In Thailand, anyone can freely purchase real estate. This is a friendly country, so there are no restrictions on the purchase of any real estate. You can buy it both personally and remotely. Moreover, the remote home purchase option was developed during the pandemic. Most of the transactions over the past three years have been made according to the scheme.
So, let’s imagine that you found your dream seaview apartment at Thailand-Real.Estate that you really desire with all your heart, but you can’t afford it. Although you can find similar housing options (sometimes the best one), for example, on the secondary market. It is high time to figure out how you can do this in Thailand.
15 hot points to purchase a desirable secondary property in Thailand
Buying Thai properties in the secondary market includes several major stages and factors. Below is a detailed description of the specific steps in this complex process:
1. Real estate search:
It all starts with market research in your desirable location in Thailand. Use online real estate listings websites, contact local experts and consultants, and study various newspaper and internet ads to find affordable properties that suit you best.
2. Real estate viewing:
Schedule viewing of the properties that interest you first of all. Take the time to assess the condition of the property and make sure it meets your requirements and goals.
3. Price search:
After choosing a secondary home, proceed to price negotiations with the seller. Prepare for the fact that negotiations may require some bargaining, as this is a common practice in Thailand.
4. Purchase offer:
After reaching an agreement on the price, you and the seller will draw up a sales agreement. The document will specify the terms of the deal, including the price, payment schedule and other special conditions.
5. Legal review:
Make a thorough check of your housing to ensure its legality and transparency, ownership history and the absence of debts or encumbrances. This may include a land title check, a real estate survey and an environmental impact assessment.
6. Deposit payment:
Make a deposit to confirm that you have booked the property you are interested in. The deposit is 10% of the total amount and will be secured until the deal is completed.
7. Sale and purchase agreement:
A sale and purchase agreement (SPA) will have a number of additional conditions for the deal. Your lawyer should know Thai real estate laws well. This will help him check out the contract to make sure that it complies with the law and protects your interests.
8. Title deed transfer:
Complete the transfer of property rights to the local Land Department. The buyer and the seller, or their representatives, must sign all the necessary documents.
9. Payment of fees and taxes:
Pay the necessary fees and taxes to transfer the ownership rights, and you will have an apartment overlooking the sea as much as possible. Depending on the real estate type and its value, these costs may include transfer charges, taxes and stamp duties, business taxes and property income taxes.
10. Transfer of ownership rights:
The Land Department will update these deeds to include your as the new owner. You will receive a copy of the updated title deed.
11. Real estate ownership and management:
Once you register your housing in your name, you can start using it or renting it out as you wish.
12. Utilities connection:
Set up the utility contracts, such as water, electricity and Internet, in your name, if they have not yet been connected.
13. Utilities and maintenance:
If your property is part of a condominium or residential complex, you may need to pay monthly or annual maintenance fees within the condominium or the owners’ society.
14. Legal support:
Turn to a qualified lawyer with experience in real estate in Thailand to guide you through the important process, check your contracts and ensure that all legal requirements are met.
15. Final details:
After the purchase, fill out complete information such as updating your address, transferring bills, owning real estate in your name, and familiarize yourself with all local laws and regulations.
Sought-after places for buying housing in Thailand from overseas buyers
The most popular place to buy a property in Thailand among foreigners is Phuket. According to experts, it accounts for more than half of all transactions. Pattaya ranks second in popularity, and Bangkok is in third place. Phuket is a unique resort with a developed infrastructure and a stable year-round flow of tourists, which makes the location attractive not only for your own residence, but also for buying investment properties. There are also more popular locations: for example, you can easily find modern seaview apartments in Pattaya.
Some more statistics — the minimum entry threshold
Thailand attracts foreign buyers with affordable real estate prices. According to experts, the minimum entry threshold is $100-140 thousand for high-quality facilities. For example, for $100,000-140,000, you can buy a furnished studio with an area of 30-35 sq. m in a popular tourist location in a residential complex with its own infrastructure or a hotel room with an area of 30 sq. m in the off-plan community.
Prices for private villas in Thailand start from $200,000. For this amount, you can purchase a two-bedroom residence in a gated community under construction. Sometimes you can find offers one and a half, or even two times cheaper, if the developer conducts a marketing campaign to attract attention to new projects. But there may be at most three or five such units in the project. The final price will be influenced by a variety of factors:
▪ a sea view,
▪ the coastline,
▪ the variety of infrastructure in the residential complex,
▪ shops, schools, cafes, etc.
Now it is up to you what you want to choose and where.
You can find your dream home in the secondary market in Thailand
At first glance, the market research is duck soup, although it is more complicated — it is a thorough and in-depth study. Keep in mind that when buying real estate in the secondary market of Thailand, it is important to be careful, conduct a comprehensive property due diligence and receive legal advice to ensure a smooth and legally sound deal. Moreover, that procedure may vary depending on the type and location of the property, which stresses the importance of consulting professionals at Thailand-Real.Estate. This means that you should not neglect the knowledge and experience of real estate professionals and use them as fully as possible. This will help you understand the Thai market well and know its laws better. This experience may be useful to you in the future.