Every foreigner has thought of buying a property in Thailand. It is a home away from home. Though, there are fairly stricter laws on land ownership, employment and doing business with locals. Purchasing a condo is a convenient thing to do, which saves you from renting big amounts of money or sleeping in hotels. There are four essential questions to ask in buying a property in Thailand. Visit here for more info on ThailandFlat.
1. How Big is the Property?
It is evident in the Thailand’s industry the condos are pretty small and expensive. When there is a construction of a condo block close to public transport links, the beach or local nightlife, its developers cut down the size of the rooms and sells them for a higher price than usual. Even if given this situation, people still pay the price. This allows them to make sacrifices, which will be very vital and possibly regretful in the long run.
2. Are You Willing to Pay This Amount Like What You Pay Back Home?
Even if you aim to purchase and begin your search for the perfect property to live on, you still get to consider the amount you pay for a resident, which can be near the station, the beach and the shopping mall. It is for a fact that living in Thailand allows foreigners to particular realities and condos is part of it. In your native home, are you willing to pay £60-80k for a small condo room? Compute the odds of living in Thailand compared to owning a property back at home. What can be cheap in Thailand may not be that cheap in comparison with other locations. Be sure to compare the amount you will pay in Thailand to how much you get to pay back home.
3. Are You Glad To Pay With an Inflated Market Rate?
Any real-estate agent in Thailand will tell you that their market is boosting with 6% yields on rental properties. This is right. It allows a Thai local to buy a property with a heads-up from the developer. Furthermore, the investors are eager to keep the market artificially inflated. Hence, allowing the construction of condo buildings to flourish.
4. Is it Really a Successful Investment?
The costs for rent in condos are two a penny in Thailand. The exceeding number of low rental fees makes it a renter’s market. Also, when your condo is top choice and is brand new, and during the time there are the same new blocks in the next few years, there is a lower rental price to compete with the new condos. Furthermore, once the air-con unit starts gets old and the pigeons hurting the exterior of your property, your condo will be included in the list of units that would-be renters favour. Such big amount of choice, when interlinked with inflated pricing, empty units and big loans from the banks, belongs to the predicted bubble.