Buy Rent Property Thailand have listed a selection of frequently asked questions below to learn more about buying, selling, and renting real estate. The answers are not definitive and are subject to market sector changes, economy changes and many other factors that are unpredictable. As with all real estate dealings, we strongly recommend you take all necessary precautions to ensure you make the right decision.
Here are a list of frequently asked questions to help you.
Can a home depreciate in value?
Generally, property never depreciates in value, or more so, it is not very common for property to depreciate. Thailand has returned an increase in property value between 2008 and 2016 of 29.1%. Land sales have shown a dramatic increase in value. This is why it’s a great investment. Make sure you carefully consider location and community when choosing a home, it can effect the homes future value greatly.
If you are in a newly developed area, do some research on the construction of the surrounding areas being developed to determine if they may effect your homes value. If you are uncertain regarding your location get in touch with us here at Buy Rent Property Thailand and we will give you a detailed report on your preferred area.
Is an older home as good a value as a new home?
New or older properties, which do you choose, is often a very serious consideration before purchasing a property.
New has many advantages as does buying an older property.
New is as it says, new. Furnishings, decors, gardens etc. Many condominium and property projects also allow you the option to choose furniture packages and colour schemes. It’s quite normal for the more modern houses and apartments to use the latest in environmental products, energy efficient systems, making living in a new house beneficial to all owners and investors.
Older houses also have their benefits. You often find with older properties they have more character, the gardens are obviously more matured over time. Older properties will have undergone possible improvements as well, giving you more value for your investment.
New or old, Buy Rent Properties Thailand will help you find a reputable agent who can discuss your options and find you a perfect property to suit your requirements.
What is a Agent?
An agent who is authorized to open and run his/her own agency or freelance business. All agents who list their properties on Buy Rent Properties Thailand will be required to provide Company registration certificates and/or work permits.
Can I own land here in Thailand if I am not a Thai National?
As a foreigner you cannot legally own land outright in your name. Two ways of overcoming this obstacle is that you either put the land in the name of a spouse or dependent, namely someone you trust. Secondly you can form a Thai company, of which you will be a director, therefore giving you power over the land, sounds complicated but it is the preferred method for foreigners buying land in Thailand.
What Deposit am I expected to pay when renting a property?
The normal requirements by homeowners wishing to rent out their property is you pay two months deposit and one months rent, now and then you can negotiate down to one month deposit, depending on the amount of furniture in the property etc.
Is it hard to set up a Thai Company?
No, the process usually takes around five days with a cost of 25,000 to 40,000 baht, depending on which company you use, usually a lawyer will do this. Buy Rent Properties Thailand can provide you with recommended Legal Service companies to assist you in this process.
What Legal fees will I have to pay on purchasing a house or condominium?
There are many different fees and costs, all depends on the type of purchase your making, whether it is a new or resale property, best thing is to discuss this with your agent when looking into your purchase. Buy Rent Properties Thailand are available to assist you if you get into difficulties understanding what is required and help you liaise with your agent or house owner.
Is an OFF-PLAN Project a good idea to invest in?
In virtually every case the answer is always. Firstly you usually get a very good price buying off-plan and they mostly offer a payment plan too, so it gives you time to pay if you don’t have the full capital. But please carry out due-diligence before making any payment or putting pen to paper. Buy Rent Properties Thailand are happy to look into any project you may be considering buying “off-plan” and give you an independent and impartial opinion on. Please note this is just an opinion and by no means will Buy Rent Properties Thailand be held responsible for any eventualities that may occur.
How do the Buy to Let Guaranteed Return Projects work?
This is usually a great way to get a guaranteed return without much work on your behalf, you make your investment and then the company take care of everything else, usually you will get between 6-10% depending on the development. Each developer who offers these plans will have their own requirements for any prospective purchaser, so please make sure you understand what the criteria is before committing to purchase. Buy Rent Properties Thailand list these projects on their website, but are not responsible for the terms and conditions set out by the developer.
What are the potential costs with Annual maintenance fees?
Average cost of annual maintenance fee can vary, depending on the amount of services your condo or housing estate offer Most fees are based upon a sqm calculation, so the bigger your property, the more you are likely to pay. likewise, if your condominium block of village has an array of facilities, swimming pool, gardens,sports facilities etc then your maintenance fee will likely to be set higher.
What advice do you give someone looking to rent a property?
Make sure firstly the rental amount is within your budget, don’t over-commit. Be certain to make a full inventory when you move in, notifying the owner of any defects or building imperfections. Try to spend time in the area of your property before you move in, taking into consideration neighbors, amenities and noise level. Look at what “Break Clause” there may be in place should either you or the landlord need to serve notice. Buy Rent Properties Thailand make every effort to ensure Agents and Landlords who offer property for rent are of a reputable status and well known to the best of our ability.