There are many reasons to love Koh Samui and many foreigners who have visited the island for the first time can’t help but wish that they can buy property on Koh Samui either for investment or a place where they can stay for long. In investing money in property market, wherever it may be in the world, it is important to check out facts and trends before spending your hard-earned cash. To avoid pitfalls during the buying process, keep in the mind the following tips.
– Make a checklist. If you don’t have one yet, make one. It is important that you have a checklist to make sure that you have all the important documents needed. This is even more essential for people who are buying property in Thailand for the first time but experienced ones should consider this too.
– Hire experienced lawyer. Property buying in almost every country in the world can have its ups and down sometimes. This is why preparation is necessary for people who are planning to purchase in Koh Samui. It is best to hire an experience lawyer that is local to where you are buying because they know the ins and outs of the local laws and regulations.
– Consider your budget. Make sure you have calculated the ownership price of the property you are buying. Add 10 per cent to make sure you have the purchase price covered. Do not hesitate to ask about hidden costs so that you will not be surprised later on. There are legal fees, transfer fees and maintenance costs that you might have to pay for. If you choose to go the installment method, make sure you have the money to pay everything within the set period of time.
– Study the market. Koh Samui is starting to boom in the tourism department but it does not mean that all properties in the island are ideal. There are hot spots and there are areas where investments are rare. Make sure to study these important points as you plan to buy property on Koh Samui. This way you know which property can be resell easily and price trend in the specific area.