Tips When Purchasing A Property In Koh Samui

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.

Is Condo Living Suitable For You?

If you are one who frequents open houses for condominiums in Pattaya, you surely have noticed that the market is very diverse in Thailand. There are many first time buyers who consider getting into this market, investors who snap up rental properties, and baby boomers who want to downsize space and their responsibilities.

Condos can come in different forms, such as freestanding houses, townhouses, low rise or high rise buildings, duplexes, triplexes or even “mixed use” like those above storefronts or offices. They can also be brand new, resell or a conversion, which are buildings that previously were factories or apartments now turned into condo buildings.

Condos are different from the freehold houses because owners own a unit but also share land ownership, as well as the building and the common areas. The condo owners share the costs with other members of the condo association, and the management company or board of directors usually make the big decisions.

Benefits to living in a condo

Someone else handles maintenance. A huge draw of a condo ownership is the freedom from having to maintain a property. The condo fees paid monthly will cover the maintenance services.

Lifestyle. Condos let owners have their own space compared to renting. There are also common areas like recreation rooms or pools that offer the opportunities to know neighbors or socialize with them.

Amenities. Several condos provide benefits that are not in average homes or apartment buildings, such as a party room, gym or swimming pool.

Customization. An owner can paint walls, put some pictures up and renovate, unlike renting.

Price. Depending on location, there are condos which are more affordable than freehold homes, and paying for a mortgage with condo fees can be equal to a rent.

Location. For a prime location, a condo is a practical option. An owner has easier access to public transportation, work, dining, shopping and others.

Security. The marketers say that condos provide better security compared to renting or a freehold home. Those condos for sale in Pattaya are going to make an owner feel safer with their neighbors on each side and make them worry lesser when traveling.

How To Purchase A Condo In Bangkok

For investors who are planning to own a luxury condo in Bangkok, there are a few things you should know. First, if you are a foreigner then you have the capacity to own a condominium under your name which will be in freehold. This means that they can only purchase from freehold condo projects, only 49 per cent of the total project must be owned by a foreigner and the purchase amount must be money coming from overseas and was transferred to a local bank in Thailand. If you are buying a condominium, a title deed will be given to you. The title deed may be used as collateral in Thailand and maintenance fees in the country is cheaper compared to other countries.

Before purchasing a condo, you must do your research such as the type of property you want, the price range of the property you are willing to consider, the location of the property you want, the reason why you will be purchasing and the criteria you have set for the property you are going to buy including the floor number, style and many others.

After choosing the luxury condo you want, make sure you check that the title deed belongs to the owner of the condo. Make sure that the building is part of Thailand’s foreign quota and the unit can be used as collateral. Contact the management of the condo to make sure there are no damages in the unit, ask about the payment for the common expenses and there will be no substantial costs that will be shouldered by the buyer regarding renovations.

If you have a real estate agent, they will be the one to make negotiations as to the price of the property, how the taxes and fees will be divided, prices of the furniture included in the unit, the payment terms as well as the date when the title deed will be transferred. After this, a purchase agreement will be made and signing of contract will follow. The foreigner may then transfer the money for payment from overseas to a local bank. Final procedures will then be conducted between the seller and buyer through the real estate agent. If you are still looking for a condo unit, check out the luxury condo in Thonglor.