From being a once simple country, the Land of 10,000 Smiles is now one of the countries that almost every traveler looks forward to visit. From its rich culture that is always ready to unveil especially to its tourists, Thailand has lots of opportunities offered not only for its locals but also to those who are considering to reside here like peel and stick composite tile.
Foreign tourists never deny that they fell in love with everything Thailand has-from its ancient temples and palaces that reflect its humble beginnings up to its modernized living that makes it one of the fast-growing countries in the world. That is why foreigners are considering fully embracing Thailand’s life by buying Thailand Real Estate for Sale.
If you are one of those foreigners who are excited to have his own property in this country, here are some considerations that you need to think about before putting some of your hard-earned investments in Thailand:
1. Unfortunately, You Cannot Buy Your Own Land in Thailand.
In Thailand, there is a policy that a foreigner is never allowed to have his own land. However, there are two ways in which he can purchase land. First, instead of owning the property, you can have it for an extended 30-year lease. Most of this case involves a foreigner marrying a Thai citizen and the Thai will be the one purchasing the land and demands an occupancy to the foreign spouse. For this, you have to ensure that the land has proper documents and the information on the deed is accurate. The second one is being a shareholder of a Thai Limited Company. However, you as a foreigner cannot hold half or more than half of the shares of the company.
2. Invest in a Thai Condo Instead.
Since foreigners cannot buy their own property, they are considering buying condominiums instead. This is the easiest way of owning a property in this country. However, according to the 1979 Condominium Act, a foreigner can own 100% of a condominium as long as the building housing of the condo is 51% Thai owned.
3. Research, Research, Research
For the past 15 years, the Thai government does not mingle on the property constructions in the country which leads to property developers continuously building various construction. Unfortunately, this resulted in having a low standard of condo-quality because regulatory checking of the constructions has been getting minimal. So before buying a property in Thailand, do not forget to conduct some research especially on the quality of the building. If you are uncertain, you can contact a legal developer to guide you in the right place to invest.
4. Beware of Paying for Deposits
In Thailand, the rate of deposits of any property is 10-15% of the purchase rate, which of course will be deducted from the overall purchase price. If the buyer will fail to do his obligations, the deposit failed will be on the possession of the seller. However, if the seller is the one who fails, the deposit will be refundable. You should ensure that everything is properly documented and a written agreement has been made.
5. Thailand Properties have Zero Taxes!
Foreign condo owners do not have to pay taxes for their invested properties. Instead, it is the building owner’s responsibility, though you should have a layer who will serve as an escrow especially if paying taxes is unclear to you.