The main thing about buying and selling real estate in Phuket

Want to buy an apartment in Phuket or in Thailand itself, but you are a foreigner? Now we will try to share with you our knowledge. In any case, it is better to do this with trusted realtor and lawyers, especially with those who already have experience in such transactions in Thailand.

In order of the main

1. The first and perhaps most important is the choice of a good realtor. To buy a house in Thailand and Phuket in particular, you need the help of a specialist, as it is not uncommon that there have been instances of fraud when people tried to "crank" everything themselves.
2. If you plan to rent a house or apartment in Thailand, bought at an average price level, after you bought it, then there is a risk of not getting the expected income, or even going at a loss without the prospect of getting out of this story. The fact is that the real estate market in Thailand is oversaturated with offers in contrast to demand, and this entails such problems.
3. If you make a return on investment when buying a property, you and everyone else who wants to live there will have to pay the rent.
4. In the Kingdom of Thailand, there are certain laws that prohibit the acquisition of land in personal property, it is possible only to citizens of the state. Any form of lease is possible, including long-term, for example, for several years and more. For long-term lease on Phuket or Thailand there are no restrictions. Fully acquire housing in personal property is also possible without much difficulty.
5. Due to the high level of humidity and frequent precipitation (depending on the season), the need for restoration and cosmetic repairs is somewhat more frequent, which entails additional costs and consequently reduces the price of your property. In this regard, you may encounter difficulties if you wish to sell this property. Also to this can be added the high level of the sentence about which we have already mentioned above. Therefore, it is not always possible to sell a house or apartment at the same cost as it was bought, not to mention that it would sell more expensive.

A bit about the quota for foreigners

For a start on what it is - quota. According to local laws, in order to buy an apartment in an apartment building, you, as a foreigner, must fall under a certain percentage of residents, such as foreigners. This means that, by the sum of all residential square meters, it is the citizens of Thailand who must live by 51%, while the remaining 49% are allowed to live by foreigners, or, more precisely, have the right to redeem this lived. square.

When buying an apartment under a foreign quota will cost more by about 10% percent than, respectively, according to the Thai quota. In order for the apartment to be completely yours, it is necessary to provide a certain certificate, which will give confirmation of the accrual of money from abroad, and the owner of the property will not be a legal entity, but a private one.

There is one trick in which you can buy an apartment on the Thai quota while being a foreigner. For this, it is necessary that the Thai company is listed as the owner of these apartments, which must be issued in advance.

Remember safety

1. All contracts in the country, including sales contracts are drawn up in the state Thai language and often still in English, so make sure that you have a lawyer who has experience with contracts of this kind in Thailand, or at least one of these languages.
2. Before you make a purchase you need to tritely compare the prices of such real estate in the same city or area.
3. Be sure not to be fooled by the people who may be in one form or another customized and rushed into this process, usually - this may be a bad sign.
4. Always ask for property documents from the seller and documents for the company, if you are going to make a purchase from a company or a developer company.
5. Refrain from paying through third parties, better do it directly in cash or by bank transfer. In case you nevertheless decided to make the payment through an agent or a realtor, then take care to check its reliability.