d want to make sure that the seller you’re coordinating with does have the right to sell the property, and has the title of land secured. Check for any matters relevant to the property such as mortgages or leases.
Look into zoning and environmental code too as you don’t want to invest in a property that renders itself worthless. For example, if you are looking for a condominium unit by the beach, you might want to ensure that there are no structural height restrictions on the land.
Not Consulting a Lawyer
It is not uncommon to hear individuals buying a property in Thailand without consulting a lawyer first. Don’t do the same. You’d want to ensure that you understand everything involved in the purchase, especially limitations or restrictions, if there are any.
Just the language barrier alone should be more than enough reason to discuss the purchase with a lawyer. Don’t settle for what you ‘think’ is stated in the contract. You need to be sure you’re on the same page with the developer or seller as to the legal stipulations in contracts.
The legal system in Thailand may be a lot different than what you have in your country. Before you say yes to any offer, take time to sit down with a lawyer so you can raise your concerns and ask for general advice at the same time.
Remember that you are spending money you’ve worked hard to save. You need a guarantee you would not be left empty-handed after the purchase.
Finally, Failure to Check History of Developer
If you’ve been to Thailand a couple of times, you most likely have noticed the rate at which real estate properties are developed. It’s impossible not to see a property being built.
There are various developers in Thailand, and as much as possible, you’d want to look for properties managed by the top names in industry. This is to ensure structural integrity of the project, more than anything else.
You’d want to know that the property would last as you hope, and would let you enjoy the return of investment you’re looking forward to.